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Boatless and pissed at the banks

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Old 10-15-2002, 01:38 PM
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Default Boatless and pissed at the banks

Well, I found my bigger boat to move up to and thought this would be one easy purchase . WRONG,I have good credit and a high beacon score , almost no debt and interest rates are low I thought no problem . The boat is a 1994 with a bank book value of 134 to 145 . Well the first problem I run into is that the year of the boat is to old for what I what to borrow,now, before I started this the bank told me no problem with the year ,the next thing they tell me is my net worth is not were they like for it to be,Well what I heard them say is that your a worthless SACK of [email protected]#and we dont loan money to people like you. I have sold my boat now and feel like a fish out of water. This SUCKS.
David
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Old 10-15-2002, 02:24 PM
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Fred,
Yes I have worked through a dealer and some of the boating finance companies in the marine industry it is very frustrating to me and I am at my wits end I really dont want to buy a new boat because of the value drops but thats what lenders are telling me
that I will have a easier time in getting a loan.
David
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Old 10-15-2002, 02:28 PM
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you'll have no problem at the bank if you buy mine ....way undervalued!
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Old 10-15-2002, 02:55 PM
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try a few other lenders it sound as if you spoke to the wrong one.
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Old 10-15-2002, 03:57 PM
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Call Jim Haynes at Costal Financial. 616-494-2628. Great guy who wants to give out money bad. Tell him Mitch Stellin sent you. I just refinanced his home so he owes me.
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Old 10-15-2002, 04:13 PM
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Thank you I will see what he can do for me
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Old 10-15-2002, 04:51 PM
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My Advice- Talk with a Credit Union. They loan on your ability to pay. They work on Debt to income, and credit score. The score tiers the rate, A B C D. Your DTI is based on gross income, if it is less than 36-38 % your in, period. They use NADA as a value indicator so it can be a bit tricky with very weird and upgraded purchases because they only use what the book shows. The rates are great, and its easy. I have mine at a CU, pocket change has his at the same one, along with Apache Kid. Our boats were worth more than the houses we had at the time. Its not hard to find a connection to join a credit union. Midnight
 
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Old 10-15-2002, 04:53 PM
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VAGRANT, sorry to hear of your problems.
So what are you looking at?
Must be an older Cig. ??? DO TELL????

I echo TRY A DIFFERENT LENDER, we were ALMOST fooled or forced by one lender, promised 6.25% and offered 8%.
I went out of state on another loan (3 day delay to close) and I got that loan at 6.50%. Worth the wait.
We are mid to high 6 digit income and the first bank guy in PA said our 742 Beacon wasn't good enough..... I would like to see his Fxxxing score! LOL
I was just offered 6.01% Last Friday on more than 100K (yep I was boat shopping!) LOL.

KEEP SHOPPING LOANS....
Good luck to you and the Mrs. Vagrant.....
and keep us posted.
Bryan
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Old 10-15-2002, 04:55 PM
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Yeah, you are a worthless sack of ****!

I offered you a free ride on the Outlaw in Florida this weekend you want to stay home and cry over this boat deal.

Had to rag you dude,

Hang in there, it really is coming together, just takes time.
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Old 10-15-2002, 05:18 PM
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Vagrant, we used Essex Credit out of Ft Lauderdale.

I could not believe how easy they were to deal with, got a decent rate and the entire process took about a week.

If you decide to use them, I highly recommend Walter Martinez.

Tell him Kurt from Maine sent you
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