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cvent24

Normal for finance department to do this?

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cvent24

Is it normal for the finance department to run your credit for you and the cosigner on a new boat, spend a week figuring the best way to go about it, tell you everything is all good for a loan that would be 5.5-5.75% for 10 years with two people on it. Take 4-5 months to build the boat. When the boat arrives they tell you only one person can go on the loan and it will be for a 7.99% @ 15 years loan? I have been arguing with them and feel like they are trying to screw me here. Has anyone had similar experiences?

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jm8574

Go to a different lender.

There's a ton of opportunities for financing on these boats.

I looked at 2 banks, a credit union and then State Farm Bank. I didn't even know they had a bank.

Sounds like things may have changed on your end as well. If not, move along and find a better deal.

 

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gregtay

"Take 4-5 months to build the boat."?   Wow, I thought it was 2 months or so.  Agree with others.. there are a ton of lending options out there.

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Eagleboy99

More like two weeks.  And a ten year loan?  Ouch.

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dlb

Shop around, better deals should be yours unless your credit degraded.

Pull a credit report, see what changed......

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tbullard

Never been thru the process with a boat but I find it surprising that they would allow you to custom order a boat if the financing wasn't finalized prior to ordering. I wouldn't think they would want you to order some crazy color combo and then be stuck with it because you changed your mind.

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gregtay
13 minutes ago, tbullard said:

Never been thru the process with a boat but I find it surprising that they would allow you to custom order a boat if the financing wasn't finalized prior to ordering. I wouldn't think they would want you to order some crazy color combo and then be stuck with it because you changed your mind.

I think most dealers will let you order without the method of payment/financing being in order (I think it would be logistically challenging to have financing in order for something that doesn't exist  ... they just take a non-refundable deposit for custom orders (and I am guessing if your order is a crazy combo the amount of that deposit goes up!)   

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hethj7

No, that doesn’t seem normal.  Get a different lender for sure.  

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MFknK

I have had many boat loans, never had this type of thing happen. 

But, I have never let the dealership run my credit. Their loan rates are always high. 

 

If you have decent credit(700+), go to State Farm and apply. I have 3 boat loans right now, two of them within the last year and bothnof those with State Farm. My Axis is at 3.75%...

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Stevo
Posted (edited)

They probably just did a preliminary credit evaluation and quoted you current rates, things have changed a bit from 5 months ago. I agree it sounds like things might have changed on tour end credit wise, specifically to the 1 person who can’t be on the loan. There may be something on the report you are not aware of, and possibly erroneous info.

credit scores are based on a number of factors but take a look at the balances on any credit cards and definitely make sure they are paid down below the 50% of available credit. There will be score increases the lower that % of balance to overall available credit is. 

Edited by Stevo

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cvent24

I am the person they dont want on the loan now. Nothing has changed on my end. Credit score is over 800. I just dont have a big past loan to my name, which was originally brought up and why they said to bring on a cosigner. Only other loan I have taken out was for 10k. The finance guy I originally dealt with left the dealership so they brought someone new in. The original guy said to bring in a cosigner that has a longer history of credit (mortgage). She is also over 800 for her credit score. They ran both our credit applications and said everything looks great and it would be around 5.5% at 10 years. This new guy wants just the other person on the loan now and said best they could do is 15 years at 7.99%. Then after complaining they said they can get it for 6.99% at 15 years. Just seems like something shady is going on with their end.

I'm assuming they filled other slots before ours for the production which wasn't a big deal because its not even boating season yet here but now that the boat arrives and they lay this on us is super annoying now that I have to search for other options while the boat is just sitting there when we thought everything was ready to roll.

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Stevo

Then get outside financing and put the screws to them on some stuff from the pro shop, spare prop etc for the inconvenience 

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ahopkinsVTX

I’d definitely try some outside sources, specifically local credit unions. You may still have trouble though. Most finance departments work with outside banks already. The dealership isn’t giving you the loan so they aren’t setting the terms. It’s the banks.

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cvent24
2 hours ago, ahopkinsVTX said:

I’d definitely try some outside sources, specifically local credit unions. You may still have trouble though. Most finance departments work with outside banks already. The dealership isn’t giving you the loan so they aren’t setting the terms. It’s the banks.

Yeah im going to check out State Farm. I feel like they up the banks rates a bit through the dealer. Otherwise how would they drop the rate by 1% right away, something just seems off.

Thanks for all the feedback everyone

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Infinitysurf

Depending on the dealer, they make some money or a kickback on arranging the financing, same as a car dealer. Going direct is the best option and in my experience, credit unions typically have the best rates. (USAA if you have access to them would be good to try)

I have heard that USBANK has decent rates. You can also check Wings Financial...Essex Credit....Bank of the West to name a few. I have not financed so dont have personal experience with this, just listing banks that others have mentioned had good rates in past.

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