Another loan dilhema......
 

I am finding similar loan problems with the banks as some of the posts that are on here. The difference is, is that I have credit, but they say it isn't "luxury" loan credit.
Am I just talking to the wrong people?
I only am looking for a 50-60K loan with a credit score of 748, 2 vehicle loaned and paid off, $0 credit card balance, a house in contract, and an nice annual salary. Is there someone that can help me? I have been turned down twice, and I can't understand why.......
Thanks for your time in advance. :-)

I am sure one of the Loan experts will chime in. But yea their is some equation they play for "luxury" items. I lost over a dozen boat sales from people this past year for the exact same stuff. Great credit, had money to put down, but banks just won't loan money. I hate to say it but 800biliontrillion wasted money to bankers hasn't changed a damn thing.

It just doesn't seem to mesh, does it? haha They can loan out 400-500K for housing to anyone who has a name, but when someone that actually pays things back, and is willing to show a paper trail, they turn their backs.....
I am sure this is a lost cause, but I am seriously dumbfounded by it.
Thanks for your imput, Baja

go to your local credit union or bank, you will get better rates anyway throug a credit union.

As for as a luxury ratio, I've never heard of one, not saying some bank hasn't come up with a magic number but the several I have worked for never used anything like that. I will say that you are seeing a return to underwriting closer to the 80's than the free for all credit of the late 90s and 00's. Back then most luxury items were financed by finance companies not banks and rates were significantly higer. My first boat loan was 11% and I had to put 30% down and I got a great term of 7 years on a $22K loan.

As far as $800 billion wasted. I know Wells Fargo for instance just paid $371 million in a dividend to the government for the $25 billion it was forced to take. I think they, along with JP morgan and Goldman would pay the money back today in full if they were allowed but they can't for 5 years.

Have you asked your congress person where these dividends are going? It's interest on your money but the repayments never make the news. Banks go to the hill to explain their use of funds today. When will congress explain what it's doing with the 5% dividend it is getting on these loans?

About $350 billion in TARP money has gone out, that means annually the government gets what $17 billion in dividends off the money? It isn't wealfare, what are they doing with that $17 billion is what I want to know. Maybe they could make some consumer loans off of it.

My credit union only offers a 7 year loan. So, I guess my next option is to go through, maybe, Bank of America. Anyone had any luck through them?
The problem is, I don't want to keep filling out loan apps and getting my credit dinged every single time. At this rate my 748 will be 6. haha

Bank of America does not do performance boat loans anymore!!!!

I should also point out that A+ credit rating for mortgage loans have moved up to 760+ credit scores so in the old world 748 was a good number it's no longer A+ credit (much better than 6 however)

7 years proabably is going to be more common for boats for a while especially under $50K. It's a new world. When Key, National City, BOA and the rest got out of retail boat lending it puts the hurt on "luxury" purchases, even for good people.

Good luck on your search, if you find decent terms I am sure others would like to know where to go for financing.

Thanks for the heads up. I will try to find him and give him a shout.

Personal experiance THEY do not!!! And they NO longer have my money in their Bank!! Thankyou very much.