Donch

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?

Loan Ranger

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

crb76

[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.

rlj676

So it sounds like even on a new boat 5% or 0% down isn't really possible, no matter what people are advertising, even with good credit?

Loan Ranger

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

rlj676

How much higher would you say than a good 10% down program?

Thanks

Loan Ranger

It will be in the upper 7's - about 1% higher.

rlj676

Thanks, you might hear from me after I have my budget worked out after an expected career change.

I assume this would be the case for any down payment under 10%, be it 5 or 0.

Loan Ranger

You are correct. Let me know if I can help. Thanks.
Kyle