How hard is it to finance or get financing on a new boat? I am looking at using White River Financial Service. Just curious...
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How hard is it to finance or get financing on a new boat? I am looking at using White River Financial Service. Just curious...
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Bank of the West will likely give you better rates and terms. White River is likely the same as Tracker finance and have some strict guides on debt to income ratio, wouldnt accept some of my proven income because it was not payroll.
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Good to know. What kind of credit score are they looking for to finance a boat? My debt to income or DTI is 25%, I believe that's pretty good.
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When I went to purchase my boat. They asked how long fo you want the loan for? I ask what were my options? They told me up to 12 years. I laughed and said your kidding right. I had no idea you could take a boat loan out that long. Depending on the price of the boat you can even go out further. Now i know how some people can afford 100k surf boats.
You shouldn't have any problem getting a loan....Interest rates should be low... Boat prices are high! Do your homework to get your best price on a boat.
Yeah, I noticed banks will go with some pretty long terms. When you purchase a boat what kind of liquid assets are banks looking for or how much are they looking for in liquid assets? I am starting to realize that this ain't like buying a car...
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They just look at DTI, gross income, work history and credit score. My place were I financed wanted me to put insurance on the boat before I even signed for it. That was ridiculous.. But insurance is cheap.. Shop around and get preapproved for a loan. From there you will know how much you can spend on a new boat. You don't have to spend the whole amount if you don't feel comfortable so. I will say after shopping for a boat. My wants exceeded my needs...
I had no idea what I was doing when purchasing my first boat. I did my homework and for my first boat I feel I did pretty well.
Advice: My only changes after 1 year (small small regret)
1. I went mid tier for the motor (90hp). Now i want the 115hp
2. I went with 7inch screen on my fish finder. I wish i would have gone at least 9inch if not 12inch.
3. After a year the boat seems small 17.5FT .. So maybe the size up 18ft to 18.5ft.
These changes would have raised my monthly maybe 50 dollars a month. For me to get my boat I quit smoking.. I was spending $300 a month on cigarettes. I got my boat payment to $305. I haven't touch a cigarette in 1 1/2 years and still want one to this day.
Bank of West is great if the dealer is doing it on a new boat. I did it on a used boat myself one time and will never do that again. Took forever, package was like 30 pages long, had to get three pages notarized, they had to send out an inspector, had to send him the money. Royal pain! But they were one of the few I could find to do 10+ years on a used boat.
Check all the banks online to find your best rate. If you bank with an institution and have been a loyal customer, ask them to beat the lowest rate you've found. Remember, like everything, they want your business and if you have an outstanding credit score, you can get the rate you want from most any banks. Sometimes the finance officer at the dealership has leverage with local banks as well.
I would get quotes on loan rates and terms from a credit union. In East TN where I live the CU'S will usually have a better deal than a bank. I would try and get exactly what I want. For me that's at least 20 ft, and get the size motor the boat calls for. I want stability and a dry ride. Bigger boats may not be for everyone but I want to have room and storage so as not to be cramped. I don't really have to go wide open but a bigger motor is not as stressed trying to cruise. A boat rated for 150 might run with a 115hp but it's going to be wide open and pushing the envelope. Get the electronics you want too.
Paying a monthly payment for several years is easier when you get what you want.
reclining.com is worth a look as they loan money on boats and can provide great rates.
Good luck in your search!
I agree with this. I missed out on two boats because the approval process took so long and the boat sold prior to getting approvals. They said it was mostly COVID related. I got frustrated and quit looking, saved up a little more money, and likely to buy a new boat soon. Hopefully the process goes smoother.Quote:
Originally Posted by cwright
On a new boat, it should be very easy. Ask the dealer who some of their better lenders are in terms of rates. Generally they will know who tends to have better rates and who tends to be more lenient with less than perfect credit.Quote:
Originally Posted by Ranger John
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Capt Cormorant, I gave em up when I turned 30, a couple of minutes ago. Best choice I’ve ever made.
I also agree about credit unions. Mine has treated me well near 20 years now, lately I’m approved on the phone. Rates beat anything else I’ve found.