Do all boat loans require you to sell you first born?!

M

mvoellinger

Member
Aug 26, 2008
618
Jacksonville, FL
Boat Info
2002 260DA
Engines
350 MAG w/ Bravo III
First time financing a larger boat, and first time post "Great Recession". I was approved at 6.5%, but here is what they have requested. They also stated a $600 closing fee, but said that Boat U.S. will use this fee to handle all CG documentation, so I guess that's one less thing to worry about for me. Last time around I filled out an online form then got a check in the mail two days later...this time its been a two week process of sending bank statements, 401k statements, contracts, more bank statements, urine samples, and prostate exams. Good thing I left about 30k/year off my listed income rather than overstating it. Now I need to come up with a name....hm.


  • [FONT=&quot]Current Pay Stub [/FONT]
  • [FONT=&quot]2009 & 2010 Personal Federal Tax Returns (1st two pages and any schedules you file)[/FONT]
  • [FONT=&quot]2009 & 2010 W-2’s[/FONT]
  • [FONT=&quot]The attached 4506T form will need to be completed (request for transcript of tax returns). Please complete sections 1-4, section 6, section 9, signature(s) of all parties, date of signatures and a daytime telephone number[/FONT]
  • [FONT=&quot]Broker/Seller’s name, phone and fax number[/FONT]
  • [FONT=&quot]Name and Phone number of Marina where the boat will be docked to include City, county and state of marina location[/FONT]
  • [FONT=&quot]Name & Hailing[/FONT][FONT=&quot] Port[/FONT][FONT=&quot] for boat – what you will name boat & city and state to be put on the boat[/FONT]
  • [FONT=&quot]Your county of Residence[/FONT]
  • [FONT=&quot]State of Principal Use for the boat[/FONT]
  • [FONT=&quot]Where you will getting insurance for boat[/FONT]
  • [FONT=&quot]You will be required to pay a Florida Stamp Tax fee in the amount of $99.75[/FONT]
 
Presentation said:
What the heck do they want you to fill in for this question?
Impressing chicks?
Midlife crises?
Compensating for a small man tool?
Click to expand...

"Impressing chicks with my small man tool during my mid 20s crisis in the state of Florida surrounded by rednecks" sounds like a winner eh?
 
At the current rate for boat repo's and depending on the amount financed and the size of the boat I can see the bank looking for alot of info I have heard that some banks will not even do loans on boat or RV's anymore
 
BoatUS was a total POA to deal with and I would never get a loan through them again w
even though it was the best rate at the time.
 
That list looks pretty standard to me. Ya gotta remember that when times get hard the first thing people stop making payments on are the toys...RV's, Boats, Planes, etc.
 
Depends on your credit and employment history and how long a member of bank or credit union. I had a very easy time at my credit union but then I have been a member for 25 years in good standing. I only had to show a paystub.
 
I would agree, the list looks standard to me. It's like buying a home. Those documents are the ones banks request. If I was lending you money, don't you think it would be wise of me to check you out first before I cut the check?

Doug
 
douglee25 said:
I would agree, the list looks standard to me. It's like buying a home. Those documents are the ones banks request. If I was lending you money, don't you think it would be wise of me to check you out first before I cut the check?

Doug
Click to expand...

I agree that list isnt TOO bad - its the 3 weeks of sending 401k statements, bank statements etc back and forth to get there. They couldnt grasp some things so I eventually sent it ALL at once and spelled it out for them.
 
I know it's ridiculous. And what's even worse is the fact that a lot of times peoplep who handle things like this at the bank aren't all the on same page. When they hand it off to another person, that person requests something else. It's like a never ending process.

Doug
 
What are you trying to buy? I have not seen many posts from you in awhile, anyway good luck and hopefully all will be behind you soon.
 
The lengthy document lists are a product of the home loan debacle we got into during the last decade when "no-doc" loans were the routine. It's simply a factor of the pendulum swingingi the other way, and it's about time.

Consider this....had we never gotten into the "no-doc loans" and "liars loans" we likely would not have had the massive foreclosure mess we're still dealing with.

Personally I think it's about time the banks got back to doing things the way they should have been doing them all along.

GFC
 
Pseudomind said:
What are you trying to buy? I have not seen many posts from you in awhile, anyway good luck and hopefully all will be behind you soon.
Click to expand...

2002 260 Sundancer w/ 5.0L and Bravo III. Surveyed (both mechanical and structural) and sea trialed. Now that the loan is "approved" its mine - just need to complete this last line for financing. May still go to Jax Federal Credit Union and see if they can speed up the process a bit if I bring in all the paperwork.
 
Well you could call the new boat"RED TAPE"
 
mvoellinger said:
First time financing a larger boat, and first time post "Great Recession". I was approved at 6.5%, but here is what they have requested. They also stated a $600 closing fee, but said that Boat U.S. will use this fee to handle all CG documentation, so I guess that's one less thing to worry about for me. Last time around I filled out an online form then got a check in the mail two days later...this time its been a two week process of sending bank statements, 401k statements, contracts, more bank statements, urine samples, and prostate exams. Good thing I left about 30k/year off my listed income rather than overstating it. Now I need to come up with a name....hm.


  • [FONT=&quot]Current Pay Stub [/FONT]
  • [FONT=&quot]2009 & 2010 Personal Federal Tax Returns (1st two pages and any schedules you file)[/FONT]
  • [FONT=&quot]2009 & 2010 W-2’s[/FONT]
  • [FONT=&quot]The attached 4506T form will need to be completed (request for transcript of tax returns). Please complete sections 1-4, section 6, section 9, signature(s) of all parties, date of signatures and a daytime telephone number[/FONT]
  • [FONT=&quot]Broker/Seller’s name, phone and fax number[/FONT]
  • [FONT=&quot]Name and Phone number of Marina where the boat will be docked to include City, county and state of marina location[/FONT]
  • [FONT=&quot]Name & Hailing[/FONT][FONT=&quot] Port[/FONT][FONT=&quot] for boat – what you will name boat & city and state to be put on the boat[/FONT]
  • [FONT=&quot]Your county of Residence[/FONT]
  • [FONT=&quot]State of Principal Use for the boat[/FONT]
  • [FONT=&quot]Where you will getting insurance for boat[/FONT]
  • [FONT=&quot]You will be required to pay a Florida Stamp Tax fee in the amount of $99.75[/FONT]
Click to expand...

Yep! This is VERY close to the same list that I got from KEY bank for my preapproval. All except the Florida docs and stamp fees. I was told this is all pretty standard since the recent downturn in the economy.

Good Luck!
 
Gofirstclass said:
Consider this....had we never gotten into the "no-doc loans" and "liars loans" we likely would not have had the massive foreclosure mess we're still dealing with. GFC
Click to expand...

These loans are not the pariah they are made out to be, until, they were offered to people it made no logical reason to offer them to at a 100% position. They were originally offered to 1099 sales , investment, business owners and other non-employee borrowers. These people were required to deliver their entire business tax returns and accounting to get a loan prior to these loans. The loans usually were at a higher rate and down payment for the benefit of not having to lay your business bare on the loan company or banks desk. When they began to offer the loans at 100% to w-2 employees the wheels fell off and they are now mostly gone, EVEN with substantial down payments. We always over react!

To the OP, this is the current reality. Anyone telling you different has an inside relationship with the bank, many hard assests, or is wealthy.

MM
 
Last edited:
paper trail ? red tape ?
 
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