Go Back   Cruiser Log World Cruising & Sailing Forums > Cruising Forums > General Cruising Forum
Cruiser Wiki

Join Cruiser Log Today

Reply
 
Thread Tools Search this Thread Display Modes
 
Old 07-26-2011, 02:15 PM   #1
Commander
 
gslabbert5119's Avatar
 
Join Date: Jul 2008
Posts: 195
Send a message via Yahoo to gslabbert5119
Default

Ok my loan got turned down by CGI... and I do not understand why, I was putting 25% down over 15 years and have no debt and a credit score over 800, and CGI are or appear to be the only company that finances yachts in the Moorings charter fleet.

With my credit score and history there has to be a company that will finance me. ... I tried BofA but they do not finance sail boats.

I am so sick and tired of dealing with banks, I am classified as having a credit rated that is better than 96.2% of all Americans yet I cannot get a loan, how does the average Joe get this done.

Help, suggestions and ideas are most welcome.

Bahumbug !!!
__________________

__________________
Gavin & Lesley

http://BlueWaterCruising.com

http://photographybygavin.com

"Dwell on the could haves, we must not. Focus on the solution, we must...." -- Yoda --
gslabbert5119 is offline   Reply With Quote
Old 07-26-2011, 02:37 PM   #2
Lieutenant
 
Join Date: Apr 2009
Posts: 86
Default

Perhaps this is a silly suggestion, but have you tried a mortgage broker who has access to private lenders? They often have less stringent restrictions... at least in Canada they do.... Good luck!
__________________

__________________
Kevin Barr

Ottawa, Canada
KevinBarr is offline   Reply With Quote
Old 07-26-2011, 04:02 PM   #3
Commander
 
gslabbert5119's Avatar
 
Join Date: Jul 2008
Posts: 195
Send a message via Yahoo to gslabbert5119
Default

Quote:
Originally Posted by KevinBarr View Post

Perhaps this is a silly suggestion, but have you tried a mortgage broker who has access to private lenders? They often have less stringent restrictions... at least in Canada they do.... Good luck!
Thought about that but private lenders want too much interest, well at least here in the USA.
__________________
Gavin & Lesley

http://BlueWaterCruising.com

http://photographybygavin.com

"Dwell on the could haves, we must not. Focus on the solution, we must...." -- Yoda --
gslabbert5119 is offline   Reply With Quote
Old 07-26-2011, 07:12 PM   #4
Commander
 
chiroeurope's Avatar
 
Join Date: Apr 2008
Home Port: Edinburgh
Posts: 189
Send a message via Yahoo to chiroeurope Send a message via Skype™ to chiroeurope
Default

That is a problem,

If you are planning on putting your boat in a charter fleet I would look at a charter group outside the US at present and find one that holds the Title as full security (Banks don't consider the current economic times good for boat buying). Here in the UK I have been told that 30% down payment and having 20% greater then the boat payment in disposable income (not required to pay bills and live) is what most of them are asking for, plus the boat and a second source of guarantee against the loan. I know this is not good news and sorry to be saying it but it is what I have found (and a major reason we are looking at some of the options we are looking at).

Best of luck and hope that it all comes together.

Michael
__________________
What you see in the Universe, sees you.
MM6WMU
chiroeurope is offline   Reply With Quote
Old 07-27-2011, 04:25 AM   #5
Moderator
 
JeanneP's Avatar
 
Join Date: Jul 2004
Posts: 2,098
Default

We've been out of the credit market for too long for me to come up with a contact, but.

I googled "yacht financing" and came up with Boatmoney.com - perhaps you did, too?

When we bought SV Watermelon, the boat broker came up with a private yacht finance company (long since sold to a bank)whose rates were reasonable (but this was a long time ago!) - has your broker not come up with anyone except CGI?

Boat financing is a big issue, I wish I had more info. to share.
__________________
In 1986 we went cruising for a few years. After 20 years and 50+ countries and several oceans, we are STILL "cruising for a few years".

SY WATERMELON |
MV WATERMELON (New) | Cruiser's Dictionary, free ebook

= Cruiser's Dictionary, North America,
JeanneP is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

RV & Travel Trailer Communities

Our RV & Travel Trailer sites encompasses virtually all types of Recreational Vehicles, from brand-specific to general RV communities.

» More about our RV Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities


All times are GMT. The time now is 05:14 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.0