boat financing

Strictly Bizness · 08-20-2008, 10:51 PM

<SPAN class=postbody>we are looking to move up to a larger class boat in the next month or so. i am kicking around some options for financing. with the economy the way it is i have heard that credit unions have changed some of their qualifying rules for loans due to the amount of repo's. has anybody ever done business with the Marker 7 Group or Fishboatloans.com before? i have several options available to me but wanted some honest feedback from anyone that has ever used them or know someone that has. thanks in advance.

Strictly Bizness · 08-21-2008, 06:19 PM

ok. 54 views and no responses is a resounding NO. that answers my question.

Fish Happens · 08-21-2008, 06:22 PM

Sorry bro. Cant say that I have dealt with them.

bluffman2 · 08-21-2008, 06:35 PM

credit unions are still the best place rate wise......"A" paper rates are 5.8% at my credit union...

jjam · 08-21-2008, 08:13 PM

I used Key Boat Loans for my last 2 purchases (over lastfive years) and have been very please..they handle the complete transaction and your vessel will properly be registered license etc..you make a call andsign papers via mail and return with prepaid envelop...not sure what the going rate is for credit score above 750 which I believe best rate platform.

Good luck on your purchase!

Jimmy

Corpsman · 08-21-2008, 09:54 PM

Quote:

bluffman2 (8/21/2008)credit unions are still the best place rate wise......"A" paper rates are 5.8% at my credit union...

What constitutes A

bluffman2 · 08-21-2008, 10:02 PM

most people say having a 750+ score but being in the buisness i know you can have a 700 score and be A paper.......A paper is what the lender considers their "minimal or no risk" customer.....if you have a 700+ score and no derogs with low DTI (debt to income) then you should fall in that category...i had a 680 score today contract at "A" paper rate.....because his score didnt reflect his credit or situation.....

Red Fly · 08-21-2008, 10:31 PM

I have never used them, seems like I always end up going with Bank of the West. They usually have the best rates.

Bluewater Cowboy · 08-22-2008, 09:26 AM

Last year when we bought our new boat we used The Bank of the West. They had the best rates. We check around with our local lenders and they couldn't beat them.

Lakewoodwife · 08-22-2008, 10:11 AM

We got our boat loan at Pen Air @ 6 1/2% (lowest they offer right now) with an "A" paper.

Best of luck to you !!

08-20-2008, 10:51 PM	#1
Strictly Bizness Senior Member Grouper Join Date: Oct 2007 Location: hopefully bump trolling hardtails in the GOM Posts: 988	boat financing <SPAN class=postbody>we are looking to move up to a larger class boat in the next month or so. i am kicking around some options for financing. with the economy the way it is i have heard that credit unions have changed some of their qualifying rules for loans due to the amount of repo's. has anybody ever done business with the Marker 7 Group or Fishboatloans.com before? i have several options available to me but wanted some honest feedback from anyone that has ever used them or know someone that has. thanks in advance.

08-21-2008, 06:19 PM	#2
Strictly Bizness Senior Member Grouper Join Date: Oct 2007 Location: hopefully bump trolling hardtails in the GOM Posts: 988	RE: boat financing ok. 54 views and no responses is a resounding NO. that answers my question.

08-21-2008, 06:22 PM	#3
Fish Happens Senior Member Grouper Join Date: Oct 2007 Location: Pensacola, FL Posts: 625	RE: boat financing Sorry bro. Cant say that I have dealt with them. __________________ -Tight Lines- Website \| Twitter \| Facebook

08-21-2008, 06:35 PM	#4
bluffman2 Senior Member White Marlin Join Date: Nov 2007 Posts: 2,940	RE: boat financing credit unions are still the best place rate wise......"A" paper rates are 5.8% at my credit union...

08-21-2008, 08:13 PM	#5
jjam Senior Member Sailfish Join Date: Dec 2007 Posts: 1,359	RE: boat financing I used Key Boat Loans for my last 2 purchases (over lastfive years) and have been very please..they handle the complete transaction and your vessel will properly be registered license etc..you make a call andsign papers via mail and return with prepaid envelop...not sure what the going rate is for credit score above 750 which I believe best rate platform. Good luck on your purchase! Jimmy

08-21-2008, 10:02 PM	#7
bluffman2 Senior Member White Marlin Join Date: Nov 2007 Posts: 2,940	RE: boat financing most people say having a 750+ score but being in the buisness i know you can have a 700 score and be A paper.......A paper is what the lender considers their "minimal or no risk" customer.....if you have a 700+ score and no derogs with low DTI (debt to income) then you should fall in that category...i had a 680 score today contract at "A" paper rate.....because his score didnt reflect his credit or situation.....

08-21-2008, 10:31 PM	#8
Red Fly Senior Member Trigger Join Date: Jan 2008 Posts: 225	RE: boat financing I have never used them, seems like I always end up going with Bank of the West. They usually have the best rates.

08-22-2008, 09:26 AM	#9
Bluewater Cowboy Member Ruby Red Lip Join Date: Oct 2007 Posts: 68	RE: boat financing Last year when we bought our new boat we used The Bank of the West. They had the best rates. We check around with our local lenders and they couldn't beat them.

08-22-2008, 10:11 AM	#10
Lakewoodwife Member Ruby Red Lip Join Date: Oct 2007 Location: SW Pensacola Posts: 83	RE: boat financing We got our boat loan at Pen Air @ 6 1/2% (lowest they offer right now) with an "A" paper. Best of luck to you !!

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode