topic Re: Boat loan in Auto Loans

Boat loan

sprice1984 — Fri, 25 Oct 2024 00:23:29 GMT

Looking into getting a new boat. Question is does anyone here know what scoring model is primarily used for this. And if if you work for a boat lender can you tell me what model they use. Thank you

Re: Boat loan

sprice1984 — Fri, 25 Oct 2024 20:50:31 GMT

No body

Re: Boat loan

JoeRockhead — Fri, 25 Oct 2024 21:24:20 GMT

I don't think anyone is going to be able to answer your question without knowing what lender you're dealing with. Outside of manufacturer branded financing, boat loans can come from a variety of banks and credit unions.

Re: Boat loan

Slabenstein — Fri, 25 Oct 2024 21:37:43 GMT

There's no particular score that's widely used for boat loans. It's going to be whatever the particular lender uses (same as it is for credit cards, auto loans, personal loans, etc). When I did boat loans, that institution used TU8, but you'd be as likely to find an instituion using any other commonly-used score.

Re: Boat loan

sprice1984 — Fri, 25 Oct 2024 21:43:24 GMT

Looking for what model is widely used with marine lending.

Re: Boat loan

sprice1984 — Fri, 25 Oct 2024 21:44:35 GMT

Thanks for the reply. Do you remember if it was the auto model that was used or the regular fico 8 model.

Re: Boat loan

Slabenstein — Fri, 25 Oct 2024 21:55:58 GMT

There's no model that is the model widely used in marine lending, because what is used will vary by lender, as we've said. At the institution where I did boat loans, it was a regular FICO8 score, but that tells you nothing about what any other particular institution would use.

Re: Boat loan

pizzadude — Fri, 25 Oct 2024 22:34:51 GMT

Not a lot of recent threads but this one has a few data points on boat loans / financing / scores.

Also I'm moving this to Auto Loans for better visibility