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#12773140 - 05/29/18 01:02 PM Loan issues..
dreamweaver96 Offline
Outdoorsman

Registered: 04/02/16
Posts: 204
I'm wanting to get a bass boat. I went and talk to my credit union about a loan. They said they would only give me 9k because of my credit and income. My score is 690, but I'm only 21. I've got very good history, but my credit just isn't that old. My income, pre tax, is about 5k a month. Should I be getting a better loan or is this about right?

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#12773155 - 05/29/18 01:14 PM Re: Loan issues.. [Re: dreamweaver96]
Smurfs Online   content
TFF Team Angler

Registered: 01/31/14
Posts: 3645
Loc: Fort Worth
You should save money and pay cash, borrower is slave to the lender! Sine you ask! bolt
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#12774016 - 05/30/18 10:18 AM Re: Loan issues.. [Re: dreamweaver96]
04champ Offline
TFF Celebrity

Registered: 04/22/15
Posts: 6575
Loc: Dallas
Talk to a different credit union

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#12774467 - 05/30/18 03:34 PM Re: Loan issues.. [Re: dreamweaver96]
timbertoes Offline
Extreme Angler

Registered: 08/07/09
Posts: 1668
Loc: Van Alstyne
or use the 9k loan to build credit. You will need to build it one way or the other, eventually.
boats can be very very overrated when it comes to catching fish.

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#12774502 - 05/30/18 04:01 PM Re: Loan issues.. [Re: dreamweaver96]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 348
Originally Posted By: dreamweaver96
I'm wanting to get a bass boat. I went and talk to my credit union about a loan. They said they would only give me 9k because of my credit and income. My score is 690, but I'm only 21. I've got very good history, but my credit just isn't that old. My income, pre tax, is about 5k a month. Should I be getting a better loan or is this about right?


You have what we call "young guy'itis". Credit score just tiers the rate, loan history is what is holding you up. Talking a $9,000 loan and paying it off in a year will build credit. NEVER, NEVER, NEVER make minimum payments. Pay additional and pay every month. A well placed and smart repayment is never the cause of money trouble. It's the little here, little there untraceable spending cash and not repaying credit cards that lead to trouble.
Taking a smaller loan to start, pay it down or off in a year and stepping up the ladder a bit next time - that's one option.
Let us know if we can help.
Thank you,
Ken
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#12788068 - 06/11/18 01:26 PM Re: Loan issues.. [Re: timbertoes]
Stickchunker Offline
Pro Angler

Registered: 06/21/08
Posts: 883
Loc: Lake Conroe
Originally Posted By: timbertoes
or use the 9k loan to build credit. You will need to build it one way or the other, eventually.
boats can be very very overrated when it comes to catching fish.


You can get a dang nice boat for 9k if you shop around, may have to lower your expectations a little bit. I would probably let my current boat go for 9k without electronics.
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#12788300 - 06/11/18 04:24 PM Re: Loan issues.. [Re: dreamweaver96]
redchevy Online   content
TFF Celebrity

Registered: 01/25/05
Posts: 7138
Loc: texas
I only had a credit card till I bought my first vehicle and had a credit score well into the 700's. You do not need a loan payed off or anything to have good credit, just make your payments and make them on time. You don't have to pay early you don't have to pay extra, but don't be late. If you up your down payment they will likely up how much they will lend you. My first truck was the first loan I had, it was 40k they originally offered to give me 15,000 dollar loan to buy a vehicle with 500 down or something like that. I said it wasn't enough and they said no way around it so I offered to put 10,000 down and they made it work.

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#12792884 - 06/15/18 09:16 AM Re: Loan issues.. [Re: Stickchunker]
RPD Offline
Outdoorsman

Registered: 04/01/06
Posts: 114
Loc: Arlington
Originally Posted By: Stickchunker
Originally Posted By: timbertoes
or use the 9k loan to build credit. You will need to build it one way or the other, eventually.
boats can be very very overrated when it comes to catching fish.


You can get a dang nice boat for 9k if you shop around, may have to lower your expectations a little bit. I would probably let my current boat go for 9k without electronics.


This^^^^, I shopped around for well over 6 months and found a very clean Triton 186, it's a very nice boat that suits my needs. I've got 9K into this boat and have been very pleased with it. Take your time and 9K should get you a nice boat

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#12799512 - 06/20/18 03:00 PM Re: Loan issues.. [Re: dreamweaver96]
JavelinJ Offline
TFF Guru

Registered: 04/07/08
Posts: 10316
Loc: Jack County
I've got a boat that is very nice and in your price range!!!!
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#12800465 - 06/21/18 10:51 AM Re: Loan issues.. [Re: Smurfs]
jwcromer Online   content
Extreme Angler

Registered: 11/18/06
Posts: 2496
Loc: N. Richland Hills,Texas
Originally Posted By: Smurfs
You should save money and pay cash, borrower is slave to the lender! Sine you ask! bolt
this x1000

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