Boat/REC loan question

Anonymous · ‎03-01-2020

Okay so here is where I am at. I am 25 and have been working and living at the same place for 5 years. Make roughly $70k a year, have little bills due to I owe the manufactured home I live in but pay land rent so not a actual mortgage. My DTI is less than 15%. My score is roughly 695-705 for all beuros and have a sparkly credit report besides 2 late payments 4 years ago and short credit history (1.5 year average and 4.4 years longest term) Other than that 0% credit card utilization (5k in total availability on 5 cards) , have had 3 auto loans total am paying on my most current which is 6 months old and in total is $20k. Others are paid off in full. Have a personal loan of $6k, and $2k left in student loans and my land rent is $185. My question is I'm ready to make my boat purchase being it's my hobby i LOVE. I have had boats before so please spare the comment of boat maintenance. I want to buy brand new and it's $50,085 after everything( taxes, license, shipping, etc) is it possible for a guy like myself to obtain that large of a loan being I haven't had a loan that large before? I have the 10% down no problem and everything lined up. Thanks in advance.

ldkcivilservant · ‎03-02-2020

So you want to financie a toy at 71.4% of your annual income?

Regardsless of any other factors, that is going to spook any lender.

What's the payment look like included in your DTI? Are you below 50%?

Anonymous · ‎03-02-2020

No, my DTI would Still be less than 20% and I don't understand how anyone gets loans then if that how they view it

sccredit · ‎03-02-2020

Look at credit unions, they should have the best rates.

Anonymous · ‎06-16-2020

@ldkcivilservant wrote:
So you want to financie a toy at 71.4% of your annual income?

Regardsless of any other factors, that is going to spook any lender.

What's the payment look like included in your DTI? Are you below 50%?

it is pretty common for boats to cost as much or more than an annual salary.