Boat Loans

5 things to consider about a loan

Is it necessary ? Some loans like boats are not necessities, so make sure you can afford it.

Can you afford it ? Consider the fact that emergencies and unexpected expenses show up.

Is the loan a good deal ? Make sure you get the best rate and costs.

Do you understand the deal?

Are there hiden fees, prepayment penalties, variable rares or mandatory insurance ?

Prepare early. Loans often take longer than expected

5 tips for loans or Mortages

  1. Document everything and be prepared to show it. New mortgage rules require banks to be tougher. For mortgages they will want to know the source of all recent bank deposits to prevent loans for down payments. They will want bank records, tax returns, W-2s, investments and other assets.
  2. Lock in your rate as soon as possible. Rates will probably rise this year.
  3. Shop around. Look at points, interest rates and closing costs. Banks will be tougher this year but also more competitive for qualified applicants.
  4. Banks like credit scores of 720 or more. 680 will still qualify but at a higher interest rate.
  5. Do not run up credit cards before loan closing. Banks will watch up until closing. Debt must be less than 43% including mortgage and property taxes.



How Long Will Negative Information Stay on My Credit Report?


The Fair Credit Reporting Act (FCRA) requires that most negative credit items be deleted from your credit bureau file in no more than seven years, except for a Chapter 7 bankruptcy which can be reported for up to ten years. These are the time limits for reporting negative credit. The creditor or the credit bureau can choose to have the negative credit information deleted whenever they please. Inquiries may remain on the credit report for up to two years. Lexington Law is a professional credit repair company that can help you with this.

Learn more

Boat Loans

Call Us For Boat Loan over $54,600

Email :

Phone : (443)478-4331

Use our Boat loan payment calculator

How Much Bad Credit Does it Take for Me to be Denied Credit

As you may have already experienced, even one small late pay listing may result in credit denials. It is a myth that a large amount of positive credit can outweigh some negative credit. Any negative credit whatsoever can become a substantial credit obstacle. Learn More.

Who Looks at My Credit Report?

With the passing of each year, your credit report is used more and more often as a yardstick to measure your character. Prospective creditors will always review at least one of your credit reports before granting you credit. Today it is increasingly common for insurance companies to review your credit before extending auto or health insurance. Many employers now check credit before they consider you for a position. If you rent, you may have already been through a credit check to determine your worthiness as a renter. Learn More.

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Heathwood Enterprises LLC