I agree, but it seems everything is case by case for some reason. If you "show" and truely are low risk, lending is normal.

Completely disagree, I am low risk, Great income, perfect credit, and low debt to income, have owned 6 High performance boats in the past, plus other toys and I am having a very hard time!!! Most High performance boat owner are self employed, and banks dont like that!!

If you are self employeed I would recomend using your regular lender you do business with, relationship is everything these days.

My regular lender of 9 years does not have the money to give on High Performance boats right now, I guess!!!! but they did give me a great 4.2% fixed mortgauge in Jan.!!!

Just seems like a small amount of money to finance for 15 years. I'm a business owner also and know the benefits but it's also a "toy". To me "toy" means cash.

I know of a local bank that has worked with a few of my friends and the loan was hard to get but they got them. If you want the info send me a pm.

I agree.....atleast get them to help you find a loan.

If you buy right and with the right amount down you won't be upside down, so if you don't have the cash it isn't too harmful, considering the whole proposition is a waste of money. Arguing what the "right" way to spend money on a boat is kind of pointless.

For someone like me, I'd love to pay cash, but have only been working for 3 years, and have a pretty damn good salary, but not a pile of cash for obvious reasons. Maybe if I hadn't bought a house it'd be an option, but it definitely isn't now, and I value the boat enough now to pay the interest. How many people look back and say, "man I hated having that boat when I was 28 and single, it would have been a lot cooler to have 10 years later and paid cash".

I hear ya man. I'm only 27 years old and paying this cat insurance sucks. I bought my first boat at 22 (19 Liberator with a 2.5 Merc) and had a loan.

Looks like you got stuff figured out.......Just throwing my 2cents in.

Haha, you're lucky you could even get cat insurance. I'd like to have that option, but am too young and don't have the cat insurance. I'm not sure how you get that experience to get the insurance to get the experience.

You pretty much have to start out with a single engine cat capable of less than 85mph and work your way up.

I used John Posey and the policy is with Markel. I had Foremost for a few seasons on my Liberator. It's not cheap and its only broken down into 4 payments.

They send you a form to fill out for a "boating resume" and I listed the fact I had been boating my entire life and driving my fathers boats. John said that personal credit and driving record also come into play.

I'm about to move up from my 25 to a 28 or 30 with twins and its probably going to cost me around $4500 to 6500 a year.

That's what I've been trying to get the quotes on....hasn't worked. Allstate has provided a quote though, but I'm pretty sure underwriting would deny it.

A 26 with an HO shouldn't be 3K plus or un-insurable, but it is for me.

It's insane that you take on a small boat payment just in insurance for a fast cat. No big deal for the guys with hugely expensive cats, but for a $75k cat it's nuts.

Bingo! That is exactly what I did a few years ago when I was 25. Still payed out the a$$ for it.

The funny thing is that's not a FAST cat. Those insurance quotes are for 28' & 30' daytonas with 496HO's. A 28 with that power would be lucky to see 100mph.

Posey told me its age right now that is holding me back.

Have you owned a performance boat at all? I can see how underwriting would turn you down if not. Good news is most of the V bottoms are running very fast nowadays. So you can still get that speed fix. Anything under 85-90mph is pretty boring after a few weekends.........

You need to go through one of the ins companies that advertises here. And yes, it will be about 3k.

I have been, and some can't even do it at all for $3K.

I'd need a Tres class, or be 35 (haha can't fix that yet) or prior cat experience. This is for a 75 mph boat.

So needless to say, I'll just go with V. I can deduct the interest, fit more people, and have a cabin in case I want to crash on it. It'll work a little better for partying as well.

You never know who may want to crash with you:drink:

The way I see it, I can get buy a heck of a lot more boat in V for the same monthly cost between the payment and insurance. I'd rather give the money to the bank than the insurance agent.

