Boat loan Approval Odds?

[cjcali408]

My wife and I are considering buying a boat.
Her credit is sitting at 663 and her income is 50K a year. 
My credit is sitting at 641 and my income is 110K a year. 
The only debt we have is one truck loan that has a payment of 1097 a month over 5 years.

And our rent is only 800 a month. 

We have credit cards but do not have a balance on any of them.  
We would like to to purchase a used boat around 50K with putting 20-25% down. 

[pizzadude]

Any other installment loan history other than your truck loan?

Do you have any recent negative or derogatory accounts?

[CreditCuriosity]

Scores are a bit low but if put 20-25% down on a secured asset I think you would be approved although not at a favorable interest rate.   what is supressing the scores since little debt etc and good income between you two with only 1900ish a month against DTI I am guessing past charge offs or collection accounts?  It might behove you to address those and get scores up before purchasing a boat as could save you a lot more if can hold off for a bit

[cjcali408]

We both have BK on our credit. I do have some old bad accounts I could work on getting removed. We both have good history with personal loans just not large amounts. We're not gonna purchase until probably April of next year. 

[IsambardPrince]

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@cjcali408 wrote:

My wife and I are considering buying a boat.
Her credit is sitting at 663 and her income is 50K a year. 
My credit is sitting at 641 and my income is 110K a year. 
The only debt we have is one truck loan that has a payment of 1097 a month over 5 years.

And our rent is only 800 a month. 

We have credit cards but do not have a balance on any of them.  
We would like to to purchase a used boat around 50K with putting 20-25% down. 

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Cheaper to just rent a boat from the marina when you are fishing that day than to finance one that's a third of your annual income to park on your landlord's rental property with Fair Credit.

Cheaper to just rent one from the marina no matter your finances, really.

Also, how recent is the bankruptcy? Might not want to accumulate large luxury purchases if you can't file again for a while.

I've been cautious to not accumulate any debts after my discharge. I've still got a while left where I am not able to get away from them again should the situation deteriorate. I won't even finance a car until I'm closer to the date I could file again if I had to. They want to loan me money, because they know what I know. It generally takes them a year or two to file a major lawsuit, and I have....more than a year or two before I could get another discharge. It really makes you step back and think about how much you need the loan.

[IsambardPrince]

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@CreditCuriosity wrote:

Scores are a bit low but if put 20-25% down on a secured asset I think you would be approved although not at a favorable interest rate.   what is supressing the scores since little debt etc and good income between you two with only 1900ish a month against DTI I am guessing past charge offs or collection accounts?  It might behove you to address those and get scores up before purchasing a boat as could save you a lot more if can hold off for a bit

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On top of the recent bankruptcy, middling credit, and having to park it on a landlord's property, I'd be wondering what they'd do with an entire boat if they have to move and the only person they could rent from isn't going to allow them to park it there. Where do they plan to store the boat that costs a third of the annual combined income?

How big of a boat are we talking about? I'm not well versed in boats but I've been told by people who have them that once you have them they're always costing you money somehow. Insurance, storage, fixing things that go wrong with it.

I just rent one whenever I want to make a fishing getaway and then it's their boat and they can worry about it. It's surprisingly cheap to rent one.