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Old    WakePowell Chris (epic1)      Join Date: Oct 2006       07-08-2010, 12:27 PM Reply   
My wife has a score of 708, mine is 680. She makes verry little money working part time. I make money, but my score sucks.
Who whould be the co signer?
We are looking into a 99 cc pro air.
think the rate for me would be about 13% with 0 down.
We are thinking of puting money down. about 20%.
That should get us a lower rate?
Really I am curious to see who should be primary and whos co signer.
Thanks.
Old    Brett Yates (polarbill)      Join Date: Jun 2003       07-08-2010, 12:49 PM Reply   
That rate sounds crazy horrible. If you put 20% down at BECU(Boeing Employees Credit union) you should be able to get 6.49 or 7.99 with those credit scores and an ok debt to equity ratio.
Old    Paul (psudy)      Join Date: Dec 2003       07-08-2010, 1:24 PM Reply   
Yeah, 13% is waaaayyyyyy out of the ballpark. Go to a bank. If you were in KS, I would do it for you.
Old    Soli (nsolis220)      Join Date: May 2007       07-08-2010, 1:24 PM Reply   
typically the person who makes more is the borrower. Then the other is a co borrower. Cosigner is when you need daddy's help to buy your toy.

Keep in mind RV/boat loans don't start with fico's or dti's. They look for a existing or paid off tradeline(account) that is similar. Mortgages and cars don't usually factor either. If you have that tradeline THEN they look at ficos and such.
Old    Bruizza (bruizza)      Join Date: May 2009       07-08-2010, 1:29 PM Reply   
For a loan on a boat like that at our credit union you are looking more like 7% interest even with a 680. Have you actually called and talked to them yet? 13% is an astronomical rate unless you are doing like a 15 year loan which I doubt anyone is doing on a boat that is 11 years old.
Old    Cory D (cadunkle)      Join Date: Jul 2009       07-08-2010, 4:59 PM Reply   
Interesting Soli... I recently applies for a small loan to use for either a 2002 Moomba or 98 Nautique, would have been putting down about half, financing the rest. They turned me down for not having a loan of similar amount for similar term previously. Yeah, well generally I pay for all my toys and cars in cash, but boats can be pricey. Funny thing is my credit score is 745 and I make decent money, so they said if I wanted to get a new boat no problem they'd lend me pretty much whatever I want based on my credit score for either new or less than 3 years old. I laughed and told them no thanks. I can't afford a new boat and I'm not gonna be some sucker taking a 15 year loan on a toy and paying thousands in interest. I'll save my pennies and pay cash for a nice used boat.

I just find it bizarre they would say no to a small short term quick easy money loan but instead offer a huge loan over a very long term with a much smaller percent down. I suppose that's why the banks got in trouble.
Old    A.J. West (you_da_man)      Join Date: Sep 2009       07-08-2010, 5:24 PM Reply   
I got a 6.25% rate but if I did automatic draft it dropped to 6.00% through a credit union
Old    Nick McDonald (lsukuntryboy)      Join Date: Jul 2007       07-08-2010, 6:06 PM Reply   
yalls rates are crazy.... im getting people financed on 20k dollar bayliners at 4.56 percent thru Ouachita Valley Credit Union here in Monroe, LA. the magic number around here that we have noticed also is a credit score of at least 680. if you have 680, no new purchases within a year, and not more than a truck and house note, your golden. 7 years at 4.56.
Old    dtc (mach90)      Join Date: Jun 2009       07-08-2010, 6:10 PM Reply   
AJ ... with who? I was shocked today when I spoke with my credit union (over 20 years history with them, bought 3 cars through them, good to great credit), and they came back at 8.25%. I was expecting more like 7.25-7.5. I'd like to shop your loaner as well. Thx.
Old    A.J. West (you_da_man)      Join Date: Sep 2009       07-08-2010, 6:16 PM Reply   
A+ Federal Credit Union in Austin, TX
Old    WakePowell Chris (epic1)      Join Date: Oct 2006       07-09-2010, 12:39 AM Reply   
huuummm, well, this sucks then. I talked to someone today and the info above is what she said. The 13% was her assuming I was not puting any down.
So If I put 20% down, would that help my intrest rate?
I have a mortgage, a 24k ballance on an 09 tdi jetta. We have a lowes, jc penny, target, shell and sinclair cards. Lowes and shell have ballances, all are current and in good standing. If we can pay them down, could that help? Oh and we opened a best buy card a few months ago. No true credit cards. nothing in collection. I have two repos six years back.
I have been with this credit union since 2002. Bothe repos are with them, paid off, and have titels to both. The Tdi is with them too.
I have checking accts at TCF and Chase. Savings at Tcf, chase And above mentioned credit unon.
Should I carry a ballance in each acct?
This stuff is hard. I just want to surf and not chop my face off.
Old    Paul (psudy)      Join Date: Dec 2003       07-09-2010, 7:11 AM Reply   
Go back to her and tell her that ABC bank across the street is offering you 6% with 20% down if you move all your accounts to them. She'll bite.
Old    Bruizza (bruizza)      Join Date: May 2009       07-09-2010, 7:11 AM Reply   
You need to shop around at other banks because that rate is ridiculous. While it is usually easier to go through a bank you have been with for years it isn't always the best decision financially. It doesn't cost anything to call around to some other banks and see what kind of rates they are offering. Hell contact some of the banks people are listing in this thread. I live in the Denver area just like you and my bank is in Maryland.
Old    Fred (olmoomba)      Join Date: Apr 2010       07-09-2010, 8:15 AM Reply   
Even Loan companies who specifically give loans on large purchase, long terms offer less than 13%. We had scores worse than both of yours 3yrs back and a loan with 0down, 20yrs on $35k was 13%.

