aferr1981 Posted December 5, 2020 Share Posted December 5, 2020 Hi. I am looking for a boat loan for about $40,000. I would have a significant down payment. Right now my credit score is around 675. I am having issues getting a loan due to not having consistent installment loans for 2 years. Does anyone have any places that you know of where I could get this loan? Any help would be appreciated, thanks! Quote Link to post Share on other sites
IndyPoolPlayer Posted December 5, 2020 Share Posted December 5, 2020 Welcome to Creditboards! We hope that you find what you're looking for here. Some helpful tips: Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board. If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros! If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS. Off -topic posts should go in the General Forum. Again, welcome to the CreditBoards family! CB Admin: Pam, MarvBear, radi8, LKH & 😇breeze😇 Quote Link to post Share on other sites
hegemony Posted December 5, 2020 Share Posted December 5, 2020 welcome to CB! Patelco and Penfed offer such loans. what do you mean by "I am having issues getting a loan?" What exactly have you been told and by whom? and is 675 FICO? if not, ignore it. Quote Link to post Share on other sites
cv91915 Posted December 5, 2020 Share Posted December 5, 2020 Welcome. Best practice for paying for a toy is saving and paying cash. If you are hellbent on making years of installment payments on your recreational activities, you might also check Lending Club, Prosper, Lightstream and other places that do personal loans. The fact that a boat is involved doesn't mean you should limit your options to "boat loans." Make sure you pay close attention to any origination fees in addition to whatever exorbitant interest rate you'll be charged. If your scores are in the 6s (FICO, as asked above?), it's unlikely that it's JUST the lack of installment history that's holding you back, it's also everything else that's depressing your scores. Quote Link to post Share on other sites
hdporter Posted December 5, 2020 Share Posted December 5, 2020 16 hours ago, aferr1981 said: Hi. I am looking for a boat loan for about $40,000. I would have a significant down payment. Right now my credit score is around 675. I am having issues getting a loan due to not having consistent installment loans for 2 years. Does anyone have any places that you know of where I could get this loan? Any help would be appreciated, thanks! I'll put a plug in for Lightstream.com. Their underwriting process is efficient, while thorough. And their rates are generally competitive. The following link will take you to their FAQ page, which is exhaustive and informative: https://www.lightstream.com/contact-us Quote Link to post Share on other sites
j7n1o7 Posted December 5, 2020 Share Posted December 5, 2020 Friend of mine used them for his boat. I have no experience with them. Perform your due diligence.https://www.sefinancial.com/recreation-lending/boat-loans-bad-credit/Sent from my SM-G965U using Tapatalk hegemony 1 Quote Link to post Share on other sites
IndyPoolPlayer Posted December 6, 2020 Share Posted December 6, 2020 23 hours ago, cv91915 said: Best practice for paying for a toy is saving and paying cash. ^^^^^^THIS^^^^^^^ Quote Link to post Share on other sites
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