Question for Loan Ranger
09-05-2007, 05:49 AM
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Question for Loan Ranger
What's the longest term loan you can get on an 05 boat with a sales price of $28k? I think he's looking for about $250-275 month. I've got my boat sold if I can get this guy a loan! Only problem is he had a bankruptcy several years ago and his score can't be much over 500. Do you have an online application he could fill out? I know I know.... It's never easy! Thanks in advance.
09-05-2007, 09:38 AM
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For loan amounts of $25,000 and above, we can go as long as 15 years on the term. Unfortunately though, if his score is in the 500's I do not have a program for him. He would need to be at least 620 with re-established credit after the BK. Let me know if you have any other questioons. Thanks.
Kyle
Kyle
09-06-2007, 05:50 AM
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Thanks Kyle. I talked to him again this morning and he said he thinks he's over 620. He just financed a new truck and said he didn't remember for sure, but thought it was over 620. It has been about 8 years since the BK and he's always buying new cars and things, so he must have re-established credit of some kind. Do you have a link or # I can give him to contact you? Is there a fee to pre-approve him or at least run a credit check? Could you do zero down? Thanks again!
09-07-2007, 09:27 AM
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He can click on my link here on OSO and apply. There is no cost to get pre-approved. To get 100% financing, his score will need to be in the 700's so he will need a minimum of 10% down. Let me know if you have any other questions. Thanks.
Kyle
Kyle
09-20-2007, 10:08 AM
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Bob,
Unfortunately it is not that easy. Some lenders base their rates on the credit score which is referred to risk based pricing. Other lenders establish rates and either you qualify or you don't and if you do, you get the same rate whether your score is a 675 or an 810. Rates are also based on the loan amount with rates typically increasing for lesser amounts. Please call me at the number below and I would be happy to discuss your particular situation. Thanks.
Kyle
Unfortunately it is not that easy. Some lenders base their rates on the credit score which is referred to risk based pricing. Other lenders establish rates and either you qualify or you don't and if you do, you get the same rate whether your score is a 675 or an 810. Rates are also based on the loan amount with rates typically increasing for lesser amounts. Please call me at the number below and I would be happy to discuss your particular situation. Thanks.
Kyle
