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Bad Credit Boat Loan

Old 02-24-2012, 08:09 AM
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I've recently been turned down from my local credit union due to a few credit cards I had to settle a few years back. My credit is in the mid 600's and I have between 20-30% to put down. My debt to income ratio is very low.

Has anyone worked with some of the "bad credit boat loan" lenders online and had success? I'm looking for reasonable next step before having 3 other lenders pull my credit and turn me down for the same reasons. Any advice would be much appreciated.
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Old 02-24-2012, 08:23 AM
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Call Vic @ He will make it happen for you, just approved a client in low 6's, tell him I sent you!
First Choice Marine & RV Inc
111 Woodcleft Avenue Freeport, NY 11520
(516) 223-2980
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Old 02-24-2012, 11:00 AM
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Thanks for the info. I'll give him a call.
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Old 02-24-2012, 12:52 PM
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With the credit score I have now I would never be approved for a boat loan. Back when I got my boat I was in the 800's.
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Old 02-24-2012, 01:40 PM
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I don't know where you live, but there is usually more than one credit union in town. Not going into spceifics, but my credit took a beating after my divorce and I thought my credit would be ruined for years. About 2 years later, I wanted a new boat and my bank of 15 years (Wachovia at the time) basically laughed at me. I told them that if I went elsewhere and got a loan, it would become my new bank. One of my local credit unions (Achieva Credit Union) didn't just look at my credit report to make their decision, they sat down and talked to me about what was in my credit report and this person made the deicision to give me credit on the spot... on my first visit... something you don't see anymore. I walked out with an approval letter and had my boat that weekend... rate was at 8%, but I was OK with that. I put 30% down and ended up paying the whole boat off in well less than a year. My credit is back in the mid 700's now and I have a new bank...or... credit union...
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Old 02-24-2012, 02:39 PM
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I love my credit union. They always are friendly and they know you address you as Mr.____. They also just gave my 27 year daughter her first non co-signed car loan because I was her Dad. She was so proud and I was even more pleased with the credit union. I have no use for those big banks with their PITA attitudes. When I have a check from a client that is drawn on the big PITA bank I just deposit it at the credit union. No fees, no finger prints and no asking me to open an account at their PITA bank.
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Old 02-24-2012, 02:57 PM
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Originally Posted by bocollins View Post
I've recently been turned down from my local credit union due to a few credit cards I had to settle a few years back. My credit is in the mid 600's and I have between 20-30% to put down. My debt to income ratio is very low.

Has anyone worked with some of the "bad credit boat loan" lenders online and had success? I'm looking for reasonable next step before having 3 other lenders pull my credit and turn me down for the same reasons. Any advice would be much appreciated.
You will get screwed big time by anyone who loans money to people with bad credit. Actually they are doing you a favor by turning you down. Save up and pay cash for a used boat. Maybe one that you can fix up while using it, sell for a profit then move up a notch.

Just my 2 cents. But I did not stay in a Holiday Inn Express last and do not even know what my credit rating is.
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Old 02-26-2012, 07:38 AM
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Originally Posted by Gary999 View Post
You will get screwed big time by anyone who loans money to people with bad credit. Actually they are doing you a favor by turning you down. Save up and pay cash for a used boat. Maybe one that you can fix up while using it, sell for a profit then move up a notch.

Just my 2 cents. But I did not stay in a Holiday Inn Express last and do not even know what my credit rating is.

Good advice. Unless you got a bad ass job and are banking in the money. As unstable as our planet is right now I wouldnt take on anything at the moment. Banks only want to loan money to people who have money and dont need a loan.
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Old 02-26-2012, 07:46 AM
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X2


Originally Posted by Gary999 View Post
You will get screwed big time by anyone who loans money to people with bad credit. Actually they are doing you a favor by turning you down. Save up and pay cash for a used boat. Maybe one that you can fix up while using it, sell for a profit then move up a notch.

Just my 2 cents. But I did not stay in a Holiday Inn Express last and do not even know what my credit rating is.
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Old 02-26-2012, 08:00 AM
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IMO, do not continue to shop loans. While they will tell you that a certain number of pulls within a certain amount of time doesn't count, I think it does count...and not in a good way.

Take the scores your prior pulls resulted in and negotiate with them; with the understanding that any significant change from those scores allows both parties to walk away from any commitment.
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Old 02-27-2012, 06:49 AM
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I am a boat and rv loan broker. You will be paying 15% to 19% for subprime rates and with mid 600s you probably can get it done. It's truly up to you if you want to pay those kind of rates and almost every situation is different. A lender / broker needs to see the whole picture (boat and value, credit and history, income and proof, ...). May be time to keep fishing with friends until the settlements fall off or the score gets above 700.

Banks are as conservative as i have ever seen them right now. I have seen and as you see posted above, credit unions and local banks may give your application a little deeper thought and personal attention than the national ones. With scores below 680, I often tell people to check with their local lenders and call me back as last case scenario.

I would say get a copy of your credit report directly from a credit bureau (like Equifax) and then ask lenders / brokers to look at it, give you an opinion, and not pull your credit again.
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Old 02-27-2012, 08:40 AM
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Define "a few years back" in relation to the "few credit cards" you had to settle. and give a # of "a few credit cards".

I don't think anyone who's gone into debt settlement is a good candidate for a loan. Of course, I'm not in the loan origination business. Its all about their risk.

