I would like to get an idea where i need to be shooting for with my credit score to get financed

40k selling price
5k for down payment
boat would be 1999 or 2000
28-30 foot single engine go-fast (nordic heat/kachina/superboats/scarab) something like that

here's the kicker , would have to be no doc or stated income
i cant prove 1/2 my income ,
i know from purchasing / refiancing my house that there are lenders out there , but a house is a much easier to repo asset

i would prefer to buy my boat without touching the equity i have in my house , especially with the market lately

I'm not sure, I too have got a few mortgages on stated income, never a boat though.

I vote for NOT messing with you house, either in the form of home equity or a cash out re-fi. No sense in turning a recreational activity into long term debt.

Thanks mark , i appriciate the input , but still want to stay away from putting my house up as collateral
i wonder if they will accept one of my kids as collateral ?

If Your Credit Score Is High Enough, A Boat Loan Is No Problem. You Will Not Have To Prove Your Income. Good Luck On The Boat

Kyle from Newcoast (aka loanranger) should be able to hook you up

Kids are considered a liability, not an asset. Just like horses

sometimes my house seems the same way
but there strong kids , they could do the same work as a horse , if you beat em e-nuff

just kidding , horses are probably still stronger
lol

there only 1 person i've dealt with and he's done all of my marine loans. Dave P at Essex Credit. 732-674-2946 tell him Bernie sent ya !! If it can be done he's the man.

I would not do a HELOC. The interest rates on my HELOC is running 2% higher than my fixed % boat loan. Get a boat withj teh right amenities and the interest is still tax deductible.

I've done stated income with a boat loan about 6 years ago for about the same $$ you're doing. It was no problem. When I did my loan for the AT 5 months ago at the same bank for only 15k more, they made me give tax returns and pay stubs. I said WTF is this about????? They said that they had to change the way they were doing stuff because of repos and forclosures. This is all with fico's in the 800 range.

it would take an act of god to get my fico's in the 800 range anytime soon , but i'm sure in the spring i'll be up to high 600's