Did anybody else get the runaround story from RecLending "of we don't know the rates". Just pick a boat and send in a app? I was floored by the response, I have a pretty dang good credit score and know I will have zero issues qualifing for any loan. But I want to know rates and terms offered by a company (at least a ball park) before I waste my time summiting any paperwork.
I can answer this question. I am sure you are paraphrasing because nobody here will ever answer a question that cold. Here is my response to all questions about rates. "We are seeing rates from the GENERAL 5% area all the way up to 17.95%. Where the rate goes depends 100% on strength of buyer." Quoting an exact rate without the facts is like selling your boat without any facts. Like this - "I have a 2014 Skeeter for sale, clean - how much will you pay me for it?" If I answer the caller and say we are seeing rates at 4.99% and that person does not qualify for any reason, now did I lie? We also see people all the time that score very well but have no history. Score is not automatic for an approval or a rate. We wish it was that simple. We try to give facts for answers, not wild guesses that can not be supported. The reason we like to move along is that this is a great spring for sales. Boats are selling quickly. Each day of hunting for an additional 1/8th of a point can cost you your desired boat for a $2 difference in a payment. We do our best with every phone call that comes in. We try to deal with only known facts. Taking a wild guess at an answer will not happen.
Sorry for the length - just giving an explanation. There is no such thing as "the best rate". No one size fits all loans available. There are always qualifications and program items that help or hurt the overall picture. We do our best to give facts. We will not give false hope to just get the application. We are paid when loans close, not gathering applications.
Let us know how we can help.
Thank you,
Ken
(517) 543-6921 - Office phone