Credit is based on debt, income, and credit. So you need credit to get more credit. If you have a few credit cards with limits of $20K and zero balance, you're in good shape. If you have zero credit cards, zero current lines of credit, and a decent salary, you still have no record of proven creditworthiness. The only thing banks have to look at is your history of having a few credit cards that you couldn't pay off. And that is BAD. The only other thing you have is money in the bank. Money in the bank does not = creditworthiness. It = the ability to pay out-of-pocket.
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Old 02-26-2013, 04:49 AM
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Originally Posted by morganjimmy View Post
You can get bad credit loans in less than 1 hour, throughout the 2013. Our payday company will deposit anywhere between $150 to $1,500 for cheaper interest rates. Fill out application and submit age proof, income proof, and address proof along online.
This is who I wan't to borrow money from.


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Old 02-26-2013, 06:07 AM
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Originally Posted by morganjimmy View Post
You can get bad credit loans in less than 1 hour, throughout the 2013. Our payday company will deposit anywhere between $150 to $1,500 for cheaper interest rates. Fill out application and submit age proof, income proof, and address proof along online.
hahaha! OK, Jimmy. Throughout THE 2013. Are you Nigerian?
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Old 02-26-2013, 01:37 PM
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We just bought a boat a couple weeks ago, $16k loan, boat is a 2007 and appraised for $17k. Credit score is approx 680 and they financed at 6 yr loan, 5.1% and $0 down.
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Old 02-26-2013, 01:50 PM
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Originally Posted by LISsailor View Post
hahaha! OK, Jimmy. Throughout THE 2013. Are you Nigerian?
Nope, he was from India.
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Old 02-26-2013, 02:22 PM
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whoever said lenders and or banks have become very conservative made an understatement. I am and have been a Bank analysts, HUD recognized SAR underwriter and have been handling jumbos and super jumbos for several years at a local regional bank in Mass. The recent housing crash has produced several too big to fail banks that I like to call douche banks; B of A, Wells, Chase , Citi. Stay away. do whatever humanly possible to not utilize their services both from a credit and depository perspective. Pray they all fail.

The comment regarding "having 20k in cards with zero balance is good" couldn';t be further from the truth either from a score model perspective.

I have seeen people 2 years ut of a CH7 with better scores than someone with zero lates and little debt. Fair Issaac is a quagmire so please do not give advise on that.

My suggestion would you to contact the lender and find out what credit repositories they pull. Trnas union, experian or Equifax They may pull one or two or three. You can contact that repository and get a service called quick score. that product is designed
to tell you what you need to do to see your score rise to certain levels.

Believe it or not I have seen crazy stuff. I saw one quick score that required the debtor charge $38 more on a card to increase the score 11 points. that is how F'ed up fico is.

good luck bro...
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Old 01-16-2014, 03:35 PM
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Originally Posted by Sangster View Post
We just bought a boat a couple weeks ago, $16k loan, boat is a 2007 and appraised for $17k. Credit score is approx 680 and they financed at 6 yr loan, 5.1% and $0 down.
Who did you get the loan through?

Thanks!
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Old 01-16-2014, 04:39 PM
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Originally Posted by bocollins View Post
I've recently been turned down from my local credit union due to a few credit cards I had to settle a few years back. My credit is in the mid 600's and I have between 20-30% to put down. My debt to income ratio is very low.

Has anyone worked with some of the "bad credit boat loan" lenders online and had success? I'm looking for reasonable next step before having 3 other lenders pull my credit and turn me down for the same reasons. Any advice would be much appreciated.
If you have 30% to put down, you are going to get a loan.
Yes of course your rate will be higher in the 600's than someone in the 800's. You get punished for bad credit and rewarded for good credit but using credit and making good on it is how you are going to fix your bad credit.

Find a great deal on a clean boat 25% under BUC and it will be even easier to get that loan and your higher interest punishment will be less realized in the end.

I say get a boat and enjoy life if you can really afford the expense.

If saving to buy a boat cash puts you in a boat in 9 years but you die in 8 years, lose lose.
If you buy a boat now and die in 8 years, your family and friends of 8 more years of fun memories.

But only you know what you can really afford. So think on it and take your time finding that right deal to jump on.
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Old 01-16-2014, 05:28 PM
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Originally Posted by TwentyFourSeven View Post
Good advice. Unless you got a bad ass job and are banking in the money. As unstable as our planet is right now I wouldnt take on anything at the moment. Banks only want to loan money to people who have money and dont need a loan.



No, not really, and I realize you are <probably> making a joke - what they want to do is lend to people who can demonstrate and document the ability to repay the loan, as well as prove they have been responsible with credit in the past - "settling" on some credit cards is a nice way of saying the OP had some or all of the balance written off - no different from failing to pay any other obligation.

The main reason we as a nation suffered through the last recession of a few years ago was due to extending credit to those who never should have gotten it in the first place (remember "stated income" real estate loans, and people refinancing their home numerous times, using their home as an ATM???).

So its no wonder that the pendulum has gone - perhaps too much, I'll concede - the other way - a credit score in the 600's is at best fair - a lender with a brain is not as worried about the interest as in return of the principal

Not directed at the OP, but just as a general statement - If I sound like sour grapes, perhaps I'm a little fed up with the fact that we suffered through a recession because so many failed to demonstrate personal responsibility - and that includes the lenders who made the money available to those who were unqualified.
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