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.

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

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

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.