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Old    rod (rodltg2)      Join Date: Oct 2005       12-18-2012, 11:33 AM Reply   
Anyone know of the best bank for easier qualifications. I dont care about high interest rate at this point. My credit is good, but I have a high credit to income ratio . I also have alot of un provebale income being self employed. I never had a problem getting finacing in the good ole days , but I think its going to be a problem now. Have not applied since 2010, and hoping to qualify this time around. Any thoughts. I have 25% down.

Please save your thoughts on if you cant afford it in cash, dont buy it. I want a newer bigger boat now! My kids wont be kids forever.
Old    DC (durty_curt)      Join Date: Apr 2008       12-18-2012, 11:52 AM Reply   
What state or country are you in?
Old    rod (rodltg2)      Join Date: Oct 2005       12-18-2012, 12:02 PM Reply   
California, Sacramento area. I have financed three boats in the past, MB thru my credit union, Mastercraft and a Malibu thru GE. Last few boats have been cash, but now have the itch for a brand new. I tried to go thu a dealer in 2010, I do not remember which banks they tried , but was denied. This time around I am hoping to get approved.
Old    DC (durty_curt)      Join Date: Apr 2008       12-18-2012, 12:54 PM Reply   
I would go with your credit union or any other local credit unions and see (if) what you get approved for. several of my friends have gone that way and don't even bank with the credit union.
Old    J D (jeff_mn)      Join Date: Jul 2009       12-18-2012, 1:20 PM Reply   
Local credit unions by far. Nothing else even close.
Old    Paul (psudy)      Join Date: Dec 2003       12-18-2012, 1:39 PM Reply   
You can't document your income, or your TR shows a low Gross due to write offs? If its the latter, a good bank should be able to work back to a EBITDA.
Old    mikebu (mikebu)      Join Date: Aug 2008       12-18-2012, 3:01 PM Reply   
Don't know if this is a option for you but I recently refinanced my mortgage from a 30 year at 5% to a 15 year at 3.1% and had the equity to move the remaining amount of my boat loan at 6.5% into the new mortgage so the interest rate for the boat dropped in half.

My boat loan was with Boeing Employee Credit Union in Seattle.
Old    Todd (antoddio)      Join Date: Dec 2006       12-18-2012, 3:33 PM Reply   
Bank of America surprisingly has been very easy with their money, at least with interest rate...not sure about qualification. But may be worth a look.
Old    Rance Taylor (DatTexasBoy)      Join Date: Aug 2012       12-18-2012, 3:46 PM Reply   
US Bank has done both of my boats.
Old    RB (boardman74)      Join Date: Jul 2012       12-18-2012, 6:08 PM Reply   
Check the credit unions like people have said. We just bought new and the dealer got our loan thru a credit union we weren't even a member of. 2.99%
Old    Jo Shmoe (joeshmoe)      Join Date: Jan 2003       12-18-2012, 7:15 PM Reply   
credit union 2.99%
Old    Preston (Bamabonners)      Join Date: Jul 2011       12-18-2012, 9:31 PM Reply   
my credit union was 5%, but I am in alabama.... That is really good around here.
Old    Brad Walker (humboldt9)      Join Date: Jun 2004       12-18-2012, 9:33 PM Reply   
GE is no longer in the retail marine business. I know because I was a RV & Marine underwriter for GE before they exited the business. That being said I still work in the Powersports retail finance business and I can tell you that credit lending in the Marine space is still tight. Unfortunately (for the national lenders who most dealers have relationships with i.e. Bank of the West, US Bank, B of A) you fall into a tough category where I'm assuming your verifiable DTI ratio will be too high based on the fact you can't prove your income and you stated you have debt outstanding. Large banks and lenders are now under the watch of the Fed, OCC, etc. and now have certain thresholds of what an acceptable debt to income and payment to income ratio an be.

