NY/OBX NC newbie with boat loan app questions

[alicanal]

Hello Everyone!

I'm new to the site, and from NY, with a place in OBX. I'm excited to achieve one of those bucket list, life-long dreams and get that boat. I've always liked jet boats, and after being at the NYC boat show recently, and researching Glastron , Scarab, and Chapparal, I feel pretty confident about the Yami ar240. I found a dealer that is providing a good deal, and adding extras, thanks to some help from you guys here.

Now I'm ready to complete a loan app. and am wondering if it's as easy as a car app/approval process? The dealer said it would take under an hour to get word, but the online app is seriously long, and wants to know who my mother-in-law's room mate from college was, lol.

What's your experience with boat loan apps, and is it more complex than a car loan app?

Thanks folks!

 

[Shuck Water]

Have you tried purchasing a home lately?? It's worse than ever and you can thank the Chris-Dodd Act. It makes any financial business more difficult than ever both consumer and commercial. Auto loans are still easier because they are still more of a commodity and can easily be repossessed. Boats are luxury and subject to longer terms. Each loan is customized to the specific borrow, ergo more due diligence. My biggest fear is what happens to all this data once the loan is approved.

 

[veedubtek]

Did my boat through USAA. Called, 5 minutes later he told me to go find my boat. Both times, and soon to be a 3rd. Can't recommend them highly enough.

 

[alicanal]

Have you tried purchasing a home lately?? It's worse than ever and you can thank the Chris-Dodd Act. It makes any financial business more difficult than ever both consumer and commercial. Auto loans are still easier because they are still more of a commodity and can easily be repossessed. Boats are luxury and subject to longer terms. Each loan is customized to the specific borrow, ergo more due diligence. My biggest fear is what happens to all this data once the loan is approved.

Thanks Shuck water. I've heard about that Chris-Dodd act and how nit-picky it's made the various loan processes. My credit is excellent, but we've made some big expenditures the past year. I guess we'll complete the forms and hope for the best.

 

[alicanal]

Did my boat through USAA. Called, 5 minutes later he told me to go find my boat. Both times, and soon to be a 3rd. Can't recommend them highly enough.

Thanks veedubtek, checking out their site now. I know I've seen others on the site recommend them as well.

 

[BlacklimitedS]

Usually Yamaha has special rates during boat show season. I think mine is 2.9% and the process was simple.

 

[Bill D]

Good luck! I went through a local bank for my loan. They offered much better rates than Yamaha, so don't count out the local banks and credit unions if Yamaha comes back with a crazy number.

 

[alicanal]

Usually Yamaha has special rates during boat show season. I think mine is 2.9% and the process was simple.

Thanks black limited. My credit is great so I'm hoping for that low number as well. I'm going to wait until February though, till a couple of bills loosen up... Lol.

 

[alicanal]

Good luck! I went through a local bank for my loan. They offered much better rates than Yamaha, so don't count out the local banks and credit unions if Yamaha comes back with a crazy number.

Thanks Bill D. Right now Yamaha has the 2.99 % as their lowest advertised promotion, do you think local banks can do better than that??? I'm hoping due to excellent credit that I can get that number as well.

 

[robert843]

Yamaha usually requires a 780 transunion credit score to secure there best rate so as long as your tranunion score is there or higher you should be good to go.

 

[robert843]

Thanks Bill D. Right now Yamaha has the 2.99 % as their lowest advertised promotion, do you think local banks can do better than that??? I'm hoping due to excellent credit that I can get that number as well.

My local credit union did 1.9% shorter term but I had no intent on going anywhere near 15 years any way.

 

[Bill D]

No, that will likely be the lowest you'll find. My score was around the 750's when I applied and they offered me a crazy 14.99%! I went to the local bank and got a loan for 4.25%, which was acceptable for me. Hopefully you get the promo rate and it's not an issue

 

[alicanal]

My local credit union did 1.9% shorter term but I had no intent on going anywhere near 15 years any way.

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Thanks Robert843 , my credit score is at least 780, if not higher, just worried about some big expenses this year. 1.9 is an incredible rate, I'm going to wait till at least next month to apply the promos are still good until the end of March.

 

[robert843]

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Thanks Robert843 , my credit score is at least 780, if not higher, just worried about some big expenses this year. 1.9 is an incredible rate, I'm going to wait till at least next month to apply the promos are still good until the end of March.

If your credit score is at least 780 it will be auto approved by them no matter what else is on there at least that's what I was to by the company when I talked to them.

 

[alicanal]

If your credit score is at least 780 it will be auto approved by them no matter what else is on there at least that's what I was to by the company when I talked to them.

That's promising, just that one of the big expenses was a 2nd home less than a year ago. Well, if they give me a thumbs down, I'll shoot for a waverunner, lol.

 

[robert843]

That's promising, just that one of the big expenses was a 2nd home less than a year ago. Well, if they give me a thumbs down, I'll shoot for a waverunner, lol.

Lol I was in the same boat and assured if it was over 780 I was good. I had just bought a lake house on Lake Murray and had my beach Place in Myrtle Beach. My transunion score was 2 points below the 780 mark and they offered my 7.9% at 15 years so I shopped around. When I spoke to them they told me if it had been 780 or greater they would have given me the promo rate. I was originally going to pay off a credit card and get the two points needed and buy a month later but found a great deal used and went that way with the 1.9% from Santee Cooper Federal Credit Union.

 

[alicanal]

Thanks for sharing your experience, and wow, I can't believe 2 points made such a huge difference. My wife's credit is even higher than mine, over 800+, so that would help in this case, but like anything else, every lender has their tolerance levels and formulas. When we paid one of our cars in full before it's time, her credit shot up too. Sounds like you made the right decision to wait, you can't beat 1.9%. I'm hoping to go with one of Yamaha's current programs, maybe they'll be more flexible. What was your time frame between your home purchase and your boat, just curious?

The good thing is that my price, add ons, warranty, etc is set with the dealer, and he's cool with waiting until I'm ready to run the credit app. I've never been to Myrtle, but know a few people from here that have condo's there, and they love it. Do you keep your boat there or trail it? Thanks.

 

[robert843]

It was a 6 month spread bought the house in March bought the boat in September or October. I actually keep everything at the beach as I spend most weekends there I really should at least bring one of my ski's to the lake house but I don't really keep a tow vehicle up there which has been my issue.

 

[alicanal]

It was a 6 month spread bought the house in March bought the boat in September or October. I actually keep everything at the beach as I spend most weekends there I really should at least bring one of my ski's to the lake house but I don't really keep a tow vehicle up there which has been my issue.

Funny you should say that, I am right around that six month mark from buying my second home too. We had been vacationing in Obx, North Carolina for a few years and loved it so much we finally got a place there. That must be pretty awesome, getting to use your boat almost all year round. When I retire, that's where we're headed, then I'll really get to put the future boat to use.

 

[Big Mo]

Did my boat through USAA. Called, 5 minutes later he told me to go find my boat. Both times, and soon to be a 3rd. Can't recommend them highly enough.

I also used USAA, amazing and fast service. Next round will be with them also.