Boat Loan Credit Bureau
Can I get a loan for a 14,000 Boat?
I am looking to buy a new boat doallar 14,000 around the end of July. I have two credit cards with a total of about $ 2500 together, they were sent for collection. I am currently paying it now and will be paid off at the end of June. I financed a truck 10,000 for 2.5 years ago and all my payments were made and the car is paid off now. I also have a student loan that is in good position for the past six months, but there were some missed payments in the past. My credit score with my credit cards are not paid around 520-560, depending on your office looking. If I take 10% below the cost of boats and have a co-signer with a credit score over 750 with just the house payment of U.S. $ 500 do you think I can get the loan. Keep in mind all my debts are paid and I will have a paid in full letter in hand before trying to get the loan. My co-signer is also retired with a nice pention. What do you think?
You should be able to get a loan. However, he will be in a very high interest rate and you probably need more than 10% down payment. One factor is your credit score, and anything in 620 is not good. Another factor is your debt to income ratio. A boat is considered a luxury item and creditors in general do not want to see your total relationship debt / income of more than 40-45%. For example, if you make $ 2,000 per month, all your monthly debt payments should not exceed $ 800. The co-signer can help a little in interest or down payment, but it comes down to what exact situations you do to get approved.
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