Enforcer24
 

What lender did you find for older boats?

wow , a thread with my name in it

dont get too excited , its not for everyone

lendmark , a sub-company of BBT
there max is 25k
they will finance almost anyone , but with interest rates that compare to loansharks

with a 606 credit score , and a 1990 boat securing the loan , total 18k , me putting 5k down , interest rate of ............. gulp.......24.75% , puts my payment @ 390 for 5 years

as i said , its not a great find , but for a quick way into an older boat till you (or me) can find a better lender to re-fi it with , they have a market.

i havent signed the papers yet , and am still deciding whether i even will , i have a total of about 10k in cash to put down on something , and have a low milage 2004 SUV that is paid off that i could borrow another 5-6k against at a way better rate.

and i do own my house , and for the time being have a lil equity in it , but my gut says stay away from that , the market is too shaky right now.

hope this helps

That is a nice interest rate:eek:

Nice if your the lender , but i try and play devils advocate and have to assume that with lending to damaged credit indeviduals they probably have a pretty high default rate , and with using securing assets that may not bring all there investments back , if they can re-secure the property , they have to make up there money somewhere

man , i have 7 months till the last 2 negatives fall off my credit report , been paying religiously on my house/cars/credit cards for 5 years , no lates at all , no repo's , i'm gonna be looking pretty good to the creditors this fall , hopefully over the magic 700