Another loan dilhema......
03-27-2009, 09:26 PM
#31
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YES and NO, it seems to change with every boat I want to but, the banks will give me up to 70K on whatever I want, no matter the year, make or model, or power, but I want a newer boat for around 120K. But the Banks make no sense to me, they will do a 2001 Donzi 28 ZX Scorpion for 60K but not a 2007 Donzi 35ZR for 100K?? with warrenty, it makes no sense to me, and yes I hide alot of income, you have too if you own a business!!!!
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.
Oh, and if you didn't see over on SOS, could you shoot me the story on the Cad Mystique you mentioned?
03-27-2009, 09:29 PM
#32
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I really dont want to get into me and Wilmington Trust, I have banked with them for over 10 Years, I run all my Business Accounts thru them!! and my Credit Card processing!, They told me no after all the years I have banked with them, I am in the process of switching accounts right now from Wilmington trust to PNC because of what they did to me!!!!
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.
03-27-2009, 10:03 PM
#33
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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.
03-27-2009, 10:32 PM
#34
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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.
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.
03-28-2009, 10:32 AM
#36
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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.
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.
03-28-2009, 10:51 AM
#37
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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
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
03-29-2009, 02:20 PM
#38
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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....
03-29-2009, 02:50 PM
#39
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Location: Rockwood MI. Kalkaska MI. Sopron Hungary.
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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.
03-29-2009, 06:50 PM
#40
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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....
