Like Tree0Likes

Boat Loans?????? !!!!!!

Reply
Old 03-03-2009, 12:22 AM
  #11
WMF
Platinum Member
Platinum Member
Thread Starter
 
WMF's Avatar
 
Join Date: Sep 2007
Location: Millsboro, DE- Cape Coral, FL
My Boats: 2008 Cigarette Top Gun Unlimited
Posts: 1,613
Default

Quote:
Originally Posted by mr.boat View Post
don't fill out the forms yourself next time. I give the rant a C+ I just can't dance to it. try a small town credit union in the midwest they still think everything is fine.
This is no Rant, this is just fact, I bet thier is more buyers going thru this then might want to say because of pride!!! and Credit Unions will only do 7 years!! that is alot of high dollar payment for a 100k boat!!
WMF is offline  
Reply With Quote
Old 03-03-2009, 02:13 AM
  #12
Charter Member # 55
Charter Member
 
Griff's Avatar
 
Join Date: Oct 2000
Location: Omaha
My Boats: .......32............. ...............Active Thunder....
Posts: 15,752
Default

The problem is the boat market is in the toilet, similar to the housing market. Banks don't want to lend money on a 100k boat today that might be worth 60k in year or two. Even with 20% down ,the buyer would still be upside down.

I don't disagree with you on anything you posted. I'm just glad I purchased and financed before the chit storm. It would be nice to know I could move up easily if I wanted to, but I doubt it could happen for while.
Griff is offline  
Reply With Quote
Old 03-03-2009, 07:52 AM
  #13
Charter Member
Charter Member
 
Dean Ferry's Avatar
 
Join Date: Nov 2000
Location: Merritt Is. Fl. USA
My Boats: 2006 Hustler 388, 2004 Hustler Talon 25, 1999 30 Spectre cat and 2007 21' hydrostream voyager w/ Merc. 225 EFI
Posts: 6,580
Default

Funny,
i just got a letter from national city bank, (one of our 4 banks that we have accounts with) telling my wife she is preapproved for a boat, don't know what amount she is preapproved for, but we just paid off our boat loan with them last year..... I guess it depends on your bank.
Dean
__________________
Everything is for sale @ a certain $$
Dean Ferry is offline  
Reply With Quote
Old 03-03-2009, 08:43 AM
  #14
Registered
 
Join Date: May 2005
Location: LOTO Performance Boat Center
My Boats: Fixing yours
Posts: 3,897
Default

Quote:
Originally Posted by Dean Ferry View Post
Funny,
i just got a letter from national city bank, (one of our 4 banks that we have accounts with) telling my wife she is preapproved for a boat, don't know what amount she is preapproved for, but we just paid off our boat loan with them last year..... I guess it depends on your bank.
Dean
Quote:
Originally Posted by Griff View Post
The problem is the boat market is in the toilet, similar to the housing market. Banks don't want to lend money on a 100k boat today that might be worth 60k in year or two. Even with 20% down ,the buyer would still be upside down.

I don't disagree with you on anything you posted. I'm just glad I purchased and financed before the chit storm. It would be nice to know I could move up easily if I wanted to, but I doubt it could happen for while.
I am glad I bought last year as well. Its also nice to have a good relationship with the bank that you are trying to do biz with. Sometimes that make a big difference pushing the loan through, I have finanaced 4 boats without puttting a dollar down.
Magic Medicine is offline  
Reply With Quote
Old 03-03-2009, 09:33 AM
  #15
Registered User
 
Join Date: Jan 2007
Location: Mansfield, TX
My Boats: 1990 28 Apache SOLD!, 1990 16 Wahoo DC, 1973 40 Kingscraft
Posts: 5,701
Default

You should have kept the apache.
TexomaPowerboater is offline  
Reply With Quote
Old 03-03-2009, 09:37 AM
  #16
Registered
 
Join Date: Jan 2004
Location: Jacksonville FL
Posts: 1,807
Default

Quote:
Originally Posted by DaveP View Post
Overall, all lending in general was "way nuts" for many years. Right now the pendulum has swung from WAY LEFT to WAAAAAAAYYYYYY RIGHT. It needs to come back to the middle ground to "make sense" and get lending moving forward again
Lending was beyond way nuts... I kept waiting for them to want me to fax a few weeks worth of pay stubs... NOTHING....... not that i lied but i could have i guess....

i had a buddy in NC who hadnt had a job since i knew him,, 1.5 yrs atleast, who i guess just told them he worked for XX inc or what not, told them a salary and got the loan 80k+.... its insane, banks deserve whatever they have coming...... its just too bad now the only way they can figure out to fix it is not loan
Boomer35 is offline  
Reply With Quote
Old 03-03-2009, 10:06 AM
  #17
Platinum Member
Platinum Member
 
Join Date: Mar 2005
Posts: 451
Default

Quote:
Originally Posted by DaveP View Post
hahahah you got it Bill!
Hi Dave: At Deep Impact Boats we are available to in house finance up to 1/2 dozen boats to promote our product and to get through the times at hand. We require min 35% down, FICA score doesn`t effect the loan, but still has to be 640 or better, like the old days. Interest rate will be based on the customers ability to pay and amount of years to finance. You and I discussed this in NY. So far the occasion has not happened, but it`s available and we are trying to be creative. If someone wants a Deep Impact we are going to do what we can to make that happen.
7xchamp is offline  
Reply With Quote
Old 03-03-2009, 10:12 AM
  #18
Steve_H
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by TexomaPowerboater View Post
You should have kept the apache.
 
Reply With Quote
Old 03-03-2009, 10:29 AM
  #19
WMF
Platinum Member
Platinum Member
Thread Starter
 
WMF's Avatar
 
Join Date: Sep 2007
Location: Millsboro, DE- Cape Coral, FL
My Boats: 2008 Cigarette Top Gun Unlimited
Posts: 1,613
Default

Quote:
Originally Posted by TexomaPowerboater View Post
You should have kept the apache.
Not worth it!!!!!

Last edited by WMF; 03-03-2009 at 10:33 AM.
WMF is offline  
Reply With Quote
Old 03-03-2009, 11:27 AM
  #20
Registered
 
DaveP's Avatar
 
Join Date: Oct 2000
Location: Toms River, NJ
My Boats: 2004 36 Concept
Posts: 2,740
Default

Quote:
Originally Posted by 7xchamp View Post
Hi Dave: At Deep Impact Boats we are available to in house finance up to 1/2 dozen boats to promote our product and to get through the times at hand. We require min 35% down, FICA score doesn`t effect the loan, but still has to be 640 or better, like the old days. Interest rate will be based on the customers ability to pay and amount of years to finance. You and I discussed this in NY. So far the occasion has not happened, but it`s available and we are trying to be creative. If someone wants a Deep Impact we are going to do what we can to make that happen.
Richie - what you have is a truely unique program that in today's environment is awesome. Unfortunately most manufacturers do not have the ability to do such a program.

I am still available to finance all of the ones you don't place in house
DaveP is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
chewy1955
Cigarette
6
08-09-2005 01:06 PM
impulsive
General Boating Discussion
13
02-06-2004 03:10 PM
riski bidness
General Boating Discussion
4
02-04-2004 04:48 PM
Eric1969
Mid Atlantic US
3
04-11-2002 10:04 AM
Eric1969
General Boating Discussion
4
04-09-2002 07:37 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 03:44 AM.


Copyright 2011 OffShoreOnly. All rights reserved.