Boat loans?

[ImASonOfaSailor]

Is anyone in the process of getting a boat loan? I was told that it is hard to get a loan, is this true? Does anyone have any stories, I am thinking if I could get a 30 year loan I can get what I want easily

[NOLAsailing]

Most boat loans aren't amortized over 30 years. 10, 15 and 20 year terms are more common. A larger loan (+$100,000) would be your best bet for a 30 year term.

There are a number of boat loan brokers out there. Banks are also a good resource for boat loans.

Know your credit score before calling. They will be using your FICO score. To get that, you must purchase it from www.myfico.com. Other vendors sell "credit scores" but they can vary up to 100 points from FICO and are essentially useless.

Do not let a lender pull your credit until they go over the terms. In addition to rate and loan term (# of years), ask if there are any costs associated with the financing and whether the rate is fixed or adjustable.

Be sure to get at least 5 quotes before thinking about making a final decision.

It is not hard to get a boat loan. It is based almost entirely on credit and the value of the boat. If your scores are above a 620, then you should be eligible. If they are above 680, then you'll have no problems.

If your score is below 620, find out why and what can be done to bring it up.

Most boat loans under $50,000 do not require income and asset documentation. Most above that number do require documentation.

[sailingdog]

If the boat is being financed and used as the collateral for the loan, it is usually going to require the boat be USCG documented, and the loan is often called a Marine Mortgage, and available with terms similar to terrestrial mortgages. Considering the values of some of the larger boats, that isn't too far from the mark.

NoLA's advice is quite good. The Marine Mortgages often have far better rates than personal loans, which are normally used for purchasing smaller boats.

[uspirate]

not sure if i should post this here, if so, sorry mod but try Key bank they offered us a sweet interest rate on a 15 year loan. Good luck, let us know!

[engcon]

Originally Posted by uspirate

not sure if i should post this here, if so, sorry mod but try Key bank they offered us a sweet interest rate on a 15 year loan. Good luck, let us know!

We also used Key Bank and it as painless. They required a Survey and verification of income. Of course we had a credit score above 800 and that helped.

[ImASonOfaSailor]

we are cleaning up some of our financial dept before doing this. I also have to finish my schooling, but I am always thinking of things about the boat I want!

[USCGRET1990]

Do not let a lender pull your credit until they go over the terms. In addition to rate and loan term (# of years), ask if there are any costs associated with the financing and whether the rate is fixed or adjustable

To prevent them from sneaking and pulling a report anyway, Do Not give them your SS #. They can't get it without it.

[uspirate]

Originally Posted by USCGRET1990

Do not let a lender pull your credit until they go over the terms. In addition to rate and loan term (# of years), ask if there are any costs associated with the financing and whether the rate is fixed or adjustable

To prevent them from sneaking and pulling a report anyway, Do Not give them your SS #. They can't get it without it.

good info usgcret

[USCGRET1990]

I learned that one the hard way...

[ImASonOfaSailor]

This sounds easy then, I dont know why this person said it was hard to get a loan then, they said they go back on you 5 years and its like a luxury loan! The banks do not like giving them out to anyone? It all sound wrong, I know these people have money. I think people dont want you to have something better then others and they just tell you things? I hate that I usually talk about the future with my friends, I dont think they think I am serious here! I have may 2 1/2 years left to wait and I am going to get my Trimaran!