boat financing?

WEll today we where starting the paper work on the boat.. and we havent sent the app off but they mentioned that my credit history isnt long enough or my fiance

ive had credit for about 2 years and she has for 5.

both are scores are right udner 700...

ive purchasedand paid for 40k plus vehicle many motorcycles etc.

so anyone been in the same situation and know if its hard to get approved or money down?

i got approved no questions asked but my credit is like 780. how far below 700 is your score? i bought my first house when i was at 680 without and hassels. did you pay cash for your vehicles? cause if so that dosen't help your credit at all

Who are you going through? I am not understanding your problem. Did they turn you down? If you have not applied, how do they know your credit history? Do you have money to put down? Scores in the 680-700 range are not bad. If you have had a history of paying off 40K of debt, it should not be a problem. Two years is a little short, but five is not. Tell them to go FTS, and go somewhere else.

they pulled our reports and said hey we dont know if yall have had credit long enough..im closer to 600 she is 680..we have nothin on there against us and good payment history...ive financed and sold prolly 4 dirtbikes..a streetbike and a truck i just got my new truck like 4 months ago and they gave us 0 percent..but i know boats are supposedly different..i hope it works out...im only 21...so well see

honestly i would be surprised if you got a boat loan with a credit score of 600. if the womans is 680 and she has more credit just put it under her name. i think at 680 that would be ok

600 is faily low. Entrust, From what I understand a home is proabbly one of the easiest things to get financed. Have you tried other options outside the deaelr. A local credit union or what about an internet lender? I used eboatloans.com for my used baot purchase....they did a good job.

Ryan, I had the same problem. It really doesn't relate to your credit score as much as it does the lack of enough credit history. It was explained to me that a boat is very non-essential and would be the first thing someone would stop paying for if they got into financial trouble. (you don't live in it or need it to get to work).

I went away from the big banks and to a credit union. Walked in that day, still only have a $5 savings account with them but they hold my $40K plus boat loan. As long as you can put 10% down on your boat I would def. try a credit union. Ask your dealer, they probably have dealt with this before.

Yeah with a 600 it is going to be tough anywhere. You are better off just having your other half put it on her credit and put a good chunk down. This of course will depend on her income and her debt to income ratio. Good luck!!!!

there are always ways to get financed, just depends on how much you wanna pay. but it's true a boat is not a neccessity so they will be less likely to take a risk on you. banks take risk on property all the time, cause property is an investment and they can get it back and sell it easily. sub prime lending is one of the fastest growing and most profitable business around right now.

yea it sucks..people gotta have good reasons for everything haha...well if it falls through better luck next year

just keep paying your pills on time and and your credit will go up
my credit jumped almost 100 points in 2 years

You don't get a 600 credit score with a perfect payment history. There has to be something dinging your credit. I would find out what it is and fight it. They should give you a number you can call. I would also be very wary of internet lending. I refinance more people who get ripped off by hidden points and fees. Just make sure, if you go that route, that you read EVERYTHING very carefully.

I use to be a banker in a prior life, You cant have perfect credit history and have a 600-620 score. You are probably hurting her chances of getting financed. Most banks cut off at 620 or so. See if you can have her apply without you, and she should be able to get the loan as long as her DTI(Debt-To-Income) Ratio is in line. If she cant prove on paper that she can afford the boat without your income, you need to repair your credit and then re-apply for the loan. If you have any specific questions regarding your credit, feel free to PM me. I can help you get your credit fixed. It's not that difficult, you just have to know all the rules to get it done.

Beacon Credit Repair in Florida can fix anything. I don't know how they do it but they do. I am a Realtor (everyone is in Arizona) and had several clients buy homes after Beacon was done with them. They were recently on the Bubba the Love Sponge Show...LOL!
http://www.beaconrepair.com/

Bocepus, I'm in Florida, and I'm a Mortgage Broker. Everyone here is either a Realtor or Mortage Broker as well, lol. I havent heard Bubba the Love Sponge in a while, he is one crazy f-er. Anyway that co. can fix it, Ryan, but they will charge you. If you want a free evaluation, PM me.

Ryan, my dealer suggested Priority One Financial Services. They shop around for the best deal. I got 0% Down @ 8.5%APR through Bank of America via Prioty One. My local bank that I always do business with was saying 15% down @ 7.9%APR.

Again, watch the internet deals. If they "shop it around" everyone they shop it with will be pulling your credit. Multiple inquiries can hurt your already low score.

i found a collections deal on my credit not sure waht from or anything it says closed but im trying to dispute it sicne is the only bad thing on there..so maybe this time next things will be cleaned up and il b able to swing it.

yeah collections reflect really badly on your credit. late payments are also really bad. and charge offs are the worst!

You can have a 600 score with a perfect payment history. I've seen it a few times as a mortgage banker. Payment history is just one of the pieces of the credit puzzle. "Unknown" collections are very common, especially medical. Oftentimes it will be sent to a collection agency before you see a bill. Check your credit at least once a year. You don't need a company to clean your credit it is simple, albeit time consuming, to do yourself.

They really should teach this in school as a basic economics course. Of course, no one really, truly knows exactly how the scoring system works!......

(Message edited by tracktor on May 03, 2006)

it always amazed me that they teach you nothing about credit and finance in school. your credit stays with you forever and can help you or hurt you.

If you have collections, then you don't have a perfect payment history. While you won't have a history listed for some collection actions, if it shows as a collection, its safe to say its not current. I was refering to having a clean report. There are hundreds of factors that contribute to your score. Available credit is high on the list,high revoling balances, and number of inquiries.

If there are no collections or judgements... it might just the trade you mentioned. Ditbike loans are usually shown like a credit card or revolving trade. Opening and closing those and a new debt, the truck, could lower your score with such a short history.
Try a credit union or just the girlfriend.
Listen to what Paul, Entrust, Bocephus, and Byrd are saying. It's good advice.