Finally got my boat loan!! as some may already know, I just wanted to let everyone know who want's a Performance boat loan that the only bank really doing them right now is CGI, who ownes Scott Finacial!! If anyone what to give it a try call Melanie Jolles, at the FT Lauderdale, FL brance, she really help me out and put up with me for 2 months!!! I think she just gave me the loan to make me go away:drink:

Congrats on the new purchase.

Additional info on Boat Loans.... Thanks for the kind words WMF - I was able to do my job, because you as a customer were very prepared for the loan process.

It takes great credit, documented income, cash reserves, and patience...

Yes alot of Patience!!! that is also my wifes name!

Congrats BIG Daddy :ernaehrung004::ernaehrung004:

Could you outline what you need? Score, debt to income, down payment, etc?

I'm getting shot down everywhere due to "length of employment". I've been at my job 9 months and at the one before for 2 (took better job, not fired). Is this normal, or is it just because my industry/company (GM) is quite shaky (but not going away)? If that was the case I'd understand that response rather than all the BS excuses I've heard. I was actually approved based on all my info, and then the underwriter called to say $50K was "too much for my first boat". Bull****. If he had said, "we aren't interested in GM risk" I would have said, that stinks but OK.

I will answer for Melanie, but I am sure she will chime in!! Credit over a 740, no more then 40% debt to income, including boat loan, Cash in bank that match the loan amount, 15-30% down!!! Verified income, Major and minor credit, past boating experience!!! But i will tell you this the banks have different rules for different poeple and different boats!!! Trust me the good old days of Performance boat loans are gone!!

What the hell does boating experience have to do with a loan? It's amazing I can figure out how to pay my mortgage on my first house, which costs 5x what this boat would. You'd of thought I needed house experience.

I can hit everything, except cash to match loan. Seems pretty rediculous to require that. So you need collateral, and the cash to cover it, effectively double collateral? Maybe if you're paying 4%. What the hell is the 8% or so interest for if there is no god damned risk?

Guess I'll be sticking with the local CU's, would just like to find another that'll approve a boat older than 02 for over 5 years.

Best bet out there is your local credit union's, they are looking for good loans and much easier to deal with. I had the same run around with the major boat lenders and i do major commercial loans on a regular basis, my credit union had mine done in less than one hour and are great to deal with.

Who did you use? I've talked to quite a few in the Detroit area, and so far have only had luck with Co-Op Services, but they want an 02 or newer to do boat terms (over 60 months).

First Catholic federal credit union in Taylor, been with them for over 20 years.

Did you get you boat? or boat loan yet??

Something No One Mentioned Yet...
 

Sorry to hear on your difficulties everyone. I read most all the posts prior and there is one thing that kinda catches my attention but I"m sure they'll let me know if I'm wrong - -

Putting aside the bad loans and defaults; don't forget as your applications go to risk management they now must assume a much larger possibility that they may have to buy the boat back at some point before the loan obviously matures.

This means among many things that since boats will be tough to sell for any real market value for the foreseeable future, they have to try their best to forecast number of payments and balance payoff to an amount that could be passed on to the "potential" repo buyer. RV type loans are not for the faint hearted anymore and I think performance boats are hit the toughest because when the market gets tight or weird, the number of buyers in that particular market falls off the map compared to an "SUV" type boat (cuddies, bow riders, cruisers).

So even though most of you have the huge credit scores, money, assets, etc... It still means little to them if they have to pursue the owner to collect. As you know, it costs a lot of money to collect money these days.

These times have and will continue to dictate a bunch of crap you're just not used to. I wish you all the best luck!

nope and nope.:bigbird:

I'm just kinda burnt out on trying to get financing on anything older than 02, and working at GM I've got a lot of other crap to worry about anyways.

I'm still putting in some bids on some repos (as I shouldn't have any problems with 02's and newer for financing). But I traded my brand new truck for a vette figuring if I do get a boat it'll be a smaller/cheaper one I'll rack store if anything.