Boat financing

[BIGTYME]

I'm new to this board. not new to the river however. I am curious about moving up to a boat from a sea doo.
I always hear people saying it is easy to get approved for a boat loan. Is this true. I can have about 10k down, but i have 2 years of credit. Is that even a possibility?
oh ya i'm looking at a ultra 21 stealth
thanks

[Frosty_pop]

Congrats on making the move..... We did that same move last year. Sold the last SeaDoo a month ago and was glad to see it go!!! Oh Ya, Welcome to the board......

[BIGTYME]

what do you think about financing? do you have to have a 800 credit score or can a guy like me just starting out qualify for a boat?

[MJ19]

I might be in the minority here, but boats loose their value pretty fast, so I wouldn't finance myself, but it's up to you.
It's good to see you're moving up in the world. Boats are 1000 times better then sea doos. :D

[77charger]

I had a 730 score when i bought my current boat this winter it was an older boat too 1993.I had no prob doing so.i went with fms in fountain valley dealt with nick.

[Frosty_pop]

I don't know anything about financing... paid cash for an old boat and did the work myself.... now it's done my way, the way I like it.... and I know every nut, bolt, screw, rivit.....etc.

[MJ19]

Frosty_pop:
I don't know anything about financing... paid cash for an old boat and did the work myself.... now it's done my way, the way I like it.... and I know every nut, bolt, screw, rivit.....etc. Miller & I pretty much did the same thing! :) You end up sinking $$$ into boats no matter what shape their in and so if you can start debt free you're better off IMHO. :)

[Cole]

financing a boat/rv or anything that is considered "fluff" is going to be much more difficult to qualify for.
You will need at least an avarage fico of 630 or more for banks to even consider you!!
Items like these in the banks eye will be the first thing to NOT pay if things go south!!
good luck Cole

[Mandelon]

If you own your home, how about a cash out refi, a 2nd or equity line. That way its all deductible...And the interest rate will be way lower..

[BIGTYME]

thanks for all of your replies.
If I owned my own home I would definetly do a cash out. However I am only 20. I am a real estate agent and do have an excellent income I just don't have more than 2 years of credit. I will be owning my own home next february if all goes right. then when i decide what i want i can refi.

[Jrocket]

It can be done,it just depends on how much the boat is and what your income to debit ratio is.
Somebody will finance you,it might be a high interest rate though... :rolleyes:

[XLGPP]

financing a boat/rv or anything that is considered "fluff" is going to be much more difficult to qualify for.
You will need at least an avarage fico of 630 or more for banks to even consider you!!
Items like these in the banks eye will be the first thing to NOT pay if things go south!!
good luck Cole
there are still other variables... how much do you plan to buy? if its a 20k boat then with half down and an average credit rating you should have no prob... in your 2 years of history, do you have any high credit? open derogs? a big key to getting fico score up quickly (even with lack of credit and time in bureau) is to have high revolving available... in other words, if you have up to $5000 available on all credit cards combined, but only owe $1000 on all, you have 80% available... the more you have available the quicker your "fico" will go up... my point is if you owe any credit card debt, pay that off 1st then put the rest down...

[RJ Nordic]

Your on the right path..do your research ahead of time. Last Oct. I purchased a used 2002 Nordic 28' and used Essex Credit in Newport Beach. Vicki Micciche was my contact person. 1-800-366-1133. Had good rates..They sold the paper to Key Bank in Ohio.
I fell into a bed of roses without knowing it..thought I'd pass along the info. :cool: During the transaction I found out that since I was buying a used boat, that was registared in AZ through a private party, (I planned to keep it there) and registar it there, there was NO SALES TAX :D