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?
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.
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?
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.
Wanted to update, that we did get approved for one yesterday, through our bank. 8.5 for 60months. I'm happy with it. Thank you all for your advice.
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.
Some of the larger banks ie Bank of America and Chase pre 2006(not sure now) used to have rec loan department that did RV's and boats you may want to check with them.
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.