Can't get financing!?
05-23-2006, 10:51 AM
#12
Geronimo36
Gold Member
Re: Can't get financing!?
It all depends on what Bank does the financing. For instance Key Bank looks at credit history and not really credit score. Other banks like M&T look more at Credit Score.
Because I got my previous boat and 2 cars via. cash, and didn't have a mortgage at the time Key Bank didn't think I had sufficient credit history.
M&T looked at my credit score which was excellent and gave me the loan!
Because I got my previous boat and 2 cars via. cash, and didn't have a mortgage at the time Key Bank didn't think I had sufficient credit history.
M&T looked at my credit score which was excellent and gave me the loan!
05-23-2006, 04:21 PM
#16
Re: Can't get financing!?
Keybank sucks. I had them for a boat loan once. Why wouldn't you want a home equity line of credit? You will be able to write off the payment on your taxes....that's a good thing 
05-23-2006, 06:54 PM
#19
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Re: Can't get financing!?
Originally Posted by Semper Fi
Keybank sucks. I had them for a boat loan once. Why wouldn't you want a home equity line of credit? You will be able to write off the payment on your taxes....that's a good thing
LOC rate is tied to the prime rate. The Fed has raised the rate substantially over the past 2 years. It is 5% now. Variable rate on a long term purchase is not a good thing.
Kyle
05-23-2006, 07:24 PM
#20
Re: Can't get financing!?
Originally Posted by kswest
LOC rate is tied to the prime rate. The Fed has raised the rate substantially over the past 2 years. It is 5% now. Variable rate on a long term purchase is not a good thing.
Kyle
Kyle
