| There are three ways of getting pre-approved
for your new boat. The first is simply fill out our
application online and we will process it. The second
is to call 1-888-587-LOAN and we will process
your application over the phone. The third is to go
through our pre-approval program. When a bank looks
to approve or decline credit they look for the following:
1. Down Payment
2. Credit 3.
Debt Ratio
4. Collateral
|
If you can pass all the criteria you will be
approved.
Are you putting at least 10% down?
Is your personal credit good?
If your debt ration is less than 40% (including your new proposed payment) then you have satisfied this component of lending.
Does the selling price of the vessel grade out according to the NADA guidelines? Will the vessel survey at or above the selling price by a recognized NAMS/SAMS surveyor? This is the determinate of out loan-to-value percentages. A lower loan-to-value percentage reduces risk in our loans. |
