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

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

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).