Typical Financing delays?

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-22-2006, 4:38 PM

I'm beginning to become very frustrated with the people that are handling my loan. I'll leave the companies name out, but I wanted to share my frustrations and see if someone could give me some thoughts (hell, this may be normal for all I know)...

Frustration begins with Day one: I was pre-approved for a loan _much_ larger than I actually planned on purchasing. Day two, I look at what is "the perfect boat" (a spectacular deal as far as I am concerned)... Day Three, I contact the finance people and tell them that I want to purchase said boat. Day Four, contact the seller, "Yes, I want the boat".

Weekend occurs -- passing up Day Five and Six.

Day Seven, Mid to late afternoon get a call, "Sorry, we cant process your loan, you're employement history is too erratic"

(btw, switched jobs three times at almost a 2x increase hike in salary at each job hop)

WHY DID YOU PRE-APPROVE ME BUT THEN SAY NO WAY!?!

Find a new group to do loans with, contact them that day. Day Eight and nine seem good - I am assuming everything is cool. Day ten, get an email saying things are good - Have been approved.

Day Eleven, I am starting to get a little ansey so I call to find out the status --
"oh, for this to go through you have to send us a utility bill -- we've been waiting on that". WTF! Immediately fax over utility bill.

Day Twelve, no contact, another email as if the loan is coming! I try to contact my loan officer, only to get the secratary - things are coming overnight!

Friday, day 13, No overnight package. Sat, Nothing, Sunday, nothing (obviously), Monday, nothing! I am trying to be patient, but now, I'll get my papers on Tuesday, sign them, overnight them, then it'll be wednesday before they get them and THEN i'm supposed to get a check the very next day via overnight?!?!?

I DOUBT I GET MY FRIGGIN BOAT BEFORE MEMORIAL DAY WEEKEND! This doesnt even include my concerns that the seller will be freaking out (its' been two weeks already).

Has anyone else had an experience this horrible when it comes to online loans? I thought I was making a smart decision - but obviously not!

(tbonus) · (tbonus) **Join Date: Oct 2005** 05-22-2006, 4:48 PM

Sounds about right, online or in person. When getting a loan, I always double what the rep tells me for timelines.

FYI: Pre-approval is based on what you tell them and really worth nothing at all. Pre-qualified is when they have taken your info and checked into your background. Pre-qualified means something.

thug_hunter 05-22-2006, 4:51 PM

Why are you keeping the name out of it? I and others would like to know, so I(we) don't pick them and have to go through the same mess. Then again loan processing depends mainly on the applicant's credit history.

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-22-2006, 4:56 PM

Robert B: What's really frusturating is that I have a _good_ credit score. I know several people on this board personally, so I wont post it, but it is definately "excellent" credit (well, according to my free credit check!) :-)

I don't want to get into who it is until everything is settled. I would hate for them to read this forum and then have some issues "occur" pushing me back past memorial day on principle! :-)

thug_hunter 05-22-2006, 5:08 PM

My wife is in special finance for a car dealer. Special finance being people that need special attention for their loans i.e. very low scores. I'm sure boat loans are a little different considering it's a luxury item, but she gets people financed (in a couple hours at most) for car loans with credit scores as low as 400. I don't see why it would take any more than 2-3 days to get an approval and have your new boat at the lake.

Keep your head up, you still have a few days before Memorial Day.

(acurtis_ttu) · (acurtis_ttu) **Join Date: May 2004** 05-22-2006, 6:07 PM

I used eboatloans.com to get my boat loan and I was unemployed at the time. took them about 6-7 business days from the time I submitted online and the day the check was in my hand. My credit score is very good, but my balance sheet is laughable.

(rich_x2_owner) · (rich_x2_owner) **Join Date: Apr 2004** 05-22-2006, 8:22 PM

I went through my credit union only took 3 days and had the check ready to deliver to my dealer

(peterc4) · (peterc4) **Join Date: Aug 2005** 05-22-2006, 8:28 PM

Keep us posted on who it is as well as your credit score if you don't mind? I was approved on the spot when my dealer called the bank. Maybe it has something to do with being a used boat? Just guessing. Good luck.

(bbeach) · (bbeach) **Join Date: Jul 2002** 05-23-2006, 7:32 AM

Go through a Credit Union (local)... I've used the same CU for my boat and 2 vehicles... Loan approval usually occurs same day (3-4 hours) and paperwork done and signed within 2 days...

