Credit Challenged Loans

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Credit Challenged Loans

Q:	What are your requirements for credit-challenged applicants?
A:	We can assist boat buyers who are credit challenged for loans in the $25,000 - $40,000 range. These folks can not presently be in bankruptcy. In addition, we can finance larger vessels for credit challenged individuals, provided they have a significant amount of equity in the boat. In either instance, we suggest that the borrower not apply utilizing our on-line credit application, rather, download a PDF application and complete it fully, submit it via fax.
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Q:	Good morning, I have been thinking about buying a boat and have just a couple of questions. My credit scores are 632,632,646& dti 30. I had a bk in 2002 due to a divorce and have established credit sence. I have been at that same employer 3 years and lived at the same place for 4 years and made 80,00 last year. Do you think financing is an option and what rate could I expect? laon amount $15,000 Thx Derrick
A:	Derrick, we have two lenders that will consider financing a boat to consumers that have re-established themselves after a banruptcy. Interest rates will vary and are set on a case by case basis. Please contact us or apply on line if you would like us to proceed with your loan request. Our minimum loan amount is $20,000.
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Q:	Beacon was able to approve me for a boat loan even though my credit score was only 618. The problem is the interest rate is very high. If I make my payments on time at what point will I be able to refinance into a lower rate loan?
A:	If you make all your boat loan payments on time and keep all of your credit up to date, after 12 months we may be able to refinance your loan at a lower rate of interest.
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Q:	I recently went through a rough period of time and had to declare bankruptcy. My wife and I are back on our feet and making good money. What are the chances of getting approved for a boat loan?
A:	Provided that your current obligations are up to date you should be able to get a boat loan, however, be prepared to pay a higher rate of interest.
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Q:	Was going for a new boat loan and just re-fiananced my house and was surprised to discover that somehow my equifax beacon score was at 590. The dealer couldn't discover why and even called his lenders to elaborate more. Don't know why mine is suddenly so low? Not even recent late payments. I have good income at $130,000 K per year, own my home and some credit debt, but, am now challenged on what to do? Don't want 12 percent or more. Any suggestions?
A:	Mark, I have a company that can lend on credit scores this low and while the rate is going to be higher than your 12 percent threshold, you will e able to get into your boat today and once your credit score comes back into line we can refinance you low to a low lore reasonable rate. Additionally, if you apply with Beacon for a boat loan will be able to review your current credit report and attempt to see what is driving your credit score so low. Besot of luck with your new boat purchase.
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Q:	This web site makes it sound like two lenders would look at us with a bankruptcy discharge. My discharge is only one year out. Will they help me if I submit loan NOT online? FICO 648 thanks. Yes I do want to stay in the 25 to 40,000 range. I don't want to refinance my home for another year to get best rates, so home equity loan not what I need,
A:	Beacon Marine Credit does have two lenders that will consider making boat loans to consumers with a discharged bankrupcy. You can call our toll free number at 888-656-9400 and discuss your individual situation with one of our inside sales associates
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Q:	I make 100,000 year, husband makes 30,000. Due to surgery 3 years ago, old paid medical collections (sent me in before insurance even paid,) my equifax 598, experian 658. Husband's scores much higher. Also owe a little much on credit cards, but only other problem. Own home worth $350,000, owe $300,000. College educated, stable employment, etc. Offered a great deal on 6 month old boat in SailTime (we use 1/8 of time for next 5 years.) Price of boat is $390,414 (Hunter 44DS, tricked out.) Can your company help us with these scores? E-mail me--thanks, Nora
A:	Nora, we may be able to help youbut it will require a lot of additional infomration than normal and even then there are no guarantees. Please contact one of our marine loan specialists at 888-656-9400 for additional assistance.
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Q:	Me and my wife have FICO score around the 550 area. We make around $110,000 + together yearly. We have had some slow payments in the past due to wife losing job 4 years ago. We are currently on track and paying everything on time. I expect our FICO score to go up at least 100 points by next year. We own our home and both have well established jobs. I have been at my job for 20+ years. We are wanting to buy a new pontoon that msrp around $30,000. Do you have a lender that can make this happen?
A:	David, Thank you for contacting us with your boat loan financing question. We do have a source for boat loans for clients with less than perfect credit. If you are prepared to pay an interest rate in the mid teens than certainly feel free to contact one of our marine loan specialists for further assistance and let them know that you are interested in our non prime boat loan program.
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Q:	I have a credit score of 593, and wanted to know if it would be possiable to obtain a boat loan? had a bankruptcy over five years ago, went thru divorce and name is still on house, wife has sum late or slow pays on house. have credit cards with low limits that plan to pay off shortly which should help my score.
A:	Mike, it is had to tell for sure if we will be able to help you with a boat loan until we have a complete picture of your financial and credit situation. Please feel free to apply online and we will see if we can help.
