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

Might Try Eboat Loans, 10 To 12 Percent

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

Dave can help you e-mail him

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

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.

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

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.

MUST talk to Robin Harris at www.thedonedeal.com

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

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