Here's my problem 4 months ago I was laid off unexpectedly so in a panic I sold my Super Sport. <BR>and used what I profited after paying the loan off to pay the rest of my truck off. Think once I get another job the only payment I'll have is my house payment and I'll be able to get a nicer boat than a 95 Super Sport. But think again with all the new parameters to getting a boat loan I can't even get the boat I used to have. One bank approved me for a 13,000 boat loan and that's it what a joke.

Sorry for the rant just pissed of I can't get out to the lake. All I think about is wakeboarding and now because of some A-hole CEO <BR>I lost the one thing I love to do in the summer.

Dont blame the banks, blame the irresponsible borrowers who created the requirement for stricter lending policies. Its the same principle as when your kid does something wrong, a new rule needs to be created to keep them from doing it again.

The banks have some fault too not just the borrower. 25/75 bank/borrower is what I'd say where the fault lies.

The banks share a blame in the current credit issues. I'd go as far to say the banks are actually slightly more responsible than the borrowers. They are the educated professionals who made the poor decisions to loan money to people who obviously didn't qualify. In fact many of their practices are illogical and equal a very poor business model. It wasn't like all these super qualified borrowers suddenly defaulted.

Blair, I feel for you man...times are tough right now... <BR> <BR>i think what you did was pretty smart though, paying off all your debts except your house was the right move. I think you should feel blessed in some sense. I mean think of how much worse it could have been, you found a job and are back on track, you might still be looking, and could have lost everything... <BR> <BR>Salvage some pride, you did make a smart move, its not your fault, you went into survival mode, and not knowing when your next job would come its a pretty sane thing to do. Open a savings account save some cash up every month, and next summer pay cash for a boat! Owning a decent boat with no payment will feel even better!!! <BR> <BR>and buy American products when you can, we have to start looking out for America and Americans first... <BR> <BR>(Message edited by tj_in_kc on June 12, 2009)

I feel for ya, the banks are only covering their butts now imo. Many start the blame with Angelo Mozilo, Countrywide's ex-CEO. Countrywide is widely acknowledged as being responsible for starting this mess were in. Not to mention he's now up on fraud charges from profits from the dealings and insider trading. Unfortuneately it won't help now.

<a href="http://www.hulu.com/watch/1389/saturday-night-live-dont-buy-stuff" target="_blank">http://www.hulu.com/watch/1389/saturday-night-live-dont-buy-stuff</a>

Also - blame California, its mostly their fault.

Thats Pretty good Brett.

It was so bad for a while if you even had a pulse you could get a loan, hell I even think they were giving loans to dead people.

I was so excited I found a fully loaded 08 Malibu vlx for 38k, So if figured well the pay for that would be half of what I was paying for my truck and boat together and when I was denied for that I asked them how much money they would loan me. A few days later they called back and told they would give me 13,000. I was blown away, I figured I would at least be able to replace the boat I had.

They are being much tighter on the amout of money they are loaning for boats right now. I trade my boat in every year for a new one and this year i had some trouble getting the loan to go through. They even capped my loan at $53,000.

Whats the basis behind the 13K number? If you have a down payment and your DTI is in line with a bigger amount, it shouldn't matter, provided your credit is good.

I've been dealing with refinancing my house for the last 6 weeks and it's been a major pain in the ass. We have been blessed to still have our jobs and excellent credit. Even still, the amount of hoops we are having to jump through just to get this done has been such a beating! The combination of dropping home values and lenders raising their LTV requirements has made it a little trickier than I had expected. Even though it's been a pain it will be worth it in the long run.

Blair no matter what you're in a better situation than many folks out there. You have very low debt right now according to your post. Count yourself lucky, hopefully you have friends with boats. I'd keep saving up until you have some cash tucked away, then try another bank.

^^^agreed

nu bu <BR> <BR>I agree with you It looks like I wait until next year, And I'll just be paying alot more golf this summer and hit up Be a Third/Find a Thrid section.

So it's all california's fault? That was an awesome statement TJ. lol <BR> <BR>I guess we do lead the nation in everything! Wether it be good or bad! We're always the first! <BR> <BR>I think it's hilarious how the banks are acting right now. If you can still afford it whats it matter. We recently tried refinancing our house, 812 credit score DTI ratio of less then 20 and the bank sent a form letter saying we didn't qualify because of our credit! lol <BR> <BR>The real reason we didn't qualify was our home which use to be at 40% LTV is now at 85% LTV <BR> <BR>No big deal just we have to start learning our homes aren't piggy banks we can pull money out of every year to get a few extra bucks. If we want something we need to do like our grandparents did and save untell we can afford to pay cash for it. I know with soceity being the way it is now we all want instant gratification and having to wait longer to get something you want isn't ideal.

