I've had 4 buyers declined for a loan in 3 weeks on buying my boat. It's getting a little out of hand. One had over 20% down and they wanted more, he said if he had more he wouldn't need the loan! Is it Todd-Frank law that's messing this up?

Debit to income was always an issue when we had a lending company. Banks don't like performance boats too much either

Yeah right.....then what is the problem? LOL If he had more......why not pay cash?

Fortunately Im a member of a credit union. I bought a boat last year but had two regular banks say that they didnt do loans on boats (any boats). I needed a trailer so was going to buy the trailer myself. The only way the credit union would approve the loan was if they held the title for the duration of the loan.

Then theres insurance companies... The Geko turned me down even though they insured a 170mph sport bike (mine). (I dropped them like a rock).

Turned out that piddly little local insurance co is mighty mouse (comes from ERIE, PA)!

Lots of hoops to jump through to own a HP Boat!

Good luck with your sale.

Year is also a big thing my BT is 20k under priced because it is a 1997 and the banks will not give loans I had to deal with people not being able to get loans ever since I put it for sale.
Brett

They are turning people down with 800+FICA scores because of other debts&ratio!Credit union is the best bet or call a few local boat dealers see who they use??

I knew banks were tightening up, but didn't know it was this bad.

My credit union wanted an extra 1/4% after 10 year old boat. I suppose that aint that bad.

When I bought my latest boat in 08 I was going to loan a portion thru a CU. The loan officer turned me down saying that boat loans were to risky. I quickly pointed out my well protected credit scores, and asked where is the risk there? The officer actually said, "In today's economy your credit score means nothing." Even quicker, I asked her to put that statement in writing. She would not. Needless to say I left the CU an unhappy camper. Luckily I was able to buy the boat out rite.

2 types of buyers.... 1 who needs a loan to afford the "toy" and the other who takes out a loan cause his " cash is worth more than the 6 % rate on the loan....... the Banks and the CU know who is who !