Recent Insight on Boat Financing?

[barefoot life]

This summer, we obtained a loan for a new Beneteau. We used Cindy Lewis with Newcoast Financial. I thought the whole process went smoothely. I was able to obtain the loan amount I wanted (both dollar and percentage of purchase). All application material and information requests seemed reasonable and appropriate. I would also say there is nothing extraordinary about our finances or credit score. All in all, I was pleased with the overall experience.

I also had to specify a boat in the original application. Did not see a problem with doing that - I ended up buying a smaller boat and getting a smaller loan than originally approved for. I did not have an issue with this approach.

[mdsilvers]

Thanks everyone for your input. Very helpful.

[bobfnbw]

First boat I fininanced was ~8 years ago, wasn't hard to get the loan. Good Terms, used essex credit thru key bank.

Then we wanted to move up. Had the down payment, good credit scores, good income. No dice. Could not get a loan on anything we wanted... (~ 50 ft )

Then last year was able to get good terms thru my bank, USSA. Great rate as well considering it was for a boat. There is money out there, but you might have to jump thru some hoops. In the mean time continue to save and don't let your score go down in any way, so that means not only making sure your payments are on time, but also, using your credit. They don't like it when you just pay and not use... I hate these guys, but thats another story.

Bob