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04-11-2017 04:25 PM
04-12-2017 05:28 AM
Whoever declined you credit has to provide you with a reason in writing, I believe.
What were the terms? How much was the boat, what's the boat's actual value, how much was your down payment, what is your DTI?
04-12-2017 05:43 AM
Ok, well I just found out yesterday that we were denied, so I suppose sometime over the next couple of days that I should be getting a letter then? I stated my amount wrong, the boat is 65,000$ and the loan would have been for 80 percent of that, so 52K. The boat is custom built with a 12 week wait, so I'm going to assume the actual value is what we were going to pay.
04-12-2017 05:47 AM
Yeah that's very weird if the LTV was 80% and your husband has solid income. I would suggest finding a loan yourself versus through the dealer -- do you have a good relationship with a CU yourselves?
04-12-2017 06:13 AM
Your best bet by far is to go, as suggested above, to a credit union and ask them about a boat let an. Hopefully you're already a member of one if you are under some time constraint in getting the boat.
04-13-2017 06:48 AM
I am actually leaving town today to go look at a boat for sale! Happy sailings on your boat when you close that loan and post some pics if it's allowed.
04-13-2017 09:52 PM
Boat loans carry higger risk so getting qualiied will be more complicated. I agree with credit unions are a great option and plan on briniging about 40% but hope to not have to use that amount to get it done.
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