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Trying To Finance A New Boat.......HELP!!!HELP!!!Help!!!

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Old 05-24-2003, 03:49 PM
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Question Trying To Finance A New Boat.......HELP!!!HELP!!!Help!!!

I'm trying to finance a new boat through my dealer.
The dealer says that all my "ducks" are all line up;
debt to income ratio,pays bills on time ,no bankruptcies,
25% down,etc.etc.
The problem I'm running into is the fact that I've never financed that large of a sum of money that is needed to make the deal fly.
Dealer is telling me that the lending agencies will not give me the loan because of this.
Is the dealer being straight up or is he blowing smoke?
Does anyone out there have a financier that they would recommend?
Sure would appreciate it




Last edited by StrikinLightnin; 05-24-2003 at 04:02 PM.
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Old 05-24-2003, 04:51 PM
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Try Russo Marine in Stevensville MD. They were great to work with and very honest. Or try Key Bank direct they specialize in boat loans and understand performance boats, some lenders charge higher rates on HP boats.
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Old 05-24-2003, 05:42 PM
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Default Re: Trying To Finance A New Boat.......HELP!!!HELP!!!Help!!!

Quote:
Originally posted by 35lightning
Is the dealer being straight up or is he blowing smoke?
The dealer most likely is giving you the straight dope. Note that he's probably more interested in closing this deal than you are.

Try alternative channels, but do not tell your dealer and do not let him off the hook.

Also, get your credit score from one of the rating agencies.
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Old 05-24-2003, 05:47 PM
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sounds right, I have seen others run into this before, they most of the time will not lend you,say 150000.00 if the most you ever borowed for was say 90000.00[your house] they want to see something you have got a loan for with about the same dollar amount. I have seen people with very high credit scores still get turned down because of this. good luck
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Old 05-24-2003, 10:01 PM
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Dennis, try your local bank. I finaced mine thru Fifth Third. They beat Key Bank on the intrest rate and were much easier to deal with.
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Old 05-25-2003, 11:03 AM
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Payton,

I don't know if local banks go twenty years
on financing but I'll check.
When I start adding things up and talk to
OTHER Fountain dealers I'm getting the idea
that I'm a victom of fun and games.....

Maybe that's why a certain dealer on the West Coast
can't get rid there leftover boats

Last edited by StrikinLightnin; 05-25-2003 at 11:07 AM.
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Old 05-25-2003, 11:21 AM
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RED FLAG: Don't use Keybank.

You'd be better off if you sat on the offramp of your local freeway with a sign begging for money from passers-by than if you became a Keybank customer.

I'm surprised at the conundrum here. Good credit score, good payment history, no loan? If your debt/equity ratios are working, and you've got the income to show ability to pay, I wouldn't think this would be an issue.

I2D
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Old 05-25-2003, 12:15 PM
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RED FLAG: Don't use Keybank.



WHY WHY WHY


tell us why I'm about to get a loan through them ?
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Old 05-25-2003, 12:19 PM
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Yeah, I'd like to hear more about Key Bank. I've been with them for almost a year and haven't had any problems.
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Old 05-25-2003, 01:08 PM
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conseco i beleive will do anyone with ratios inline and scores over 680 with 25% down.
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