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Q:	hello, my wife and i are currently looking to purchase either a new or used boat in the $15000-25000 ball park - my credit scores range between 540 and 560 - we are currently working on some derogatory medical accounts and hope to have our score in the high-600's before end of 09' - does it make sense to purchase now and re-finance later and if so, what price range (new/used) should we be looking to be most attractive to you folks?
A:	If you are willing to put 50% down, there is a home for your loan at 16% per year. Once you reestablish good credit, you could refinance at a lower rate. If this is of interest to you, please respond back to me. aswimmer@beacocredit.com
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Q:	I am looking to purchase a 2000 Hunter 410 to use as a liveaboard. The asking price from the dealer is 135,000, I think I can get it for 120,000. I don't have the best credit score in the world, around 625 I think, but almost all of my negative accounts were due to a divorce and were delinquents back in 2004. I've been pretty clean since then. Is this something you guys may be able to work with me on? Thank you
A:	Greg, It is hard to say if we can help you or not until we get a complete application. Please feel free to complete an application through our secure on line boat loan application process. In the mean time I have forwarded your contact information to a sales associate at our servicing agent to contact you directly. Thanks you for your question and happy boating.
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Q:	I am looking at purchasing a boat that is $29K...2003 MB Sports B52 V2 Team Edition. To make a long story short, my daughter was diagnosed with a life threatening condition and had to have a bone marrow transplant. About 10 months later, we decided we needed to move to Washington so she could get better care. I contacted Aurora Loans (mortgage company) and asked them what I needed to do to short sell my house because of the housing market in Phoenix. They told me I had to stop making payments so that it showed a financial hardship...which wasn't the case. Anyways, I got their short sell package in about 6 weeks later, and I would've been fine with still making payments due to the medical hardship. I called them back and told them I wanted to make my loan current and explained to them that I was told a lie but I wanted these lates removed from my credit to which they told me they wouldn't do. I have a dispute with Equifax and Trans Union but I'm sure nothing will be done for a few days and even then there might just be a note added. I ran my credit the other day and Trans Union shows 653, Experian 659, and Equifax 603. Do you have any loans available and if so what are the rates? I reside in Washington but I'm buying the boat from a private party in Phoenix, AZ. My credit was excellent (791-797) prior to this first missed payment. Please let me know. Thanks.
A:	Brian, Unfortunatly our cut off is 660. I suggets you wait a few months and see what happens to your score and maybe we can help you then. In the mean time check with your local credit union or bank as they tend to go as low as 640. Good luck with the boat purchase.
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Q:	i have a credit score of 530. i owe 7000.00 on my truck. i also have a personal loan for 1,800.00 that started at 8000.00. its in great standings.my credit report does have medical collections on it and a few slow payments. i have a yearly income of 42,000. i am looking at a 2006 malibu wakeboard boat. the boat that i am looking at is around 55,000 out the door. i have 20,000 to put down. in other words i need a loan for 35,000. is there anyting that you guys can do? thanks
A:	Heath, unfortunately our credit score cut off is 640 and with the current environment we will not be able to help you. However, there is a bank in Utah called Merrick Bank that can make a loan for you. If you are purchasing from a dealer ask them if they do business with Merrick or try calling them direct. Good luck with you new boat purchase.
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Q:	My Credit scores are in the Fair range 590, 650, 617. Is there anyway I could get a loan for a MacGregor 26M, I have looked at them and I believe it will be around 35K to 40K I will only be able to come up with about 10% down payment. I can afford up to about $425 but would like to keep it around $350 a month if possible.
A:	Michael, our cut off is 640 but in order to see if you qualify we will need you to complete a boat loan application. please feel free to apply on line through our secure web site. thankkss
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Q:	I was wondering if you handle first time loans. I have no credit and I just started a small business which is doing good. I just am looking to purchase a boat. Thank you Steven
A:	Steven, When qualifing for a boat loan lenders are going to look and see if you have ever had any comparable credit when making their loan decision. Given that you have no credit history you may want to consider a co signor that has establihsed credit.
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Q:	My 3 Credit Scores range from 580-590. I don't have lates on any loans. Experian states that my scores are lower due to lack of open credit, which I'm working on. Our household income is $169k. We're looking at a new boat which is about $45k out the door. Will put 20% down. Do you have loan programs to fit this criteria?
A:	Tony, unfortunately we do not have a program for credit scores in this range.
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Q:	I have a 650 fico, but currently no bad debt im looking to buy a 60,000 boat. I have 10% down and have a very low DTI. What kind of rate Im I looking at.
A:	Larry, based on this FICO score and down payment, if your overall credit profile is acceptable you are currently looking at rates in the low to mid 6% range.
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