Looking for Zero down...any suggestions???

[Big-HE]

Hello! I have a new boat all picked out and I 've been approved through Tracker Marine but the Down payment is uncomfortable. I can do it if I have to, but I'd much rather try to get approved for Zero down. Has anyone had and success with a finance co. that offers zero down financing. My credit scores are 690, 710, 679.

 

[Bart Sr.]

Re: Looking for Zero down...any suggestions???

Big-HE>>>>I got the best interest rate for mine through my bank.But that was three years ago.

 

[crazy charlie]

Re: Looking for Zero down...any suggestions???

Most lending institutions are looking for a minimum credit score of 720.They would consider that borderline for 0 down.Your debt to income ratio should be low also or you will not qualify.I have a way to do it if you tell me how much they are looking for down. Charlie

 

[SlowlySinking]

Re: Looking for Zero down...any suggestions???

Big-HE, ask the dealer to build the down payment into the price, costs a lot more over the life of the payment book, but no money down,

 

[golfer]

Re: Looking for Zero down...any suggestions???

Your credit scores are great. It is probably a requirement for whoever is granting credit that you put money down. Try a smaller bank/credit union, many never require a down payment on non-home purchases. My credit union loans 100% of the purchase price and tax title, etc. Basically the out the door price. Too bad you aren't in Grand Traverse County, I would love to lend you some money. Again, your scores are fine, I just think it is a loan policy with that lender/dealer/manufacturer.

 

[Big-HE]

Re: Looking for Zero down...any suggestions???

Cool...I'm still looking. Trackerwants 2000.00 down.

 

[crazy charlie]

Re: Looking for Zero down...any suggestions???

Big -he, listen closely,you may have to convince the salesman to do this but it is perfectly legal.Go buy any piece of crap boat or inflatable with a hin#.Or just buy the regestration.There is plenty of crap wooden boats for free so get a registration.Take it to the dealer and tell him to make this a trade in.Tell him to raise the price of the boat you are buying by 2000.00 and make the value of the trade 2000.00. You will be back to the same price and it will look as though you have 2000.00 equity which is the same as money down.There you go,ZERO DOWN for you and 2000.00 down for the bank.DONT let the salesman tell you they cant do it,they can.Charlie

 

[SeaMasterZ@aol.com]

Re: Looking for Zero down...any suggestions???

what do they predicate those scores on, ie, what is a score of 720 indicative of?<br /><br />love to learn<br /><br />and there is so much to know!<br /><br />"the only stupid question is the one you dont ask" - Me

 

[crazy charlie]

Re: Looking for Zero down...any suggestions???

Ray,the actual score is called a "Risk Score" Many factors considered to come up with a score.Everything from income to debt ratio to past credit record to available credit.The actual score of 720 indicates your probability to pay and pay on time and your ability to pay the debt.It is not a flawless system,but an excellent barometer. Charlie

 

[bobingardner]

Re: Looking for Zero down...any suggestions???

I appologize in advance if you find this post offensive, but what's the purchase price of the boat and the interest rate? Obviously the less you have to finance the better off you'll be in the end. Having struggled trough some really tough financial times I would recommend making as large a down payment as possible.

 

[Big-HE]

Re: Looking for Zero down...any suggestions???

I agree LARGE down payments make sense (if you have it). But putting down 10% which is the norm, really doesn't do anything for the loan in terms of what you are trying to finance (unless what you are buy is outrageous). 10% of 10-15 grand is not going to make a big difference in the payments or the total of the loan. Now 10% of $200,000.00 will, but I know my limits. I live in a tax exempt state, so basically zero down and tax free basically cancel each other out. Like I said, I can see what you aresaying though. Zero down is usually more comfortable though.

 

[Big-HE]

Re: Looking for Zero down...any suggestions???

Oh yeah...no offense taken here!!!

 

[bobingardner]

Re: Looking for Zero down...any suggestions???

Oh yeah...no offense taken here!!! [Wink]

Thanks. Good luck with the boat.

 

[bobingardner]

Re: Looking for Zero down...any suggestions???

Oh yeah...no offense taken here!!! [Wink]

Thanks. Good luck with the boat.

 

[Big-HE]

Re: Looking for Zero down...any suggestions???

Thanks everyone...good ole fashion holding out worked. I kept kicking the terms back and eventually I got what I wanted. That trade in tip was good. That would have been my next move!!!