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Key Bank Pulls out of Marine and Recreational Lending Altogether

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Old 09-26-2008, 04:34 PM
  #21
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There are still lots of finance guys that want your business at very competive rates. If you want to buy a boat and have good credit and a reasonable down payment,there is no problem. If you have bad credit and no down payment you should not expect to get approved anyway. I use Intercoastal Marine Finance in Fort Pierce,FL,good folks,rarely have a problem.Business as usual for us.Lots of OSO guys are in boat financing,I'm sure more will chime in.
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Old 09-26-2008, 04:36 PM
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Quote:
Originally Posted by Loan Ranger View Post
Unfortunately not. All management, sales and credit personnel have already met with HR and been advised of termination.
Ouch.
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Old 09-26-2008, 04:53 PM
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Where is the ambulance chaser he can explain all this. He works for essek credit
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Old 09-26-2008, 11:55 PM
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It's a new world in the marine finance industry boys and girls. Loans are still very much available just the parameters have changed (especially for performance boats)

The following is true for performance boats:
* Used to be able to get a boat loan with a score as low as 625-640. Now, you definately need to be AT LEAST a 690 or 700+.
* Used to be able to have a Debt to Income (DTI) ratio up to 448-49-50%. Now, 42% is considered high.
* Liquidity - some banks never considered liquidity at all. Now all banks want to see some $$$$ in the bank. No more $100k loans and having $1k in the bank.
* Big Go Fast boats with BIG HORSEPOWER....need to have at least 740-750 score with lots of $$$$$ liquidity.

Like I said loans are available but the people that got loans over the last 2-3 years that were borderline will not get approved today.

Need a loan??? DaveP or Loan Ranger are your best options.
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Old 09-27-2008, 01:32 PM
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Davep or loan ranger, will you pm me some info. I AM shoping and would like to get pre approved. I c a GUN in my NEAR Future!!!
Thanks,
Quinlan
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