Financing head aches..

Pony Racer

Pony Racer

Member
Aug 13, 2015
167
Ct
Boat Info
2005 Sea Ray 390 Sundancer
Engines
Twin 8.1 S-HO 496's, v-drives
well one thing after another..
first the financing company was having issues with their digital faxing system last week..
finally get everything sent to them on friday..
only to have my finance person tell me we dont qualify for that bank and not to worry they have another bank they can try..

ok, so the reason we dont qualify...
not our scores.. 760+ and 800+..
not our debt to income ratio.. which is very very good..
not our credit card debt which is also 0 or close to it...
not how much money we make.. in 6 figures

because over the past 9 years, yes they went back to 2007..
either me or my wife .. were slow pays..

meaning that on a handful of occasions we missed a due date within a couple of days...


ARE THEY F****** KIDDING ME!!!!

so now i'm stressing out on whether or not ill get approved for a loan..


and on top of all that..
everyone is just nickle and diming me.. extra 200 here, extra 500 there, extra 330 here,
and and here is another 600 on top of what i quoted you for insurance because your driving record has a ticket on it from 5 years ago.. WHAT DOES A CAR LICENSE HAVE TO DO WITH BOATING ???!!!

buy a boat they say.. it will be fun they said..

masochists..
 
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Are you working with a true marine lender? sometimes regular banks just dont understand. We have used Suntrust Marine Lending, they are based in Annapolis. They all cross the ts and dot the I's. Same with insurance, look for a true Yacht policy.
 
I've also heard good things about suntrust (bought our boat in Annapolis, so they came up during my searches)

I have used lighstream as well. It's for individuals with credit scores like you mentioned. They literally deposit the money into your checking account and you can operate as a cash buyer. Customer service is largely electronic, but if that doesn't scare you then give them a look. Rates are pretty good and aside from you just telling them what you're buying they don't ask any other questions.

https://www.lightstream.com/
 
going through Newcoast financial services..
now my credit scores dropped 20 points...

ive never bought a home.. (wife owned ours before we were married),
bought a jet ski, 6 and a new mustang within 8 months of each other
(both of which were paid off in less than 2 years.. )
so im not use to this kind of scrutiny..
 
What is the amount of the loan? Are you providing financials? Sometimes if you haven't had a large loan before they get nervous. I've used US bank and M&T for boat financing and they were both good. I have a very good Broker that I used. If you need her number let me know.
 
My wife is in the mortgage business... I know, not the same as the boat finance business but it's still financing. Slow pays DO hurt your credit big time. I'm not judging you but here's the low down on slow pays. Anything less than 30 days late but paid past the actual due date is considered a slow pay. Beyond slow pays, creditors report 30, 60, 90, 120 lates, charge offs, repos, foreclosures, etc.

A single slow pay can ding you as little as 10 points but can ding you more depending on how slow you were. Even if your overall score is decent, a pattern of slow pays will be grounds for denial. Always, always, pay your bills on time.

We pay 3 bills each month: The mortgage and 2 credit cards. All of our other bills are set to auto-pay to one of the credit cards and the other credit card is for my business travel and misc purchases. Both credit cards are paid in full (and on time) each month. We do this for a couple of reasons; 1) it ensures the bills are always paid on time, and 2) we rack up a ton of points on our Chase Sapphire Preferred card by having the other bills paid to this card. We get some nice, free vacations each year from our Chase card.
 
Irritating, frustrating, infuriating, yes to all. When we bought ours, I thought a home mortgage was easier. But, your last line had me laughing out loud, sorry. Hang in there, its worth it.
 
If you are in the market, I have a true A+ recomendation. PM for details
 
Tonka Boater said:
My wife is in the mortgage business... I know, not the same as the boat finance business but it's still financing. Slow pays DO hurt your credit big time. I'm not judging you but here's the low down on slow pays. Anything less than 30 days late but paid past the actual due date is considered a slow pay. Beyond slow pays, creditors report 30, 60, 90, 120 lates, charge offs, repos, foreclosures, etc.

A single slow pay can ding you as little as 10 points but can ding you more depending on how slow you were. Even if your overall score is decent, a pattern of slow pays will be grounds for denial. Always, always, pay your bills on time.

We pay 3 bills each month: The mortgage and 2 credit cards. All of our other bills are set to auto-pay to one of the credit cards and the other credit card is for my business travel and misc purchases. Both credit cards are paid in full (and on time) each month. We do this for a couple of reasons; 1) it ensures the bills are always paid on time, and 2) we rack up a ton of points on our Chase Sapphire Preferred card by having the other bills paid to this card. We get some nice, free vacations each year from our Chase card.
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all of our bills are on auto pay now for the most part, whats infuriating is that they are going back so far, nothing has been "slow" since 2011 on the report they read off,

just venting out frustration, i swear i didn't think it was going to be this much aggravation, plus what i was told by several other loan companies..
"with our credit scores and overall financials, and liabilities we are a no brainier loan"..

i have another option for financing if for some reason this falls through.. hopefully it wont come to that..
 
Hang in there. It may be frustrating now, but once you take possession of that beauty it will all be worth it.
 
If you have the equity just take a second mortgage on your home and the boat is free & clear. ( I did it this way ) Also, credit reporting has a statute of limitations of 7 years. I would dispute online anything derogatory and hope that it goes away. If you want a more detailed conversation I'd be happy to talk with you about it. I have been in the financial industry for 30 years.
 
If they haven't asked yet, show them 'enough' liquid assets and you'll have smooth sailing....unless you have other problems not mentioned here.
 
i used lightstream, who is owned by sun trust. it was the easiest loan process i have ever been through and the rate was lower than any local lenders. filled out the application and the money was in my account the next day
 
The only time your credit gets dinged is when you are 30 days late. Being late by a few days will not show up on a credit report. It's a rule of the fair credit reporting act. You will pay a late fee though.
 
It looks like you are in CT. I used Sterling Associates who specifically focuses on boat loans. Debbie was great to deal with. I used a good chunk of cash which always makes it easier.
 
Pony do you or your wife have an investment account? My firm can issue no credit check, no payment schedule loans using your assets as collateral. Rates now are under 4%. We are an international firm you will know us if I tell you name of company. Contact me off site if I can help.
 
I too am in the mortgage business and 'slow pays' does NOT show up on your credit report. Lets say your mortgage is due on the first but isn't late until the 16th. (15 day grace period). Yes, you will be charged a late fee but no it doesn't get reported to the credit bureaus until you are 31 days late. If you have a score above a 740 then you're doing well. Mortgage rates are the same from 760 on up so an 800+ score isn't any better than a 761.
If you are being turned down for a boat loan I would ask why. They have to tell you. You should receive something in the mail as well. It sounds like their is more to the story that what's being told.
 
JVM225 said:
Hang in there. It may be frustrating now, but once you take possession of that beauty it will all be worth it.
Click to expand...

Or not. The punchline to the joke is "What are you complaining about? I sent you 3 boats and a helocopter." Call it what you will.....Kismet? Divine intervention? insha'Allah?

Maybe just not your time, or this is not your boat.

Just looking at things from the other side of the coin. Can't count the number of times I've been there.
 
Thats a great idea - that way if you cant afford to pay for the boat anymore they take your house, not your boat
 
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