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