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
