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Jan 23rd, 2013
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Minimum Amount of Financing? #13500091 04/03/20 02:57 PM
Joined: Jan 2003
Posts: 3,841
texcajun Offline OP
TFF Team Angler
OP Offline
TFF Team Angler
Joined: Jan 2003
Posts: 3,841
Just a question/scenario for the lenders on here. There's a boat I'd love to pull the trigger on. Problem is I'm about 5k short on a 15k boat. Are loans available for such a small amount with say, 2 year terms? Not that I'd wait 2 years to pay it off.


2002 Scandy White, 2002 Yamaha 90
Point me towards the water!
Re: Minimum Amount of Financing? [Re: texcajun] #13500145 04/03/20 03:30 PM
Joined: Oct 2010
Posts: 376
reclending.com Offline
Angler
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Angler
Joined: Oct 2010
Posts: 376
Good morning,
Most of the lenders we work with have minimums at $5,000. Also some also have term limits of 60 months. It's not that people make 60 minimum payments, but writing it for that term is what they want. The problem with banks and minimums is that is costs just as much to service a loan regardless of size.
In that dollar area, you might be better served to do something at a smaller local CU. Even a personal loan would work.
One other thing - paying off a loan too quick does not help your bureau. You will take a few point hit getting the credit pull and having the loan placed. We generally tell people to keep the loan at least 12 months to have good track record.
Let me know if we can help.
Thank you,
Ken
(517) 543-6921 - Office


[Linked Image]

Ken Lamain
Office (517) 543-6921
Cell (517) 930-2721
Re: Minimum Amount of Financing? [Re: reclending.com] #13508997 04/08/20 09:54 PM
Joined: Mar 2020
Posts: 9
E
Eric S Offline
Green Horn
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Green Horn
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Joined: Mar 2020
Posts: 9
Hey Ken what is a good enough credit score on average to get a loan? I am looking to get a boat this summer, and just getting credit back on track from a divorce.
Thanks

Re: Minimum Amount of Financing? [Re: Eric S] #13520365 04/16/20 01:12 PM
Joined: Oct 2010
Posts: 376
reclending.com Offline
Angler
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Angler
Joined: Oct 2010
Posts: 376
Originally Posted by Eric S
Hey Ken what is a good enough credit score on average to get a loan? I am looking to get a boat this summer, and just getting credit back on track from a divorce.
Thanks



Good morning.
Score can be from mid-600's and up. The biggest thing is to be sure there are no past due or open collection items. Having open loans is a good thing as long as everything is current.
Let me know how we can help.
Thank you,
Ken
(517) 543-6921 - Office
(517) 930-2721 - Cell


[Linked Image]

Ken Lamain
Office (517) 543-6921
Cell (517) 930-2721
Re: Minimum Amount of Financing? [Re: reclending.com] #13546965 05/06/20 03:17 AM
Joined: Mar 2020
Posts: 9
E
Eric S Offline
Green Horn
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Green Horn
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Joined: Mar 2020
Posts: 9
Well I just paid off my credit card, score from Transunion is 698. I really want to get into a boat before summer.
Thanks for the tip.

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