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 New boat financing help needed.
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Pflueger Reelman
Senior Member

1264 Posts

Posted - 05/05/2012 :  8:08:49 PM  Show Profile Send Pflueger Reelman a Private Message  Reply with Quote
Trying to get new boat for lake @ $46,500. Have a 720 score, 10% down if needed, Self employed 1.5 years with plenty income and am getting a serious run around. Yamaha came back @ 17% apr with 10% down. (it's a 2012 Yamaha 212x boat). Sent it thru a broker who deals with many lenders and best he got was 9.95% max 144 months and needs 2 years schedule C which I only have 2011 with schedule C and wrote off a lot after having house loan fall thru. Biggest deal with it was I got a call @ 11:30 am today and was told approved at 7% for 180 months which was higher of an % rate but I would cope until I could refi for lower. So here I am, truck loaded, got to parents house who live on Murray next to dealer worked on Jet Ski got it cranked for first time of the year, etc and I get a call from the Broker giving me this news at 1:30. Now dealer said approved, and he was working on getting lower than 10% down and would know by noon if he could but nonetheless, worse comes to worse 10% down at 7% and we r on the lake. Called at 12:45 and he said still waiting to hear abt down payment but we'd be on water by 2:30. SOOOO, if anyone has ideas on good lenders to try for boat financing I would greatly appreciate it. Also a reason over lenders wouldn't approve is b/c i didn't have any other recreational vehicles with loans over 50k that had 3-5 years pay history on them. (**() lending is bad now!

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Blueskyguy
Senior Member



366 Posts

Posted - 05/07/2012 :  06:45:28 AM  Show Profile Send Blueskyguy a Private Message  Reply with Quote
did you try the credit union that you belong too?

Pioneer 197SF

Edited by - Blueskyguy on 05/07/2012 06:46:32 AM
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Hurricane701
Senior Member



2318 Posts

Posted - 05/07/2012 :  07:09:27 AM  Show Profile  Visit Hurricane701's Homepage Send Hurricane701 a Private Message  Reply with Quote
I was told First Federal when I was looking at financing a boat, they have a Marine Division .... at least that's what I was told

Bragging may not bring happiness,
but no man having caught a large fish,
goes home through the alley.
-Anonymous
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Pflueger Reelman
Senior Member



1264 Posts

Posted - 05/07/2012 :  07:44:05 AM  Show Profile Send Pflueger Reelman a Private Message  Reply with Quote
Palmetto Citizens who I deal with only goes 60 months

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For all your Life insurance, Medicare, Disability for the Self Employed, Cancer, Dental and Hospital Indemnity needs, call me ASAP for an instant quote on any of these products.

Mike Martinez
803-917-3726
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hhi angler
Senior Member

2458 Posts

Posted - 05/07/2012 :  1:02:04 PM  Show Profile  Click to see hhi angler's MSN Messenger address Send hhi angler a Private Message  Reply with Quote
Most lenders are not willing to loan on recreational equipment and those that will are using a captive lender with a high apr and short term. They are fighting for auto paper but nothing else. Look up National Liquidators they are loaded with repos.
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