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Marine Finance 101 - What is a boat loan?

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Old 01-30-2005, 10:57 AM
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Default Re: Marine Finance 101 - What is a boat loan?

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Originally Posted by Rippem
Two questions...

Is one of the reasons that you see 3 different scores based upon the same reported info is that the "equation" used by the 3 agencies to generate a score from reported info is slightly different. Isn't it true that most often you'll find the Experian to be the lowest of the three because thier equation criteria is the toughest of the three. This is what my long time local banker told me, and has for the most part been my experience, though about 10 months ago they moved from the lowest, to the middle of my 3 scores @ 797.
Yes this is true.


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Also Dave, How are Essex credit and Bank of the West affiliated? Does B of W draw thier money from Essex, or is Essex a parent of B of W? Or am I misinformed and there is no affiliation?
Yes - we are owned by Bank of the West. We underwrite our own portfolio as well as broker through 9 other banks. We have the best of both worlds which makes it real nice!
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Old 01-30-2005, 02:08 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Thanks Dave. I had it backwards on the relationship of the two entities...

I thought someone should say something about the score variance bit.

Is it correct that you can often take a 1/4% or so (depending on loan size) off your lowest advertised rate for exceptional scores?

Great, great thread.

It should be made sticky for a while, as a lot of people could benefit from some or all of this info..
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Old 02-02-2005, 12:46 AM
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Default Re: Marine Finance 101 - What is a boat loan?

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Is it correct that you can often take a 1/4% or so (depending on loan size) off your lowest advertised rate for exceptional scores?
Usually not if you are already talking about extremely competitive rates. If you talk to a lender in the 6% range maybe.
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Old 02-02-2005, 02:11 AM
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Default Re: Marine Finance 101 - What is a boat loan?

Dave,

Nice informative post.

I heard on a radio show that the information on credit reports sent to individuals to review their credit history is not the same as the one sent to lenders. Is that true? The issue was that the consumer could correct all the credit errors a they see on their report, but the lender would still see other errors.

(Not boat related) How do these matress retailers and big screen TV dealers in LA, offer no money down, and no payments until 2007 without losing their shirts? Are these only given to a very small percentage of customers?

Thanks,

Michael
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Old 02-02-2005, 08:27 AM
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Default Re: Marine Finance 101 - What is a boat loan?

Consumers get "Consumer Friendly" reports that are easy to understand. If you received a commercial report you would have a very hard time understanding it and reading it. Both contain the same info.

As for NO MONEY DOWN, NO PAYMENTS UNTIL 2007 etc..... it is all built into the price of whatever you are buying. No money down (jack the price up to cover the interest cost for the first 12 or whatever months - the retailer gets paid in full by the finance company and the consumer gets NO MONEY DOWN or delayed payments)

Fountain came out with ZERO % fiancing for 12 months or reduced interest for 12-24-36 months recently. They took a 14% PRICE INCREASE TO COVER THE COST OF THE PROGRAM.

Nothing in life is for free
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Old 02-02-2005, 09:12 AM
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Default Re: Marine Finance 101 - What is a boat loan?

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Nothing in life is for free

Aint that the truth, lol..Everyone thinks that because we own business's...
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Old 02-18-2005, 10:22 PM
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Thumbs up Re: Marine Finance 101 - What is a boat loan?

Dave, Great thread!!
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Old 02-18-2005, 10:52 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Let you three messages Dave and you have not called me back since i called you on thursday, going somewhere else unless you call by monday, all the info you need and then some was faxed to you on Thursday. What is up.

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Old 02-19-2005, 03:24 AM
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Default Re: Marine Finance 101 - What is a boat loan?

How do you get access to the USGA database to see which boats are reported missing or needing to be repod?
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