Boat Loans?????? !!!!!!
 

I feel that the banks( goverment) are going to kill Perfomance boats. They will no longer loan money based on credit score or value of what you are buying!!!!, they are now looking at stated income and cash in bank!!! Most performance boat owners are business owners and dont show all thier income!! or have tons of chash on hand!!! or cash they can show!! I know for a fact that you can have no more then 42% debt to income, and have to have as much in the bank as the loan values to get a boat loan and have 15-30% down !! I rember the days when credit score and the value of the item was the most important items!! I dont know what the performance boat manufactures are going to do to fix this problem, but thier are alot of buyer that are being turned down right now based on these facts!! I am one of them. I feel the boat manufactures need to start thier own Financing companies to sell thier boat!!! or thier needs to be a good bank started to sell boats, RV, and all toys for adults!!! If not we will see the complete destruction of our hobby!!!!!! I have alot more to say but really dont know how to put it in words.

Quality of your rant "B"
Spelling "D"
Grammar "D"

Otherwise you might be onto something :cool:

And yes...

New Standards....
Max 42% DTI
Proof of income on all loans
Hi Performance = 25-35% down
Liquid assets = at least the value of the loan if not 1 = 1 ratio with your total debt load.

The reason why is that hi performance repos historically have the worst losses as they are historically returned in the worst condition (not my opinion - just stating the facts)

Sorry Dave I was typing fast and on a rant!!!!!

Also - you are right. Credit score in an escalating unemployment environment and increasing deflationary environment does not mean or carry the "weight" it used to.

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.

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

I understand Dave but thier are tons or great quaified buyers out thier right now that are getting turned down because of these new loan terms!!!!!! and cut me some slack slack on the spelling when it late!!!! you know what I do!!

hahahah you got it Bill!:D

Thanks Dave, you know what I am getting at!!!!! I could go out and get a loan for a new Mustang Shelby KR 500, 60,000K car or (Dodge Viper)and get approved, but when you ask for a boat loan you are frowned apon buy banks( something you dont need), it does not make any sense to me!!!

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!!

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.

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

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.

You should have kept the apache.

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

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.

:food-smiley-007:

Not worth it!!!!!

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 :drink:

Try Essex Credit. And if your are a member of Costco or can become a member thay have some better incentives.

Same is happening at car dealerships. My office manager is plenty qualified and a return customer to a GM dealership for many years. She just came in last week upset as she was turned down for a loan yet NOTHING had changed in her life, only the credit market has changed.

Now driving an import....go figure.

:eek::angry-smiley-038: She realizes this is Detroit, right?

WMF, there are credit unions out there doing 10% down, 15 years and they don't care if it's a performance boat. You just have to do a lot of legwork to find the right one.

Most all the CU's I see around here have sub-5% financing if you buy a domestic.:D

I think all the people getting denied either have crap credit, or are being "lazy" and expecting the dealer to have all the options lined up. I think the dealer should, but there are tons of CU options out there for those with good credit.

Lending at my dealership has been normal. Marginal credit doesn't get bought anymore, but if you have good credit a loan isn't a problem.