Shop around. You can use her score and your income, your score will raise the interest slightly. The way we had it done before is just listed her score with total household income, but that was before the ish hit the fan.

Good luck and don't pay 13%.
Old    Paul (psudy)      Join Date: Dec 2003       07-09-2010, 8:44 AM Reply   
If you have equity in your home you could do a 2nd equity line. They are generally at really low rates right now, and you can write off the interest.
Old    WakePowell Chris (epic1)      Join Date: Oct 2006       07-09-2010, 5:34 PM Reply   
We are thinking about a re-fi. Fred, So I could apply jointly useing her name and score, but use my income for "house hold" we file taxes jointly. I am just nervous about an appraisal. Our house is fine, and we have only made it better, maintained, and landscaped. What do appraisers look at/for?
I looked at eboatloans.com today, but they only finance over 25k. Too much for my blood.
you guys rock.
Old    WakePowell Chris (epic1)      Join Date: Oct 2006       07-09-2010, 5:35 PM Reply   
also if we get appraised, what kind of "tricks" can we do to shine the house up? will it help the appraisal?
Old    Nu Bu (05mobiuslsv)      Join Date: Apr 2006       07-09-2010, 6:37 PM Reply   
Do you really want to pay for an appraisal? Then if you don't like the ammount it appraises for or you decide that's not the route you want to go you are out the appraisal fee. Appraisals these days have less to do with your specific house and more to do with the comps in your area and what they are selling for (at least in my area). You could do a little research and see if that's something you want to pursue.
Old    WakePowell Chris (epic1)      Join Date: Oct 2006       07-09-2010, 8:31 PM Reply   
my credit union told me I needed an appraisal because the houses in my "hood" range from 112k to 275k.
Thats the reason I have not pulled the triger on the re fi yet.
Old    Soli (nsolis220)      Join Date: May 2007       07-10-2010, 8:29 AM Reply   
epic 1 dude on a home loan it doesnt work like that. You cant use her Score and your income. If your income is used your on the loan and guess what your score will be the lower of the 2 and will ding your rate pretty bad. Really no way to get around that unless you have a HUGE amount of equity 40% or more.

fnma and freddie mac arent offering no appraisal loans in your type of situation. FHA does but that 2.25% up front MI hurts and why do that if you have lots of equity?
Old    WakePowell Chris (epic1)      Join Date: Oct 2006       07-11-2010, 11:50 AM Reply   
just trying to understand some of the above comments. I know I am basicly f#$#ed. I delt wiht that when I saw my car rolling away on LONs repo truck. Is it usualy the lower of two scores on a joint app? That would make sence.
So, with my bad credit, will I really be able to expect a rate lower than 13% with out 50% down?
I dont care, just give me a check baby. I needs me an inboard.
I think that when I am safe with my payments I get freaked out and need to pay out more a month.
wtf is that?
Thanks guys.
Any one on here that does loans etc wanna rape me on intrest?

Last edited by epic1; 07-11-2010 at 11:51 AM. Reason: edit

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