boats are still selling here :)

[sandm]

went to the dealer yesterday to pick up my new wakesurf board and noticed an absence of new inventory. they had well over 40+ machines from both skiers and bu the first of march. salesman said sales are down from years past, but they have moved through all of their allocation of boats and are not disappointed with sales. they bought out another dealers skiers and bu '08 inventory and sold it all.
said banks are the biggest holdback now. mandatory 20% down and 3-5 days wait for approval.
told me he had a guy in on monday ready with 25% down, high700's credit score and great debt/income. he was ready to head to the lake that night. bank told them a decision by friday at the earliest. it was an almost 50k loaded moomba. bet if it would have been a 50k base corvette, he would have been gone that day.

nice to see them selling boats, but wish the banks would become a little more liberal with funds again.....

[ToddXLV]

I work in the lending industry and everything has tightened up. Especially loans on recreational vehicles. Even automobile lending has become tighter but they can roll you in the same day. It really sounds like the banks working with this dealer are a bit slow. Key Bank is a pretty good and fast marine lender. That's who I used. I know they could roll a boat loan out in the same day. I was approved on 60K within 5 minutes with them but that was 2 years ago. My loan was only for 48K though.

[mmandley]

When i got my boat done in March i had the same issues. my score was 770 and only debt i have is my house and school loan. So only about 30% debt in income. I just paid off my truck with a 18K payment in cash to the same credit union i wanted a loan from.

They said all the numbers are looking excellent but the issue is they are leary on Rec vechicles because when money gets tight that the first payment people stop making. When you have a car loan and its your daily driver you tend to have more inclination to pay for it.

The bank told me flat out if i was asking for 50K for a new truck id have it in an hour, but 50K for a boat takes a lot more work.

I didnt pay 50K but thats the loan i asked for because thats the sticker on Fierah before i worked my deal out.

[flex]

the decision time frame is longer than it has been in the past few years; that's according the mgr of the local bank i used last week.

3 years ago i was approved in 5 min through a large/national bank and had a boat then next day. went back to the same bank to buy my new boat last week and they are not doing any boat or recreational vechical loans (unless you want a 14% rate).

[sandm]

it's really too bad that banks are taking this approach. those that have and are secure in their jobs are in a good position to buy, and really nothing has changed for those people. really no more risk than in years past for a lot.

[Sled491]

Banks are claiming they didn't take the tarp money, and are claiming they have money to lend but are just to nervous and worried about there bottom line and there jobs to keep credit moving.

[jester]

Well if the banks did not loan money to everyone and their dog for houses they could not afford in the first place we would not be in this much trouble. Now it is harder for people that can afford the payments to get money for toys. Just my 2Cents.

[Sled491]

Well if the banks did not loan money to everyone and their dog for houses they could not afford in the first place we would not be in this much trouble. Now it is harder for people that can afford the payments to get money for toys. Just my 2Cents.

Amen brother

[sandm]

^^ second that. amazed me that people here were qualifying for stupidly high house values with a very low salary with car payments and the such. duhhhhh..
the last construction loan I got for our personal house we qualified for almost 500k and had to provide no documentation at all. now I know that there is no way we could realistically afford those payments and still eat. when I asked the mortgage broker about it, he said that's what the banks are setting us up with. spent 245k(at cost since I built it). he was not happy.

[tazz3069]

i hope the banks let up a little. i will probably sell my boat at the end of this year to get a 2010 either XLV or a Supra 22SSV. That would suck if the boat sells and I can not get a loan for the new boat. There will be no way that I can get pre aproved for a loan when I have an existing loan.