FREQUENTLY ASKED QUESTIONS
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1) |
Do you do loans outside of Texas?
I do not. You must be a Texas resident for at least two years to qualify for my loan.
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2) |
I have a horrible credit score. Can I still get financed?
We currently have a minimum requirement of 500 plus on your credit score. Have you been at your current job for over 2 years? Have you had the same bank account for over 2 years? Are you ok with your payment being drafted from that account automatically the same day each month? If you answered yes to all, then we can probably get you financed!
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3) |
What is the oldest boat that I can finance?
I like to stay 2000 and newer. Many manufacturing processes were changed around then and most importantly, the use of wood in transoms and stringers changed to composites.
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4) |
Is there a minimum purchase price on a boat that qualifies for your loan?
Yes. Your boat must have a selling price of $18,000 or more, and the loan amount must be $4,000 or more.
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5) |
Do you finance runabouts? Do you finance ski boats? Anything else that you do not finance?
I do not finance runabouts or ski boats. I do not finance pontoon boats. I finance fishing boats only 2000 or newer only major brands. Center console bay boats are fishing boats but I only finance bay boats 2005 and newer, and only major brands. My specialty is bass boats. I do not finance Yamaha 300 HPDI motors on any boat. I do not have a good history with these and would not recommend them to my customers.
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6) |
Do you sell my loan after it is done?
I do not. All loans remain in house and I service all loans.
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7) |
What is my interest rate?
My rates are dependent on your credit score. They currently vary from 10 to 16 percent.
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8) |
Is there a pre-payment penalty?
No, there are no pre-payment penalties. I am regulated by the OCCC. Pre-payment penalties are not allowed.
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9) |
Do you report to the credit bureaus?
As a small lender, I can only make negative reports. When I am big enough to report positive, I will attempt to be set up to make positive reports also.
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10) |
How much is my down payment?
Your down payment is approximately 20% plus TTL. In Texas, that is roughly 28%. I do have a minimum of $4,000.
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11) |
What is your maximum loan term?
For used boats, I can go up to 60 months or 5 years. For new boats, I can go up to 72 months or 6 years.
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12) |
Do I need to buy a boat from you to get your financing.
No. I can finance any fishing boat that you find, as long as the boat has Texas titles in the seller's name.
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13) |
Do you take trade ins?
I do not. I only do loans.
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14) |
Can I purchase graphs and add them to the loan?
No. Graphs are not always permanently mounted so I can't add them to the loan. If they are already on the boat and part of the sales price, then no problem.
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15) |
Do you finance new boats?
Yes. New or used are ok.
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16) |
I have experienced a bankruptcy. Can I still get a loan?
You will need to be past your 5 years since bankruptcy was declared and you must have met all your requirements.
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17) |
Can I use your financing to buy a boat from out of state?
No. Out of state boats seldom meet all the requirements to get them titled in Texas. When they do, I always receive documents late and I get stuck paying the late fees. So I no longer do loans unless the boat has Texas titles in the name of the seller.
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