Boat Loan; Scoring/Which Agency Pull

Anonymous — Sat, 26 Oct 2019 19:30:54 GMT

Hey All,

New to this board but everyone here seems quite knowledged. So I've been doing a ton of research as to getting a boat loan for a new boat. A little bit about me:

General Credit Scores ranging in in the low 700 range(Equifax 723, TU 730, Exp 716 for Fico8)

-11 year credit history

-Recent Auto(motorcycle) loan in February of this year($6K, loan - just did it to start an auto loan history otherwise would have paid cash)

-Self-Employed film producer

-Annual income roughly $145K/year

-Have 1 personal loan as well a car lease and motorcycle loan currently running

-Don't own a home, no mortgage history

-Am carrying roughly 41% of credit utilization ($41K or 100K avail credit)

-1 previous credit inquiry of this year for motorcycle loan(8 months ago)

-5 Inquiries total

Am prepared to put 20% or $15K down for a $65K boat. I am sure people will tell me to wait and pay cash when you are ready, but as this boat will serve some business purpose(filming), I am not very inclined to wait. Initially too, because this is more of a business related purchase in my eyes(thats really the idea behind purchasing this vessel) i would ideally like to get a business loan for it, but i have no business credit yet established. Is that something I should be considering even though my concern is i wont get approved? I am assuming too if i go the business loan route that i could then write the vessel off as a business expense, but i need to explore that further. What's turned me off from that entirely is that i have no business-related credit, so I'm concerned i would never get approved.

I guess my initial concerns are do i look presentable in some way to get a reasonable loan? My initial plan was to make a relationship with a Southern California credit union(where i am located) though i have no previous relations with one. I can fall back onto the dealership for the loan but their financing rates were not all that appealing(interest rates starting at 6.5% for excellent credit(780+) and falls drastically from there. It's it of concern that my auto loan score may show low though this isn't an auto loan, but i do not know if this matters. Any opinions would be great before i start having hard pulls done. Thanks all

Re: Boat Loan; Scoring/Which Agency Pull

Anonymous — Fri, 22 Nov 2019 12:56:21 GMT

Welcome to the forum!

The auto loan is not helping you because you already have a personal loan. Really it just lowered your average age, so it didn’t help you at all. You will get extra points if you bring your aggregate installment loan utilization under 8.9%. I don’t know how big your personal loan is or if you have the capability to do that, but if you do you definitely get some points on version eight for that.

As for the financing, for the best rates I would definitely recommend you form a relationship with a credit union and seek financing there.

If you go to the dealership you’re going to get a whole bunch of HPs and a higher interest-rate.

If you’d like to learn more about business credit I suggest you visit the business forum and you can learn all you want to know they’re about business credit.

Right before you get ready to app for the loan implement AZEO if you have a clean profile, and have your aggregate revolving utilization under 8.9% and if possible your aggregate installment utilization under 8.9%.

This is the best general recommendation I can give you based on the limited profile information you gave us. I’m assuming your profile is clean? What’s the age of your youngest revolver? How many open and closed accounts on your credit reports?

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Boat Loan; Scoring/Which Agency Pull

Re: Boat Loan; Scoring/Which Agency Pull