Easy Boat Financing
Anyone know of the best bank for easier qualifications. I dont care about high interest rate at this point. My credit is good, but I have a high credit to income ratio . I also have alot of un provebale income being self employed. I never had a problem getting finacing in the good ole days , but I think its going to be a problem now. Have not applied since 2010, and hoping to qualify this time around. Any thoughts. I have 25% down.
Please save your thoughts on if you cant afford it in cash, dont buy it. I want a newer bigger boat now! My kids wont be kids forever. |
What state or country are you in?
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California, Sacramento area. I have financed three boats in the past, MB thru my credit union, Mastercraft and a Malibu thru GE. Last few boats have been cash, but now have the itch for a brand new. I tried to go thu a dealer in 2010, I do not remember which banks they tried , but was denied. This time around I am hoping to get approved.
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I would go with your credit union or any other local credit unions and see (if) what you get approved for. several of my friends have gone that way and don't even bank with the credit union.
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Local credit unions by far. Nothing else even close.
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You can't document your income, or your TR shows a low Gross due to write offs? If its the latter, a good bank should be able to work back to a EBITDA.
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Don't know if this is a option for you but I recently refinanced my mortgage from a 30 year at 5% to a 15 year at 3.1% and had the equity to move the remaining amount of my boat loan at 6.5% into the new mortgage so the interest rate for the boat dropped in half.
My boat loan was with Boeing Employee Credit Union in Seattle. |
Bank of America surprisingly has been very easy with their money, at least with interest rate...not sure about qualification. But may be worth a look.
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US Bank has done both of my boats.
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Check the credit unions like people have said. We just bought new and the dealer got our loan thru a credit union we weren't even a member of. 2.99%
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credit union 2.99%
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my credit union was 5%, but I am in alabama.... That is really good around here.
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GE is no longer in the retail marine business. I know because I was a RV & Marine underwriter for GE before they exited the business. That being said I still work in the Powersports retail finance business and I can tell you that credit lending in the Marine space is still tight. Unfortunately (for the national lenders who most dealers have relationships with i.e. Bank of the West, US Bank, B of A) you fall into a tough category where I'm assuming your verifiable DTI ratio will be too high based on the fact you can't prove your income and you stated you have debt outstanding. Large banks and lenders are now under the watch of the Fed, OCC, etc. and now have certain thresholds of what an acceptable debt to income and payment to income ratio an be.
Your best bet is to contact a credit union or local bank and sit down and talk to them about your finances. Explain your business to them and how you get by with a DTI ratio that clearly makes no sense. If you have a deep credit history and a stable business you have a shot with the amount of skin in the game your willing to put down (25% down). |
I dont care about a high intrest rate. Just what the banks love to hear
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I think even if I didn't have 15 years of payments this made sense in that my interest rate on the loan balance dropped in half. I also ended up saving $300 on payments every month from what I was paying on the mortgage and boat loan. And I still have 40% equity left in the house. |
If you're still looking try Alaska USA... I had a similar issue last spring and they were great.
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I just recently went through Priority 1 and had no issues with the loan. Priority 1 sets up the loan then pitches it to the bank. When i tried my local Credit Union they were very tight about the intrest rates. The best they can do is 8% and thats pretty high for a credit Union.
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credit union x12. My process was remarkably easy. Ran credit check that morning, gave them documentation, and had my boat that afternoon. Interest rate was alil higher since I had bought my house and new car a few months earlier but wasn't an issue since the boat was under budget anyways
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I tried to use priority 1 to buy my tige, but with my subpar credit(fico 690 at the time), the best they could find was 19%. whatever...
my credit union that did my mortgage gave me 4.9 this summer with 15% down and 10k off msrp on the boat. still a little above what others were seeing, but much better than the 6.9 that I had on the supra with a fico of 760 when I bought it in '07. credit unions ftw :) |
Yo Rod what kind of boat are you thinking? I may be able to help if you want a BU or MB. Our finance gal can work wonders!!
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Thanks Shon, but I dont do wakeboard boats. Probably just going to buy a boat cash. If I can find one. Can't seem to find a clean , lower hour Malibu Response 1996-2000, CC 196 1997-199or MC 190 1994-1997 in Nor Cal.
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