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Old 05-20-2014, 11:42 PM   #1
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Default Boat Loan

I have a nice 2003 Maxum picked out. Can't believe I was turned down for loan. Never had that happen. I have a very high credit score but key bank said income ratio is not right. Just paid off boat and new boat would have been less payment. Looking for loan. Fifth third says no boats older than 2008
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Old 05-20-2014, 11:53 PM   #2
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Credit Union.
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Old 05-21-2014, 12:42 AM   #3
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Give Essex credit a try. www.essexcredit.com/boating

1 866-377-3948

Also try Gulf Coast loan. Google them for phone.

You are supost to do this first...
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Old 05-21-2014, 12:58 PM   #4
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Never got turned down before. Applied over a week before. Didn't see any problem.
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Old 05-21-2014, 01:23 PM   #5
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I doubt its you. Many won't do boats over 10 yrs. Commonly I here on used boats people have to put up, up to 25% of the boat value in order to get teh loan processed. The problem with boats is historically the boat payment was the first thing to slide when things get tight. The equity is the boat. Banks don't want to own houses, boats or cars. They definitely don't want to be in the business of selling them either. This isn't uncommon at all and I doubt it is you. I would bet if you submitted for the same loan for a car or house it would have gone through.

Don't take it personally.
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Old 05-21-2014, 01:46 PM   #6
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25% down wouldn't bother me
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