Boat financing
 

Any advantages to going with a boat/rv financing company versus your local bank?

While your local bank may do a great job for you, there are several advantages to utilizing a finance company to secure your financing including having access to multiple lenders acroos the country, competitive rates and working with people who are experienced in marine lending. Give me a call and I would be happy to discuss the process in detail.
Kyle

Local banks are great but when you deal with a finance company, you are dealing with mulitiple banks and talking to only 1 person.

We deal with 10 different banks plus we are also the only marine finance company that underwrites our own loans in our own portfolio.

What types of credit requirements?
What types of income verification?

if going with the finance co. make sure you know how multiple credit inquiries are handled by both ends, the person shopping for your money and the 3 credit agencies

Usually for a boat loan most banks look for 660 or better. There are some that will go with lower scores but they are limited and the rates are very high.

As for income verification, it depends on the bank. Some banks want income verification on every loan request and others will go as high as $350k with no proof of income.

No income verification requests are usually limited to higher credit scores of 720+.

Go with Dave P and Essex Credit. They make it real easy and very pleasant !

what interest rate could one expect with a 700 credit score on a 150k boat for 20 years? I am currently looking for a boat financing company, looking for some help on that too.

Rates for that loan amount are currently around 6.5% fixed for 20 years. Let me know if you have any specific questions and I would be happy to discuss your options with you. You can complete a secure online application by clicking on my link in the advertisers section. Thanks and I hope to be able to help you.
Kyle

http://www.essexcredit.com

Ask for Dave P