$100k+ financing
#1
Registered
Thread Starter
Join Date: May 2008
Location: Corona del Mar, CA
Posts: 27
Likes: 0
Received 0 Likes
on
0 Posts
$100k+ financing
I need to determine my chances of being approved for a $110,000 new boat loan before I allow my credit to be run. It seems as though an excellent credit score and history, historically steady employment, and a 30-50% debt to income ratio are a few of the neccessities for approval. I understand that boats are a "luxury" and not a necessity such as a home or vehicle... and this makes me entirely oblivious as to what kind of income/assets I need for approval. LENDERS OUT THERE... what income/other things would you be looking for/typically see to approve a boat loan for $110,000 (assume 10% down)? Anyone else out there have experience with such a loan?
#2
Registered
Join Date: Jul 2004
Location: Palm Harbor, FL
Posts: 438
Likes: 0
Received 0 Likes
on
0 Posts
It sounds like you meet all the criteria the banks will be looking for. The boat you want to finance will also play a factor depending on age, hp, etc... Give me a call and we can discuss your specifics.
Kyle
Kyle
#3
Platinum Member
Platinum Member
[QUOTE=Donch;2564864]I need to determine my chances of being approved for a $110,000 new boat loan before I allow my credit to be run. It seems as though an excellent credit score and history, historically steady employment, and a 30-50% debt to income ratio are a few of the neccessities for approval. I understand that boats are a "luxury" and not a necessity such as a home or vehicle... and this makes me entirely oblivious as to what kind of income/assets I need for approval. LENDERS OUT THERE... what income/other things would you be looking for/typically see to approve a boat loan for $110,000 (assume 10% down)? Anyone else out there have experience with such a loan?[/QUOTE
The last couple i did requested 20% down. Kyle is the best give him a call.
The last couple i did requested 20% down. Kyle is the best give him a call.
#5
Registered
Join Date: Jul 2004
Location: Palm Harbor, FL
Posts: 438
Likes: 0
Received 0 Likes
on
0 Posts
I have 1 bank that will do up to 100% financing for loan amounts up to $150,000. Need credit score of 720+, T-525's max hp. The rate is a little higher but for no money down, it is worth it for some people. I just closed a 36 Concept on this program last week.
Kyle
Kyle
#6
Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,820
Likes: 0
Received 0 Likes
on
0 Posts
Thanks
#8
Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,820
Likes: 0
Received 0 Likes
on
0 Posts