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Go Back   WakeWorld > >> Boats, Accessories & Tow Vehicles Archive > Archive through November 14, 2005

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Old    djjstylz            10-18-2005, 5:19 PM Reply   
I am for sure gonna try to get a boat hopefully by the end of this year. I checked my credit score and it was in the FAIR bracket, above 650 below 720. I want to know if anyone out there was in this area and if they got approved and what they got approved for? I want to get an idea before I decide on what to try to get, I don't want to have 3 or 4 different dealers pulling my credit and bringing it down. I don't want anything new but I want an idea of how much I might get approved for. If you don't the public to know you are in this bracket, then email me.Thanks for all the help guys! oops, and girls!
Old     (supreme_rob)      Join Date: Sep 2005       10-18-2005, 6:46 PM Reply   
Although your credit score is 650 to 720 your approval amount will depend on your annual income and your debt to income ratio. your credit score of 650 to 720 assures the loan dept of your bank that you pay your bills and generally without too many problems.
Old    djjstylz            10-18-2005, 8:35 PM Reply   
Yeah, I understand it depends on more than just a score. I wanted to ask people that have average amount of bills, have a working mans salary and have a fair score. I should have added that in the original post. I don't want to hear from people who make $85000 a year or who have a very low credit score, those are obvious answers to credit approvals. I want to hear from other regular folks like me who don't have outrageous bills but also don't make outrageous money and have fair credit, what did the regular folks get? Thanks again guys/girls!
Old     (l7wakeboarder)      Join Date: Feb 2005       10-19-2005, 7:07 AM Reply   
I'll just say that I make very little money, have a poor credit rating, and was still approved for a loan. It had a lot more to do with my debt/income than I thought. I really didn't think I would qualify, but it seems that as long as you make the money to afford the payment they will do it. (This was with Wells Fargo.)
Old     (psudy)      Join Date: Dec 2003       10-19-2005, 7:15 AM Reply   
Add up all of your monthly bills. Divide that by your gross monthly income. See where you land. Usually a DTI of 32% or above on recreational stuff is kind of high, but that is where your credit score will help. You said your score was above 650. Well, 665 is not good, but anything above 675 is decent.
Old     (cdm)      Join Date: Aug 2003       10-20-2005, 7:58 AM Reply   
I wouldn't say a 665 credit score is "not good." A lot of lenders, with a 660 median score will lend 100% financing on a home and go to 45% DTI. I understand we are talking boat loans but still.. 665 is better than "not good."
Old     (psudy)      Join Date: Dec 2003       10-20-2005, 9:09 AM Reply   
Maybe "not good" was an overstatment. Our 100% financing requires a 680 and a dti not to exceed 36%. That is for a house. Boats are different animals in my opinion. I know that some lenders(mostly brokers) can get you approved with less, but make sure you watch the APR. They usually rape you on fees.
Old     (sydwayz)      Join Date: Mar 2003       10-20-2005, 1:05 PM Reply   
Boats or RV ( recreation vehicles ) are alot different than a home when buying. Your DTI ratio can be higher for a home. They figure you are less likely to not pay on your primary residence. As to a boat in the middle of winter.

With that being said, it all depends on the lender. I had two ends of the spectrum from lenders. Coming up on boat show season alot of banks will offer very good loans. Check around.
As far as credit score, 700 seems to be the magical number for no hassle loans. Best of luck.
Old     (taylormade)      Join Date: Jun 2001       10-20-2005, 1:24 PM Reply   
Okie doke, I can offer something here I believe. I bought my boat 5 months ago and, at the time, had fair credit. I think my median was 670. I make somewhere in the mid/upper 60s income and was able to get financed for 12 years with no money down at 9%. Not great, but not terrible either. Since then I've refi'd my house, taken out 30K in equity, paid off all my credit card debt so that all I have left is my boat, my house, and my truck. I plan on taking $15K that I have left from my equity loan and applying it to the boat and refinancing it next month (had a 6 month prepayment penalty). Now that my credit cards are all paid off, my debt to income ratio is MUCH better (as is my credit score) and my credit union is going to drop my interest rate to 6% over 5 years.
Old    djjstylz            10-20-2005, 3:04 PM Reply   
I'm worried about the interest, I hope it doesn't get so bad that it will scare me away, I want a boat but don't want to get raped for it. I'm looking at a used boat at a dealership and I hope they will want to sell it because they have had it for a while. Would I be better off getting preapproved for a loan then walking into a dealership and make an offer or would dealerships be able to offer better deals? Thanks again guys!
Old    alanp            10-20-2005, 7:27 PM Reply   
shop around for your financing see what the dealer can do and what your bank/credit union can do.
Old     (taylormade)      Join Date: Jun 2001       10-21-2005, 5:37 AM Reply   
I personally feel that you're better off getting preapproved somewhere so that you don't over extend yourself AND you let the dealer know upfront that this is what you're spending, not what you're WANTING to spend. I've been in too many situations at a dealership where I say "I want to spend $25K and end up stretching to $26,500 or $27K. If you have the self discipline to walk away when you're not getting the deal you need to get, then you don't need a pre-approved loan. Just don't fall for the "what do you want your payments to be?" gimmick. There are companies that will finance you for 20 years out there and you'll pay for the boat 4 or 5 times before it's paid off.

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