They make no sense at all, that's for sure, but I'm sure you'll find the right deal. Anyone industrious enough to afford the boat will find the financing.:drink:

Oh, and quite trying to buy up all the "affordable" boats, leave those for us poor folks, haha. I'm curious as to what you're gonna know about next, as you're always a step ahead on what's coming available. I'm waiting for you to show a pic of some awesome Vice you just bought.:ernaehrung004:

Oh, and if you didn't see over on SOS, could you shoot me the story on the Cad Mystique you mentioned?

Good job on moving everything. At least you can make them pay somewhat. It sounds like they screwed you good. Most of the places I talked to were like "try your current bank, they should help you since you have great credit, blah, blah, blah", and it was true, the CU that approved at 8.75 for me is the one I've used twice for truck loans. You're doing way more business, and that bank should have taken care of you.

Thanks, yes I keep getting great deals on great boats, but if the banks wont do a loan it does not mean anything!!! The banks are punishing good people for all the bad people they gave loans too!!!! It is just really tough right now !!!

I know I didn't spend as much as you guys are spending, but I did a 20K loan at a local credit union (7K more than the asking price of the boat), I have a 750 credit score, about 30-35% debt to income ratio. I filled out an online app, and received an email saying I was pre-approved, pending I could prove what I put down.

Guy called me in the morning and just asked a few questions about the boat/trailer. I had a survey on the boat done, but they never asked for it, or even talked about it, no income verification, no down payment, qualified super preferred @ 6.99%. Took it for 60 months and will probably pay it off in 2.

Lender was Michigan First Credit Union (www.michiganfirst.com)

Now on another note, as everyone is saying, banks are very hard to get money from, I also filled out an online app, and I was denied for that loan.... Tier 1 at the CU, and denied at the bank...

Economy definitely hurtin' right now.

I hear ya WMF.... it's either hide as much as you can..or send it into Uncle Sam!!! I'm in the same boat as you!

That's funny you used them. I was "approved" when I applied on the phone for their best rates.....and then got a call from the underwriter on Monday. I have a slightly higher credit score, but a worse debt to income. The excuse the jerk-off there gave me was "we aren't comfortable with that amount ($50K) for your first boat!". He went on to say since I haven't been making a boat payment that size he wasn't sure I could, despite me being within their damn guidelines. I wonder how I started paying my first mortgage without "experience" which is a hell of a lot more than the boat. This guy thinks he's my mother and can tell me what my first boat should cost. Needless to say, I was pretty damn pissed.

All I can tell you from what I have gone thru this year trying to get another High performance boat is

Debt to income cant exceed 42% and that includes the boat loan!!
Credit Score of 740 and up
Cash in bank close to the value of the boat!!
Great income!!
Major past Credit history , like boats, houses, cars, trucks, property.
And the boat must be newer with low HP, no racing motors!!!

Value of boat does not matter!!

I have all this stuff covered, but I am still getting jerked around!!! I am sure thier are some dealers out thier that could chime in and tell some great stories about the banks right now!!! I have herd some good one:drink:

Heres one for you....
 

About 2 months ago I looked into buying a new boat, the dealer and I agreed to a price and they got me "approved" through a bank they normally work with. I went to pick it up a month ago and signed all paperwork and paid downpayment of about 25% and took boat home with me. About a week ago, dealer called and said bank needed tax return from me. So I complied and come to find out the bank underwriters say I don't net enough income. Even though I already have the boat along with purchase agreement and titles!.... The dealer has been great to work with all along,but not sure how this is going to go....

I just bought my new boat as well, and I had the same run around from the big lenders since the boat i bought was a bank owned boat, so I got sick of there BS and went to my credit union whom I have done business with for many years and had it approved in under 30 minutes, great rates and much better to deal with. Go to a local lender and stay away from the B.S.

That would really piss me off!!!