financing with stated income or no documentation
11-19-2007 | 08:35 AM
#31
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Joined: Jul 2004
Posts: 438
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From: Palm Harbor, FL
Enforcer,
For the size deal you are talking about you will need a credit score around 650 or above. Typically loan amounts less than $100,000 are always stated income. Give me a call if you have any specific questions.
Thanks,
Kyle
For the size deal you are talking about you will need a credit score around 650 or above. Typically loan amounts less than $100,000 are always stated income. Give me a call if you have any specific questions.
Thanks,
Kyle
11-19-2007 | 09:38 AM
#32
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Joined: Nov 2007
Posts: 14
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From: EDMOND, OK
If You Go To Your Local Boat Dealership, Ask Them To Broker The Deal For You And Use Their Financing To Get The Deal Done. There Again, It Is Just Like Buying A Car. If You Credit Is As Good As You Say It Is, There Will Be No Problem. I Have Done It Twice This Way And Never Had A Problem. My Credit Score Was Above A 700 And Didn't Have To Prove Any Income. Plus, Usually The Dealership Has More Banks And Can Usually Get You A Better Intrest Rate. Make Sure He Is Being Competitive Or Better With %, And Kick Him A Few Benjamins For Hooking You Up.
Any Q's, Call Me 405-664-8594
I Have Been In A Business Manager For 10 Plus Years
Hope It Helps
Any Q's, Call Me 405-664-8594
I Have Been In A Business Manager For 10 Plus Years
Hope It Helps
11-19-2007 | 09:46 AM
#33
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Joined: Jul 2004
Posts: 7,152
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From: Toms River, NJ
I don't hate you or people like you. I just hate to see people get hurt for many years to come when they get blind sided by uncle Sam. All I was trying to say is that if you are paying bills with that type of money they can track it and nail you to the wall. Those type of funds need to be used solely on disposable types of expenses like eating out, going to shows, some fuel etc.
As far as the original question was concerned: I think you are going to have a tough time doing a stated income scenario because you can't show (or shouldn't show) where the money is coming from.
Sorry you felt attacked, I know that wasn't my intention.
Josh
As far as the original question was concerned: I think you are going to have a tough time doing a stated income scenario because you can't show (or shouldn't show) where the money is coming from.
Sorry you felt attacked, I know that wasn't my intention.
Josh
11-19-2007 | 10:53 AM
#34
Frank's Marine Service
Joined: Sep 2002
Posts: 11,959
Likes: 142
From: Elkton, MD
My point was more I think HELOC's are better than boat loans, credit cards, etc because you can write off the interest making your effective interest rate lower than most other types of financing and that just because you can take 20 years to pay if off doesn't mean you have to.
11-19-2007 | 11:47 AM
#36
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Joined: Oct 2000
Posts: 1,382
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From: Spicewood, Texas USA
Try eboatloans.com. They are great to work with. We are a small boat dealer, so don't have our own financing available. I send customers to them a lot and they have always been happy. They did a note on my personal boat. Financed 80k on stated income. Faxed the documents back and forth, never left my office and got it all done.
11-19-2007 | 04:43 PM
#38
Charter Member # 55
Joined: Oct 2000
Posts: 20,272
Likes: 2,512
From: Omaha/LOTO
soo because my employer chooses to give me my bonus's and commisions in cash (more then half my income) i should not be able to finance a boat?
it happens in the mortgage world every day , i'm as patriotic as the next guy but for some reason our government chooses to tax extra income(bonus's and commisions) at about 35 percent. i think its a little steep and my employer does too
it happens in the mortgage world every day , i'm as patriotic as the next guy but for some reason our government chooses to tax extra income(bonus's and commisions) at about 35 percent. i think its a little steep and my employer does too
You should have to pay the taxes on the bonus's. If you were, you'd be able to verify your income.
Bonus/Commisssion checks are only taxed at the higher rate when you receiving them. It is just regular income when you do your tax return and you will be refunded accordingly.
11-19-2007 | 04:55 PM
#39
Charter Member # 55
Joined: Oct 2000
Posts: 20,272
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From: Omaha/LOTO
Those were the terms of a HELOC I had from Countrywide so it was on my house. I bought a RV with it (same as boat; worth 1/2 as soon as the pen hit the papers), sold the house and paid off the loan.
I had to be creative to get what I wanted before I could really afford to get it.
My point was more I think HELOC's are better than boat loans, credit cards, etc because you can write off the interest making your effective interest rate lower than most other types of financing and that just because you can take 20 years to pay if off doesn't mean you have to.
I took a $100K+ boat loan for 20 years because that had the lowest monthly payment and a lower interest rate than a sub-$100K loan, however in the 6 months I have had the loan I have sent them about $20K more than my payments have required.
I had to be creative to get what I wanted before I could really afford to get it.
My point was more I think HELOC's are better than boat loans, credit cards, etc because you can write off the interest making your effective interest rate lower than most other types of financing and that just because you can take 20 years to pay if off doesn't mean you have to.
I took a $100K+ boat loan for 20 years because that had the lowest monthly payment and a lower interest rate than a sub-$100K loan, however in the 6 months I have had the loan I have sent them about $20K more than my payments have required.
11-28-2007 | 08:38 PM
#40
Platinum Member
Joined: Dec 2004
Posts: 147
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From: weems creek ,md
hey i went through key bank stated they will only go up to 95 or 100k i settled in less then one week and i did not need a survey but anything over there amount is out of your pocket this was as easy as buying a car my mid score was 730s good luck
