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Trying to buy boat

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Old 02-03-2010, 10:29 PM
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Default Trying to buy boat

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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Old 02-03-2010, 10:47 PM
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Have you tried any credit unions? I know mine will loan 130% of retail book.
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Old 02-03-2010, 11:05 PM
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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?
.
I am like you over 800 credit score, no debt, make in the 200,000 a year income, and when I bought my boat I only wanted to finance 100,000. it was like pulling teeth, I have credit cards, or no intrest loans that were 10 years old and Newcoast said no I said there is no way, then Chris @ Newcoast exsplained it to me I took about a week and had all the old creditors pull me off of the list...Who doesn't go Xmas Shopping and have a retailer say "you can get 20% off of your purchace today if you get the 6 months no interest today" you say Hell Yea...Well that is a huge hit on your credit...not your score but when looking into a loan for a TOY they get very picky...All I can say is goodluck, the next boat I buy will be bought in cash, hell I am not making any money on the interest, so WTF
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Old 02-04-2010, 12:03 AM
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call Donna at Essex Credit or Kyle at suncoast
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Old 02-04-2010, 12:08 AM
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something doesn't seem right????? 200k income,800 credit score, 100k loan? I make just above 100k,780 credit, have a 130k boat loan now, and just bought another boat with a loan!!!!!Now I have 2 boat loans. Good luck guys....keep shopping around. You'll find the right finace company.
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Old 02-04-2010, 07:00 AM
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something doesn't seem right????? 200k income,800 credit score, 100k loan? I make just above 100k,780 credit, have a 130k boat loan now, and just bought another boat with a loan!!!!!Now I have 2 boat loans. Good luck guys....keep shopping around. You'll find the right finace company.
Who did your financing?
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Old 02-04-2010, 08:06 AM
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Talk to Robin:

www.thedonedeal.com

She has not let me down in many years. Tell her Brian Tillett referred you.
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Old 02-04-2010, 08:31 AM
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Talk to Robin:

www.thedonedeal.com

She has not let me down in many years. Tell her Brian Tillett referred you.
YES ROBIN DOE'S GREAT WORK .
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Old 02-04-2010, 08:51 AM
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Talk to Robin:

www.thedonedeal.com

She has not let me down in many years. Tell her Brian Tillett referred you.
I too have used Robin in the part, good person to deal with, BUT don't use National City as a bank, they suck. In fact I think PNC bought National city
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Old 02-04-2010, 10:00 AM
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Essex credit...i have a similar credit situation...high score, good income, above average DTI
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