Aqua_Holic
Well-Known Member
- Messages
- 6
- Reaction score
- 1
- Points
- 45
- Location
- Des Moines, IA
- Boat Make
- Other
- Year
- NA
- Boat Model
- Wake
- Boat Length
- 21
EDIT: Sorry I meant to post this in General Discussion not the scarab section..... I went ahead and reposted in general discusion and cant figure out how to delete this thread! Sorry, hopefully a mod can help me remove this from Scarab section and keep in the correct spot! Thanks
Hey guys, long time lurker, first time poster! I've been reading on these forums for a long time now as we are looking into buying our first boat! Hopefully the market chills out by next season so we can make this long time dream a reality! I've been watching the market since last fall and hope to be able to buy something by the time next summer comes around. So I have MANY questions but first things first I wanted to start off with the first most important part to this journey. My question right now is can you guys fill me in on exactly what is required to get a boat loan. I know that's a very open ended question and every persons situation and lender is different obviously but I am curious how boat loans work. Are they more intensive like a home loan or a little easier to acquire like a truck loan? We both have pretty good credit sitting right around 750-760 and will have a couple credit cards paid off by next spring when the time comes around to actually apply for a boat loan so we should be sitting 760+. The MAIN concern I have and main reason for this post is I am wondering if I will need to prove income or not? I read somewhere you have to prove Income records for the last 24 months, and I have also read that its like a truck loan and you wont have to prove income. So I would like to hear your guys input as far as that goes and if you did or didn't have to show income etc.... Im worried because it will be hard for me to prove how much money I have really made over the last 2 years. Just from reading/researching around I have a pretty good idea of what boat we are most likely going to shoot for as we have kind of narrowed it down between 2 or 3, but far from the final decision on that. I am thinking our price range is most likely going to be around 55k-60k (hopefully less) but that's what I'm shooting for as of right now! I don't know if that matters or not. Also outside of the requirements for boat loans, what route did you guys go or do you suggest going when it comes to financing. Do the dealerships offer good low rate options, or would we be better off going through a credit union or bank that I already use for other stuff (house, vehicles etc.) And finally for now, I know the market is kind of crazy and all messed up due to the covid crap but what is a good/bad interest rate when it comes to looking for a boat loan and is it normal to stretch a boat loan out 10-15 years. I never knew that was a thing until my research started earlier this year. I was shocked to learn that boat loans can stretch out 15 sometimes 20 years almost like a house loan.
I hope to hear back on this matter, and I will have a MILLION more questions to toss around here before we actually buy something. Thanks alot for taking the time to read and give your input I greatly appreciate you guys! Alot of great info here on the jetboat forums, I spend hours and hours on here reading trying to learn and read everyone's experiences before I take the long awaited dive into the boating world! Thanks alot guys! ?
Hey guys, long time lurker, first time poster! I've been reading on these forums for a long time now as we are looking into buying our first boat! Hopefully the market chills out by next season so we can make this long time dream a reality! I've been watching the market since last fall and hope to be able to buy something by the time next summer comes around. So I have MANY questions but first things first I wanted to start off with the first most important part to this journey. My question right now is can you guys fill me in on exactly what is required to get a boat loan. I know that's a very open ended question and every persons situation and lender is different obviously but I am curious how boat loans work. Are they more intensive like a home loan or a little easier to acquire like a truck loan? We both have pretty good credit sitting right around 750-760 and will have a couple credit cards paid off by next spring when the time comes around to actually apply for a boat loan so we should be sitting 760+. The MAIN concern I have and main reason for this post is I am wondering if I will need to prove income or not? I read somewhere you have to prove Income records for the last 24 months, and I have also read that its like a truck loan and you wont have to prove income. So I would like to hear your guys input as far as that goes and if you did or didn't have to show income etc.... Im worried because it will be hard for me to prove how much money I have really made over the last 2 years. Just from reading/researching around I have a pretty good idea of what boat we are most likely going to shoot for as we have kind of narrowed it down between 2 or 3, but far from the final decision on that. I am thinking our price range is most likely going to be around 55k-60k (hopefully less) but that's what I'm shooting for as of right now! I don't know if that matters or not. Also outside of the requirements for boat loans, what route did you guys go or do you suggest going when it comes to financing. Do the dealerships offer good low rate options, or would we be better off going through a credit union or bank that I already use for other stuff (house, vehicles etc.) And finally for now, I know the market is kind of crazy and all messed up due to the covid crap but what is a good/bad interest rate when it comes to looking for a boat loan and is it normal to stretch a boat loan out 10-15 years. I never knew that was a thing until my research started earlier this year. I was shocked to learn that boat loans can stretch out 15 sometimes 20 years almost like a house loan.
I hope to hear back on this matter, and I will have a MILLION more questions to toss around here before we actually buy something. Thanks alot for taking the time to read and give your input I greatly appreciate you guys! Alot of great info here on the jetboat forums, I spend hours and hours on here reading trying to learn and read everyone's experiences before I take the long awaited dive into the boating world! Thanks alot guys! ?
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