Boat Loan Questions?????????????
 

Im lookin for info, what kind of rates for someone with not so good credit lets say a 580 credit score. My question is what kind of rates and what terms are avalible for a $50,000 boat loan. 10,15,20 years what terms are avalible, and the type of intrest rates will they be able to get. This is truley for a friend not me, My credit is perfect, but a friend is lookin to purchase a used boat. Hope for some good answrs from all my offshore buddies, thanks sonic31

Re: Boat Loan Questions?????????????
 

Might Try Eboat Loans, 10 To 12 Percent

Re: Boat Loan Questions?????????????
 

Here's a link to a thread posted by Dave Patnaude of Essex Credit. This should answer your questions.

http://www.offshoreonly.com/forums/s...ad.php?t=95112

Re: Boat Loan Questions?????????????
 

Dave can help you e-mail him

Re: Boat Loan Questions?????????????
 

Check out Sterling Finance (Ft Lauderdale) they were awesome to work with. There are some low rates out there.

Re: Boat Loan Questions?????????????
 

Unbelievable god dam banks. I have to pay off the former administration
X wife and the the banks wont loan money on a boat thats paid for.
If I was buying it from some bum down the street they would be happy ?
I found one bank quoted 8.8 % . Thats bull**** I borrow money at 5 % all the time for real estae deals.

Re: Boat Loan Questions?????????????
 

There are a couple people doing VERY good loans, I know I just got a no doc done for myTiger purchase, Melanie Jolles at Beacon Marine credit got my business. Dave at Essex did a great Job, unfortunatly his bank wanted a higher rate. He was a true pleasure to work with as well. With your friends score, the rate may be different, but still either of these 2 people will do whatever they can to help you.
One thing I will say though, is people some times will try to hold lenders at fault for the individuals credit. Thats not fair and it shouldnt happen that way. People are responsible for paying their own bills on time, and a credit report and people like Melanie and Dave are only working with what was handed to them. So keep this in mind when you are dealing with them and I'm sure you'll get much further. I'll post Melanies number and email when I get to my shop, if anyone has any questions feel free to PM me...Rob

Re: Boat Loan Questions?????????????
 

With a 580, I'd say expect twice the best going interest rate and half as long of a term. Thats with a substantial down payment.

Re: Boat Loan Questions?????????????
 

MUST talk to Robin Harris at www.thedonedeal.com

She has taken good care of me and several others this year.

Re: Boat Loan Questions?????????????
 

try a local credit union. they always have great programs and most do not have tiers for the rates. i got 4.5% for 12 years on mine

Re: Boat Loan Questions?????????????
 

Thanks for all the info, i will pass it on and keep all u posted.

Re: Boat Loan Questions?????????????
 

Agreed

Re: Boat Loan Questions?????????????
 

IF 580 is bad whats good 700 or otherway 400???? I HAVE not checked mine but we bought a new car in nov, 3.9% thanks ART

Re: Boat Loan Questions?????????????
 

The higher the better. 900 I believe is the high. Anything over 720 is very good.

Re: Boat Loan Questions?????????????
 

average of the 3...806

according to the agencies this is in the top 4-5% of all Americans with a credit score.

850 is the end of the scale I believe. The bar graphs that plot where you stand in relation to other consumers with credit history only goes to 850.

Re: Boat Loan Questions?????????????
 

You are correct..at least for equifax, Transunion is 900 and experian 820:


Equifax:
Your score ranges from 300 to 850, but the majority of scores fall within the 600s and 700s. Higher scores indicate a lower credit risk. For a score to be calculated, your credit report must contain at least one account that has been open for six months or more, and at least one account that has been updated in the past six months.

Experian:
What is the range of the Experian credit score?
The Experian credit score ranges from 340 - 820 with a higher score indicating lower risk.

Transunion:
Must want to keep it a secret but I believe it is 350-900