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.