Financing head aches..

In Canada banks and lenders look at the total picture. There is a set percentage for debt payment. They also look at how secure your job is and how long you have been there. Is slow times in the oil world companies would comment on how secure your job was. "Prospect of continued employment is good" If no such statement on your letter stating your salary loan prospect was not as good. No idea what it is like in the US.
 
this entire loan app is a fiasco,
i talked to several creditors prior to her, their fax system was screwed up last week, so instead of waiting for all of my financials and proof of everything,
she just started the app with one bank.. they verified scores,, 2 hard hits on my credit score for inquires since the 5th..

i talked to the Owner of Essex credit (friend of a friend) he said my loan is a "no brainer, and that he doesnt want my loan because im NOT a high risk" (he likes hi-risk loans high end loans (million+) so when they default he gets the boat, and sell them and makes more money) and she isnt telling me something... even with slow pays there should be no reason i shouldn't get a loan with everything i disclosed to him with finances..

so he advised me to use someone else, i had her cancel all other applications immediately.. and went with who he recommended,

if the owner of a financing company recommends someone to you, i think you should use him..

called Jim up, explained everything to him, he said the same thing,
and he said he knows of her, and that "she is OK/good at what she does, I'm better, sit tight"

at this point i wait again.. i will know by the end of the week what will happen..
this much stress isn't good for my heart..
 
I have a friend here locally in St. Pete who owns his own business which does boat loans. If it doesn't work out let me know and I'll get you two in touch.

I'd ask the gal you were working with if she would send you a copy of your credit report. This way you can see exactly how things are reported.
 
Pony Racer said:
this entire loan app is a fiasco,
i talked to several creditors prior to her, their fax system was screwed up last week, so instead of waiting for all of my financials and proof of everything,
she just started the app with one bank.. they verified scores,, 2 hard hits on my credit score for inquires since the 5th..

i talked to the Owner of Essex credit (friend of a friend) he said my loan is a "no brainer, and that he doesnt want my loan because im NOT a high risk" (he likes hi-risk loans high end loans (million+) so when they default he gets the boat, and sell them and makes more money) and she isnt telling me something... even with slow pays there should be no reason i shouldn't get a loan with everything i disclosed to him with finances..

so he advised me to use someone else, i had her cancel all other applications immediately.. and went with who he recommended,

if the owner of a financing company recommends someone to you, i think you should use him..

called Jim up, explained everything to him, he said the same thing,
and he said he knows of her, and that "she is OK/good at what she does, I'm better, sit tight"

at this point i wait again.. i will know by the end of the week what will happen..
this much stress isn't good for my heart..
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Something isn't right here. Essex concentrates on recreational vehicles but they tell you they 'don't want your business'. What do you suppose the purpose of this is if they only borrow to high risk individuals for mega yatchs:lol: https://www.essexcredit.com/home/boat/rates/

It's hard to follow your situation, if you've purchased through a dealer and they are setting up the financing then let them do their thing. If not, get on the phone yourself, call the lenders, make your application, cut out all these other folks, eliminate all the online and what a friend of a friends cousin said advice.
 
craigswardmtb said:
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.
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Not sure where your issues lie, but it sounds like they start with an incompetent broker. I can second Sterling, Karen is the President of the company and WILL take your call if you ask for her. I've financed all of my last four boats, with the last two through Sterling in Annapolis. Both of those loans were approved in about 24 hours from filing and funded within 5 days. For my money, they are the best in marine loans and straight shooters.
 
northern said:
In Canada banks and lenders look at the total picture. There is a set percentage for debt payment. They also look at how secure your job is and how long you have been there. Is slow times in the oil world companies would comment on how secure your job was. "Prospect of continued employment is good" If no such statement on your letter stating your salary loan prospect was not as good. No idea what it is like in the US.
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There is a lot of things the U.S. dicks up in the world of finance. If you dig deep enough, you will usually find one or more politicians at the bottom of the hole.
 
If you are going through the dealer finance manager they might be playing a game because they make money on the back side. "Sorry, we couldn't get you hooked with bank A so we had to go with bank B instead. At a slightly higher rate of course." I always shop my own financing for this same reason.


Sent from my iPhone using Tapatalk
 
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The dealer for the last car I purchased said they could get me a great rate of x.x%. I said that's OK I can get a lower rate of x.x% at my credit union, ABC-FCU. They said "Oh, we work with ABC-FCU, let's see what we can do". Guess what? They got the same rate for me, no problem.

Now, why wouldn't you have given me that same rate up front without me having to call your bluff? Because you make more on the back end with Bank-X.
 
As others have said, "Slow pay" doesn't show on your credit report. If you are past 30 days from the due date then yes that will show up and hurt your credit. When I did the financing on my boats it was quick, approval took a day. Like I said earlier maybe its an issue with the amount you are trying to finance. Something doesn't seem right with you providing all the docs and having good income to debt ratio.
 
my "NEW" finance guy,

said he will have an answer for me tomorrow..
 