Try someplace new would be my suggestion!

(dudeman) · (dudeman) **Join Date: Mar 2005** 05-23-2006, 9:03 AM

I've used our credit union for a boat purchase but their term is not as long. Best service we've had as far as speed is State Farm Insurance. They now have their own bank. I was turned down by everyone and they had an approval in less than an hour. Fill out the paperwork and they cut the check right there at the agents office. We did have our car and home policies there so that may have helped, but you can't beat an hour.

(lcky275) · (lcky275) **Join Date: Jul 2002** 05-23-2006, 9:09 AM

I went thru my dealer, filled out some paperwork.

We thought it would take a while so we left to go out to dinner. The dealer called as we got a mile or so down the road and everything was taken care of. Got a competitive rate and was painless.

(psudy) · (psudy) **Join Date: Dec 2003** 05-23-2006, 9:19 AM

To bad your not in my area. I could have a check in your hand the same day. Have you tried a local bank?

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-23-2006, 9:44 AM

So i have to fill you in on the new _level_ of drama. Supposibly I didn't send them all the forms and they have been trying to get ahold of me the last two days. Keep in mind I tried to communicate with them yesterday to no avail. Nothing has been "overnighted" or "Just need to be signed" as previously discussed. I wanted to scream "LIAR" across the phone (I have zero voicemails on cellphone or work number)...

but didnt... Anyways, I got these two new forms filled out and then, as I was about to fax them...

We have a strange twist of events, i found a local bank willing to work with me and if i set up a checking account, my rate will actually BE LOWER! The best thing? They acted like they could have it done TODAY if I wanted....

That's customer service! I'll keep you posted. Memorial Weekend is still a possibility!

BTW - When all of this is settled and done with, I'll inform everyone of the parties involved to give endorsement or negative feedback.

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-23-2006, 9:45 AM

Paul : What bank are you with? Youre in Wichita - just down the street!

(bbeach) · (bbeach) **Join Date: Jul 2002** 05-23-2006, 11:09 AM

Clayton I didn't realize you were in OP... You should go see Johnson County Credit Union! I've worked with them for years... They are fantastic...

Hope this new bank works out well for you...

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-23-2006, 11:58 AM

KStateAlumni: Where are you? You're a senior web designer? What do you do? I'm a senior web designer (basically) hahaha...

That's wierd.

(byrd) · (byrd) **Join Date: Dec 2005** 05-23-2006, 12:09 PM

I wne through the dealer. Gave him my name, address, & SSN. Two hours later I was done. It would have been sooner, but their internet was down.

(bbeach) · (bbeach) **Join Date: Jul 2002** 05-23-2006, 12:42 PM

Clayton -
I used to work in Olathe for an advertising agency, now I work for Bass Pro Shops Corporate in Springfield, Mo! Just moved here in November...

(psudy) · (psudy) **Join Date: Dec 2003** 05-24-2006, 7:20 AM

They probably would have done it for you the same day. Glad you found a good bank.

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-24-2006, 11:45 PM

I am the proud owner of a 2004 Wakesetter XTI. Picked her up tonight.

The roommate seems to think we should name her "Malibooty" since we will be pulling in some young ladies with this phat ride! haha.

My first boat - ahh, the happiest day of a boaters life :-)

(jon4pres) · (jon4pres) **Join Date: May 2004** 05-25-2006, 6:38 AM

Congrats. Lets see some picutres.

(psudy) · (psudy) **Join Date: Dec 2003** 05-25-2006, 6:56 AM

Congrats! You know what they say the second happiest day is!

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-25-2006, 7:41 AM

The day you sell it :-)

haha, i know! My stepfather continues to drive that into my skull. He just doesnt understand that I love misery.

(byrd) · (byrd) **Join Date: Dec 2005** 05-25-2006, 8:05 AM

Yep, if you didnt like pain, you would not be a wakeboarder....Congrats!! Now where are the Pics(of the boat and ladies)

(clayton191) · (clayton191) **Join Date: Apr 2006** 05-25-2006, 8:27 AM

Trust me, you'll have some hot pics from this weekend! It was dark last night when I got home - so I don't have them yet. Of course, that didnt stop me from turning on the aux lighting, cracking a cold one open, and sitting in the lounge with the cover off...

Plus i want to get those Wetsound Pro 80s on it :-)

(Message edited by clayton191 on May 25, 2006)