Financing a Boat Purchase, Jim Coburn – original

“Learn What Changes Have Taken Place in Writing Boat Loans as a Result Of
The US Financial Crisis”

Highlights from this Segment

– Don’t allow this one process to happen or it’ll hurt your credit score

– Four questions to ask yourself when applying for a boat loan through a dealer

– Why you don’t want to fill out lots of loan applications and submit them at once

– How the credit bureaus handle multiple inquiries

(transcript for this segment)  

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Here’s what you’ll discover in this presentation…

  • The #1 mistake boaters make when applying for a loan
  • The first step you should take when figuring out what you can afford
  • How you can still get a boat loan even if your credit score is less than 720
  • The truth about what makes up your credit score
  • Four key questions to ask before  applying for finance at a boat show
  • How to avoid being spammed when applying for boat loans online
  • Where to find the best sources for getting your boat  financed
  • Hidden boat loan fees and how to avoid them
  • Eight typical loan documents you must include when you apply at a bank or finance company
  • The secret key to getting your boat financed

About Jim Coburn

Jim Coburn has over 30 years of commercial banking experience, a member and leader in the National Marine Bankers Association since 1983 and a founding director of the Recreational Boating Industries Educational Foundation.


Robin: What a great resource—thanks. If you’re at a boat show and you find the boat you want, should you apply for financing right then and there with the dealer, the yacht broker, or one of the financing companies?

Jim: Well Robin, it’s ok to do this. Again, I’m going to use the word – simply use common sense. Ask yourself these questions to find out:

  • Does the dealer have a finance department or a financing specialist that’s in their employ?
  • Is the dealer known to you or your community? Have you ever heard of the dealer? It’s that simple.
  • Have they been in business more than a year or two?
  • Do you know any others that might have purchased from them with some success?

Again, simple, easy questions.

When applying for a boat loan with a dealer or service company, always follow up to see that they send your credit application to one, and only one, bank source. When your application is submitted to more than one, or to several banks at the same time, this will actually lower your credit score due the recording of “multiple or excessive inquiries.” That’s what the credit bureaus call it; excessive inquiries. This method is called “shotgunning” in the bank and dealer business. Be sure you control it and make sure you ask that question.

Robin: What a great tip!

Jim: Yeah, I think that’s a great tip that many folks don’t know about.

If you apply at a boat show with a service company, practice that same common sense that I just mentioned. Don’t allow the “shotgunning.” Be sure the business has a track history and make sure that they have solid lenders in their fold. Ask which lender will be reviewing your credit application and documents. You may elect to send any confidential information, such as your financial data, the tax returns we mentioned earlier, directly to that bank or finance company. So, if you’re dealing with a dealer or service company, make sure you work this through them. If you don’t feel comfortable sending your financial information directly to them, it can be arranged for you to send it directly to the bank that they’re sending your application to.

Robin: Very interesting because you would think that if you’re going to apply for a boat loan, whether it’s at the boat show or on your own individually, that you would want to submit it to as many banks as possible to see who could come up with the better deal. But you’re saying that it actually hurts you on your credit score.

Jim: Yes, that’s right, it does. “Excessive inquiries”—you don’t want to have them on there. It can drop your credit score down a few points and you don’t want that to happen. And then, here’s another thing, too, if you send it to three banks and the first bank gets a hold of it and the second bank gets a hold of it a few minutes later to run their credit bureau report and they see that the first bank has an inquiry on there, now they’re going back to the dealer or the service company saying, “Hey, what’s going on? This has been sent to other places.” It sometimes sends up a little bit of a red flag. Again, one at a time, and

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