Trying to buy boat
02-04-2010, 09:09 AM
#11
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I would imagine because a lot of people with great credit scores and good income are the same people that defaulted on loans when they were canned or downsized in past few years so banks are very gun shy on lending that much for toys. With that much income why not just put down a larger down payment to make it easier?
02-04-2010, 09:20 AM
#12
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After getting my third denial I figured I would ask if anyone is getting loans on performance boats? I am not going to get to into my personal info too much but I never thought this would have been an issue. I am 40 with an 800 credit score a good business money in the bank and in my opinion agood person to lend money to. I have paid off at least 5 $100000 boat loans over the last 8 years and never missed a payment on anything in my life. I have 2 deals for my existing boat 1 is a trade 1 is a purchase. Either way,. my loan of 100000 gets paid and I make up the difference in cash so I am looking @ another 100000 loan. The boats I am interested in are 38-40 ft twin 525 boats on trailers 2004 or newer. First bank says income to debt is too high @ 46%. This is not exactly accurite because some of my companies debt carries over to me. Second bank says we cant give the loan because the boat is over 1000 hp so they cant do it. Last bank who has my existing loan says no problem will give you 250000 for boat loan as long as it is a fishing or cruising boat cause they dont do high performance boats any more. The guys I had on this were in my opinion good brokers including Kyle @ Newcoast. At this point I dont know what else to do. I realize the banks had to tighten up but they are screwing people who should be able to get loans. Anyone else experience this?
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02-04-2010, 11:51 AM
#14
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Sick Nordic, I don't think it's only boats. I've got a friend I race with and he was turned down a $40K loan on a new CLS 65 Benz. He would trade in the year old one, and by buying the "new" one, his payment would go down from $1350 a mo. to about $900 ish. They told him that he could'nt qualify. He's NEVER been late on any payment of anything in his life, has a 800+ score, clearly owns a 2 mill $ home that's paid for, has (7) pro stock style race cars that ALL have dry sumped nitrous 632's in em. A new twin turbo'd Lingenfelter corvette, and a Cobra GT 500 with a twin turbo Lingenfelter engine in it, along with his collection of HD motorcycles, 2 40 ft enclosed race car trailers, new diesel dually and a 2500 suburban, and 2 AMG Merc Benz, one that still has a loan on it, and they told him "NO", sorry, you can't qualify. He told the dealer to stick the car in their azz, and he'll buy a used one from a private party for cash. He's got a real bad additude about this one, and it happened just last week. So, don't feel too bad, you're not the only one going through this BS.
Just for thought, maybe try calling Scott Shogren. I've seen him put through some loans that I never thought would fly. Seems like some dealers have a special way with certain loan agencys. I have a friend that needed to borrow $300K towards the purchase of a newer "big" Cigarette through a private party, and Scott got him hooked up. BUT, he DID buy a few boats from Shogren first, over the past few years, and is a very good customer of Shogren Performance marine.
Who knows, Shogren just might have what you're lookin for, and that makes the loan go that much easier.
Good luck.
Just for thought, maybe try calling Scott Shogren. I've seen him put through some loans that I never thought would fly. Seems like some dealers have a special way with certain loan agencys. I have a friend that needed to borrow $300K towards the purchase of a newer "big" Cigarette through a private party, and Scott got him hooked up. BUT, he DID buy a few boats from Shogren first, over the past few years, and is a very good customer of Shogren Performance marine.
Who knows, Shogren just might have what you're lookin for, and that makes the loan go that much easier.
Good luck.
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Fountain powerboats rule "The Preacher"
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Fountain powerboats rule "The Preacher"
Chicago Powerboat Club Director
[email protected]
www.chicagopowerboat.com
02-04-2010, 12:59 PM
#15
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Sick Nordic, I don't think it's only boats. I've got a friend I race with and he was turned down a $40K loan on a new CLS 65 Benz. He would trade in the year old one, and by buying the "new" one, his payment would go down from $1350 a mo. to about $900 ish. They told him that he could'nt qualify. He's NEVER been late on any payment of anything in his life, has a 800+ score, clearly owns a 2 mill $ home that's paid for, has (7) pro stock style race cars that ALL have dry sumped nitrous 632's in em. A new twin turbo'd Lingenfelter corvette, and a Cobra GT 500 with a twin turbo Lingenfelter engine in it, along with his collection of HD motorcycles, 2 40 ft enclosed race car trailers, new diesel dually and a 2500 suburban, and 2 AMG Merc Benz, one that still has a loan on it, and they told him "NO", sorry, you can't qualify. He told the dealer to stick the car in their azz, and he'll buy a used one from a private party for cash. He's got a real bad additude about this one, and it happened just last week. So, don't feel too bad, you're not the only one going through this BS.
Just for thought, maybe try calling Scott Shogren. I've seen him put through some loans that I never thought would fly. Seems like some dealers have a special way with certain loan agencys. I have a friend that needed to borrow $300K towards the purchase of a newer "big" Cigarette through a private party, and Scott got him hooked up. BUT, he DID buy a few boats from Shogren first, over the past few years, and is a very good customer of Shogren Performance marine.
Who knows, Shogren just might have what you're lookin for, and that makes the loan go that much easier.
Good luck.
Just for thought, maybe try calling Scott Shogren. I've seen him put through some loans that I never thought would fly. Seems like some dealers have a special way with certain loan agencys. I have a friend that needed to borrow $300K towards the purchase of a newer "big" Cigarette through a private party, and Scott got him hooked up. BUT, he DID buy a few boats from Shogren first, over the past few years, and is a very good customer of Shogren Performance marine.
Who knows, Shogren just might have what you're lookin for, and that makes the loan go that much easier.
Good luck.
That said, this is one of the biggest problems with the economy. Sure there are a number of people out of work, but there are still a number of people working that would like to buy things. A HUGE problem is that there are a number of people out of work that would like to sell their toys to the people that are working, but they can't sell their toys because the banks won't finance the new buyers... HELLO REPOSSESSION (or foreclosure) and devaluation of goods + the high probability of bankruptcy...
02-07-2010, 12:36 PM
#19
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Back to post #7. Robin hooked me up on a 1997 31 Sonic. Easy and professional transaction none of those ridiculous questions alot of banks ask.
02-07-2010, 12:42 PM
#20
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i feel your pain.4yrs ago i bought my fountain ,no mony down.excelent credit.i have more than enough money in the bank to pay-off note,but i want a bigger boat.now the banks tell me that same ole story that your hearing.will have to have at least 20% down and my ole lady on the note....blah,blah blah....i guess i will be in my small boat another year.
