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pantera296.
Having a 2000 PIII considering moving up to a newer model. What is the current boat financing market like? While I dont have horrible credit, watching the finance arena around the world there are tougher market conditions. The one thing I do hate is hearing salesmen or finance people say its no problem just to run the paperwork and hit your credit report. Just would like honest feedback from the BCB community on what to expect when shopping for credit today.
I bought my PIV through http://www.reclending.com. They were really easy to deal with and they are a loan broker so they will do the shopping for you, basically. They didnt get me a loan and sell it, it literally was them finding the best loan out there for me. You do the paperwork once, and they do the rest. SUPER easy. Todd took care of things personally and made sure to keep in contact after I picked the boat up to make sure I was happy with the purchase. They even put on a two year motor warranty for my 04 Merc that came on it, and I bought the boat this past September. In addition to that, they have a line with an insurance company for the boat as well. All around one stop shop for my administrative needs for my boat. They took 24 hours to find me a 7.5% loan, when BofA said I couldnt get a loan for a boat (745 Score and BofA said no). Boat loan shopping is a pain in the butt because it is a luxury (to those without an addiction) and not like a car which is generally required.Last edited by SuicideNemesis on March 17th, 2011, 12:50 am, edited 1 time in total.- Chaz
Credit Unions are a really good option if you use one. Banks are also lending if your Asset, income and debt ratios are not out of whack.
The guys at RecLending are standup people, they bend over backwards to help. Unfortunately my credit union (Randolph-Brooks) gave me 5.75%, and no one could come close to that. If you have a local credit union, and have good repoire with them, I would start there first. Get the financing done first then youll know what boat you can get. Just my $.02.
I bought my 2010 Jaguar used from a private party that I found on this site. I spent a few weeks looking for the best terms and rate on a loan for a used boat (i have decent credit but not a ton of cash). no one else could even come close to the deal Bank of America gave me, I was able to do everything online, never set foot in a bank and got a 15 year loan at 5.3% they didnt even require a down payment. They also did all of the boat / trailer transfer and registration paperwork for me.
JPeesy wrote: Get the financing done first then youll know what boat you can get. Just my $.02.I am amortgage broker and couldnt have said it better. If your credit is less than perfect start with finding your financing so you will know all the terms (down pmt, monthly pmt, maximum loan amount, payment, interest) before you go shopping. Nothing would be worse than picking out the boat you want and finding out you are a few grand short then start stripping accessories or compromising on your boat. Like BCB said the credit unions are pretty agressive in their recreational lending and if you have a local (locally owned) bank you deal with, they are more inclined to work with you. Time and money heals most wounds regarding credit. If credit is not perfect, they may require a larger down payment or only finance for a shorter time which will increase your pmts but I would definately line up financing first.
Cant go wrong with the 100% down, $0 month plan.
Alpokeene, that of course would be the preferred method. BCB
To add to some of the comments above regarding credit unions. They are much easier to get into now with the rule changes. Not sure if it is the same everywhere, but in NY if live in the area that is served, you can generally sign up. Credit Unions often have the best rates but not always. It always pays to shop around. Ive gotten much better deals sometimes from banks/dealers then credit unions.
Heres my .02 worth…1) Trying to get pre-approved is tricky…Heres why.. Most all banks or Credit Union will at least base part of the loan amount/decision offered on the collateral that they will be holding. That being the boat your purchasing and what its NADA/ book value is vs. amount wanting/needing to borrow to make the purchase. 2) All finance companies will use many factors to base the loan on including your Credit Score, Debt to Income ratio, All past credit history, etc. The interesting part comes with Credit Scores..Your scores can and will vary between the 3 major credit bureaus used by all lending companies…Different Banks & CUs will use one or more of the 3 available bureaus scores as their main “favorite” score to base the loan on..It may or may not be your best/highest score.3) Credit Unions or your small local bank can be a great choice in some cases especially if your willing to go loan terms of no more than 7 yrs. and have a minimum of 10% + down payment. If you need longer terms of 10-15 yrs. you will normally have to go with the bigger national banks that specialize in longer term marine financing such as Bank of America or US Bank or several others still out there today.4) Using a company such as TSM/ Reclending can make getting a boat loan a much easier deal to complete and save you the headaches and probably some money..Thats what Ive done here..I use Todd, Ken & Chris from TSM/Reclending here at my dealership to make life much easier and quicker by finding you the customer the best deal for your needs. You fill out one credit app. I give them the boat purchase agreement and they do the bank shopping for you amoung several banks to get it done quick and at the best rates so you can get out in your new or used BCB instead of sitting in or on the “bank”……. Sherm
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