I deal with one bank and have done so for 40 years. It seems once you establish a good relationship you have no problems. In the US it seems there are state and local banks. Are they all independent or are the part of one system. At boat shows you see a lot of loan dealers. Are they connected to a bank or are they independent.
 
The Bill Collector said:
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.
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Mark,
Let me know if I'm incorrect on this issue.

I've read this entire post most everyone has good ideas and reasons, there can be more than just running a credit report these these days to get a loan, job, health insurance etc. Depending on your debt ratio & the institution your applying to they may get a Medical Information Bureau Report (link below) or several other reports can affect a loan decision.

Also any write offs, collections or bankruptcies can stay on a credit report for over 7 years, the date starts from the time the debt was finally cleared and can show up as "satisfied" if a debt went to collection in 2005 but wasn't satisfied till 2010 it could show up till 2017 according to the Fair Credit Reporting Act.

A short description of the MIB.
Your info is being shared with numerous agencies without your consent. There has been very little info publicly about it's existence, insurance companies auto, home, life, government clearances and back ground checks have been using it for years. You can request a copy of your file yearly just like a credit report.

Link to MIB on how to request a copy with some history on it.

https://www.annualmedicalreport.com/...ureau-inc-mib/

https://www.annualmedicalreport.com/...ting-agencies/

Good Luck with your financing hassle.
 
Its so sad that people have to jump through hoops these days. There is no more common sense in banking, loan officers are bound and tide to some very stupid regulations. I remember as a kid, going with my Dad to buy a new car. He wrote a check to the dealer, called "his" banker when we got home, the banker told him he would cover the check and to stop by the branch when he had time. Dad went by 2 or 3 days later to sign the loan, which was sitting in "his" bankers drawer. Myself being self employed, with perfect credit and low debt to income ratio, had to do the old "jump through hoop thing. Copies of this copies of that. Good luck.
 
bahamabreisus said:
Its so sad that people have to jump through hoops these days. There is no more common sense in banking, loan officers are bound and tide to some very stupid regulations. I remember as a kid, going with my Dad to buy a new car. He wrote a check to the dealer, called "his" banker when we got home, the banker told him he would cover the check and to stop by the branch when he had time. Dad went by 2 or 3 days later to sign the loan, which was sitting in "his" bankers drawer. Myself being self employed, with perfect credit and low debt to income ratio, had to do the old "jump through hoop thing. Copies of this copies of that. Good luck.
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I agree that the hoops are insane but blame the idiots that started the whole mortgage meltdown in the first place. I'm a capitalist but those greedy bastards ruined it for everyone. For anyone who hasn't already seen it, go see the movie The Big Short and you will see why the regulations are the way they are. The Bernie Madoff TV series was good too.
 
Tonka Boater said:
I agree that the hoops are insane but blame the idiots that started the whole mortgage meltdown in the first place. I'm a capitalist but those greedy bastards ruined it for everyone. For anyone who hasn't already seen it, go see the movie The Big Short and you will see why the regulations are the way they are. The Bernie Madoff TV series was good too.
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Agree to a point. SOME regulations were in place and ignored. SOME should have been in place long before everything went TU. Both houses of congress knew that but let's be real. How many times do you see a dog bite its owner before the dog gets put down.

What's in place now is a knee jerk over reaction by the dog licking the owner after the beating because of the bite.
 
Here is what i found out..
1. she applied to a bank she shouldnt have applied to right off the bat. boat is 11 years old.. bank doesnt do over 10
2. incomplete financial reports, she rushed through, and sent what she had instead of waiting for everything..
3. also bank that she applied to what you liquid for same amount your borrowing, again shouldnt have sent my stuff there..

so now

i got approved 20 year, at a good rate and for a slightly lower amount that i wanted, but i'm also not that liquid..
my payments are right where i wanted them to be from the begining, only thing is i had to come up with more down,
which is now done

From the begining i was told to use this guy and i decided to try and help a friend of a friend and almost lost this entire deal over it..

on top of all that he is saving me $400 on closing and documentation fees..

glad this head ache is behind me, now i get to drive up to Boston (3 hours away),
with little sleep and not get back til 8 am at the earliest..


Now.. in 2 months when im sitting at the dock smoking a cigar and drinking a margarita.. ask me if im stressed anymore

;)
 
Pony Racer said:
Now.. in 2 months when im sitting at the dock smoking a cigar and drinking a margarita.. ask me if im stressed anymore;)
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Because you're sitting at the dock. Wondering where to get the next couple boat bucks to repair or upgrade something.:smt021

Enjoy your new boat.:smt038
 
Congratulations! Enjoy the boat.
Just as a side note: When people ask me about owning a boat I always tell then that buying the boat is the easy part. At least when you shop for the boat you can make believe you are sticking to a budget. Once you own it, you find out how much it really costs to be a boat owner.
On the other hand though, if you use it and enjoy it, it's worth every penny.
 
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