Your best bet is to contact a credit union or local bank and sit down and talk to them about your finances. Explain your business to them and how you get by with a DTI ratio that clearly makes no sense. If you have a deep credit history and a stable business you have a shot with the amount of skin in the game your willing to put down (25% down).
Old    Dave Diaz (wakebrdr94)      Join Date: Jul 2010       12-18-2012, 11:11 PM Reply   
I dont care about a high intrest rate. Just what the banks love to hear
Old    Ben Sampson (816)      Join Date: Dec 2011       12-19-2012, 4:09 AM Reply   
Quote:
Originally Posted by mikebu View Post
Don't know if this is a option for you but I recently refinanced my mortgage from a 30 year at 5% to a 15 year at 3.1% and had the equity to move the remaining amount of my boat loan at 6.5% into the new mortgage so the interest rate for the boat dropped in half.

My boat loan was with Boeing Employee Credit Union in Seattle.
Did you have 15 yrs. of payments left on your boat?
Old    mikebu (mikebu)      Join Date: Aug 2008       12-19-2012, 11:46 AM Reply   
Quote:
Originally Posted by 816 View Post
Did you have 15 yrs. of payments left on your boat?
Yes I had a 30 year loan I was 4 years into and I hadn't made any extra payments. I had been paying extra on my mortgage every month for the last 10 years so my mortgage was going to be paid off 10 years early.

I think even if I didn't have 15 years of payments this made sense in that my interest rate on the loan balance dropped in half. I also ended up saving $300 on payments every month from what I was paying on the mortgage and boat loan. And I still have 40% equity left in the house.
Old    P U (phillipu)      Join Date: Jan 2013       01-14-2013, 8:13 PM Reply   
If you're still looking try Alaska USA... I had a similar issue last spring and they were great.
Old    Malo (mmandley)      Join Date: Jan 2010       01-15-2013, 6:56 AM Reply   
I just recently went through Priority 1 and had no issues with the loan. Priority 1 sets up the loan then pitches it to the bank. When i tried my local Credit Union they were very tight about the intrest rates. The best they can do is 8% and thats pretty high for a credit Union.
Old    William Burell (williamburell)      Join Date: Sep 2011       01-15-2013, 7:58 AM Reply   
credit union x12. My process was remarkably easy. Ran credit check that morning, gave them documentation, and had my boat that afternoon. Interest rate was alil higher since I had bought my house and new car a few months earlier but wasn't an issue since the boat was under budget anyways
Old    Peter Apgar (blind_pete)      Join Date: Nov 2008       01-15-2013, 4:27 PM Reply   
Quote:
Originally Posted by boardman74 View Post
Check the credit unions like people have said. We just bought new and the dealer got our loan thru a credit union we weren't even a member of. 2.99%
Can you provide the term and name of the credit union? I may use them with my new boat.
Old     (sandm01)      Join Date: May 2010       01-15-2013, 5:19 PM Reply   
I tried to use priority 1 to buy my tige, but with my subpar credit(fico 690 at the time), the best they could find was 19%. whatever...

my credit union that did my mortgage gave me 4.9 this summer with 15% down and 10k off msrp on the boat. still a little above what others were seeing, but much better than the 6.9 that I had on the supra with a fico of 760 when I bought it in '07.

credit unions ftw
Old    Shon G. (shon_g)      Join Date: Apr 2007       01-15-2013, 5:24 PM Reply   
Yo Rod what kind of boat are you thinking? I may be able to help if you want a BU or MB. Our finance gal can work wonders!!
Old    rod (rodltg2)      Join Date: Oct 2005       01-18-2013, 10:22 AM Reply   
Thanks Shon, but I dont do wakeboard boats. Probably just going to buy a boat cash. If I can find one. Can't seem to find a clean , lower hour Malibu Response 1996-2000, CC 196 1997-199or MC 190 1994-1997 in Nor Cal.

Last edited by rodltg2; 01-18-2013 at 10:25 AM.

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