Boat loan Questions

[jgill6816]

Just a general question regarding lending practices and if i should continue to move forward with trying to obtain a loan:

My credit background-
Credit score 700+
Credit to debt ratio < 15%
100% on time payments
5 collections on old medical (some disputed)

I decided to try and purchase a new boat last October and trade in my current bass boat. After trade i needed to Finance ~ 40k
Yamaha Finance approved loan but rate was like 17% I declined
US Direct denied loan
My credit approved loan but only to 30k with decent rate. (My credit union basically did not want to do the loan because i currently have a pontoon boat financed through them. " We only like to have 1 recreation loan" so basically their decesion was not based on credit worthiness.

Here are my questions:
1. Should i try again to secure a loan?
2. how long should i wait after my previous attempt?
3. Is it typical to receive a high rate from Yamaha?

Thanks in advance

[Grawler]

I just financed part of a boat and lendingtree provided good rates. Boatloan.com is another good place. I ended up going with my local credit union which was 4.75% for 96 mths. about as good as it gets.

[1BADAIR]

Call Rec lending

[jgill6816]

Call Rec lending

Thanks i talked with them today

[reclending.com]

Yamaha has a lending program but is not really THE lender. The program they have is run through a bank. With any bank or CU, there are different rates for different qualifications. We often find that the advertised price type things have a very slim window of people that actually qualify. Part of the process is that "although you don't qualify for our A program, we have a B or C program". That's where the rates tend to float up.
As for the other part of your note - the open items. Just from what we see, open items on a toy loan are VERY hard top overcome. They don't matter so much on cars and even homes. The toy loans are a different story.
The other lender you mentioned, US Bank, is what we call a cream skimmer. They like the tip top ultra clean stuff and have good rates, but not so much with the real person who may have had a bump or two.
Let us know if we can help.
Thank you,
Ken

[jgill6816]

Yamaha has a lending program but is not really THE lender. The program they have is run through a bank. With any bank or CU, there are different rates for different qualifications. We often find that the advertised price type things have a very slim window of people that actually qualify. Part of the process is that "although you don't qualify for our A program, we have a B or C program". That's where the rates tend to float up.
As for the other part of your note - the open items. Just from what we see, open items on a toy loan are VERY hard top overcome. They don't matter so much on cars and even homes. The toy loans are a different story.
The other lender you mentioned, US Bank, is what we call a cream skimmer. They like the tip top ultra clean stuff and have good rates, but not so much with the real person who may have had a bump or two.
Let us know if we can help.
Thank you,
Ken

Thanks,
For the response yes i sent my info to you guys today.

[tritonmenifee]

wow 17 is high that is a sub prime rate with700 you should be in the 5% rate. Normally in boat lending good credit is 720. I recently purchased a new boat through credit union got a great rate at 4%. I would suggest trying credit union.

[reclending.com]

wow 17 is high that is a sub prime rate with700 you should be in the 5% rate. Normally in boat lending good credit is 720. I recently purchased a new boat through credit union got a great rate at 4%. I would suggest trying credit union.

Can you pass on the name of the lender that gives 5% at 700 score? What happens when the bureau the buyer pulls (maybe a "free" service) shows 700 and the lender pulls a 669? That happens every day. No two bureaus are the same. You can even pull 5 of the same bureau with different services and get 5 different scores. We always tell people that the score is only a small part. Loan history, CC debt, any open items, prior loan amounts, years in the bureau, and several other things set the "risk level" for the lender. Score normally sets the rate but they can easily adjust for any risk factors. There is not a score that is the silver bullet for a rate. We really wish it was that simple.
Let us know how we can help.
Thank you,
Ken