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> Boat Financing With Bad Credit, off topic
Guest_kneedeep_*
post Jun 27 2003, 05:29 AM
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Anyone have any information on boat financing for folks with bad credit? (FICO score of 640) The boat I am looking at is a 2000 Redfisher and is around 16k. I have $3500 to put down. Just curious if anyone had any experience in the past getting a boat with bad credit. Also, is it easier to get financing for a new boat vs a used or does it really matter? I was hoping to get an idea of what to expect and wanted to avoid having my credit pulled over and over.

Thanks
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DMC
post Jun 27 2003, 08:10 AM
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Putting anywhere above thirty five to fifty percent of the purchase price down would show a lender that you are not likely to default on the loan. I would go to the people you bank with and tell them your situation. You are going to have to pay a higher interest rate in order to get financed, due to your less than good credit.
You should really be sure that you can afford a new boat. Of course buying the wrong used boat can be disastrous.

Good Luck

Don


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Support your local fisherman, eat only locally caught shrimp.
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Kings Ransom
post Jun 27 2003, 09:19 AM
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With a beacon score of 640 and 3500.00 down you should not have a problem buying the boat unless your debt ratio is out of whack?
I would take my biz to fla and look up one of the bigger dealers down there that handles this line of boat, they should have an f&I inhouse manager that can get that deal to fly. tight lines KR

This post has been edited by Kings Ransom: Jun 27 2003, 09:19 AM


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My biggest worry is that my wife (when I'm dead) will sell my fishing gear for what I said I paid for it.





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Guest_REELSOUTHERN_*
post Jun 27 2003, 09:47 AM
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beacon score of 640 you should be fine..should have no problems with your down payment.. unsure.gif
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Guest_Snip3r_*
post Jun 27 2003, 09:59 AM
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QUOTE (REELSOUTHERN @ Jun 27 2003, 12:09 AM)
beacon score of 640 you should be fine..should have no problems with your down payment.. unsure.gif

I agree...my mom just bought a 2001 Impala one a beacon score of 628 w/ a 500 dollar down payment, that boat should be no problem at all.
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