I just refinanced my house with no issues and I am not an 800.

The rules on LTV(for refis) have not changed unless you are wanting a cashout refi. 90% LTV is the high. I wish you guys where in my area.

robert that was just to get you Cali people worked up! plus i said mostly, not all your fault! ha-ha.

We weren't doing a cash out refi per say jsut wanting to lower the rate on our first and roll the home equity line in. We have 5.7 right now on a jumbo loan and came across a offer for 5.4 so we figured we'd give it a try!

The re-fi thing has got everything to do with what part of the country you are in.

Blair <BR> <BR>Dont give up. Last month I was in kinda of the same spot. I get a new boat every year. The bank that I have done business with for years no longer does boat loans past 5 years. So when I sold my boat and they told me the payment, I about died! I went to my local college credit union at 1% less for 72 months. Check out the credit unions. It will be easier on a new boat than a used one.

If it pays off more than one mortgage, its considered a "Cash out" so the lower LTV would apply. That might be whats tripping you up.

Just watch the Canadian Banks we seem to be doing alright<IMG SRC="http://www.wakeworld.com/MB/Discus/clipart/happy.gif" ALT=":-)" BORDER=0> <BR> <BR>Believe 3 of 4 big banks turned a $300+ million profit on the quarter <IMG SRC="http://www.wakeworld.com/MB/Discus/clipart/happy.gif" ALT=":-)" BORDER=0> <BR> <BR>Sounds like proper accounting principals and lending policies... <BR> <BR>No point of hating for "rules" on loans... it's you can afford it or not (debit ratio)

The banks are also looking at what you get your income from. My wife is a realestate agent, having a great year and banks will not even consider her income in the loan process, its like she doen't exist.

Obama's Gazillion dollar stimulus package was supposed to keep the supply of credit going...remember when that was the big argument? Banks just had to return to sound lending practices and the situation fixed itself magically...now banks are making money instead of losing it - Wow! <BR> <BR>I am no banker, but if I were looking at loaning money to someone who has only been at their job for less than 6 months, I would be skeptical as well. Can they be assured that you will have a job 6 months from now? <BR> <BR>I think the length of time at your job is likely one big part of the formula that counts against you.

Tallmastercraftguy,The stimulus started before our current president and the fault lies with you and me for letting them get away with it.Complacent its not a problem till its in your face then everybody freak out doesn't work anymore and now We are stuck with the bar tab.

How do ya'll like your "CHANGE" now!

^^ +1

*waits for the political pissing match*

The TARP money to the banks is the only thing actually being paid back with interest(9% to be exact).

I presume you have asked for a secured credit line or don't have equity in the home.

(quote)don't have equity in the home.(quote) <BR> <BR>With Real Estate pricing in the United States unless you bought a home 10 years ago there is no equity.. only negative equity!

^^^Pretty ignorant statement. Probably true if a person bought at peak and put very little money down.

I do <b>BUT I</b> really want to use that as a down payment on my next house in a year or two. Do you think it would be easier to get a loan on a new boat instead of a 40,000 used boat. I really wouldn't mind get in to a 08 or 09 moomba LSV.

....there is your answer who knows whats going on in a year or 2, get the boat now...then when you want to get more real estate down the road it would be easier to get a credit extension for that than a new toy.(presuming things dont get worse) <BR> <BR>...but I would try all avenues, I have always had good success with the bank I am with although I have a long track record. Having your mortgage there is a bonus. <BR> <BR>...reality is the loan will cost you big bucks which no one wants to give you but a credit line carries at interest only so they are not worried at that low amount to make a payment. <BR> <BR>they wont loan you 20000 as a loan but will 50000 as a credit line

A credit line against your house puts your house and potentially your boat at risk particularly if you are upside down on your boat/house which will almost certainly be the case for the boat for a couple of years if you buy new. This works when you have solid income and when house values grow but when they don't we all know what happens. I would make the boat payments you were on your last boat and put it into a savings account for a down payment now that you have killed most of your loans. By Oct / Nov you should have enough for a down payment and be in better shape to finance when boats may be a little cheaper to buy. <BR> <BR>Hopefully it is not too hard to find pulls in your area. I know it is not the same, but any where I have lived there are usually boat owners around looking for people to ride with.

Sorry didn't mean to across as crass.... <BR> <BR>The credit thing is really working with the bank and not over extending yourself.. you more than likely don't want to be foreclosing <BR> <BR>Banks use certain debit/credit ratios and unsecured loans is the most risky they can approve you on. <BR> <BR>Using home equity makes it a secured loan, thus taking the pressure off the banks.