credit score needed to finance a new pontoon boat – approx $22,000?

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I just wanted to know if there are any credit experts out there that may know what kind of credit score is needed to finance a new pontoon boat around 22,-23 thousand range? Another way to word the question is what would be the lowest acceptable scrore?

  1. Reply
    Thomasina Paine
    August 21, 2011 at 4:35 pm

    I don’t know about boats but for houses and a decent interest rate it is around 720. So the question isn’t what your score is but rather what interest rate you would pay.

  2. Reply
    August 21, 2011 at 5:04 pm

    They will factor more than just score. I’ve seen credit reports with 750 and at a 90% portion of revolving debt. They will factor the following:
    How much available credit do you have and owe? For a boat it should be at maximum 50%. How long have you established credit? Most lenders want to see 3+ years of established credit history. Derogs & Collections are a no brainer, you shouldn’t have any. Do you have an open auto loan or mortgage? If you have a Heloc, you better not owe more than 30%. It seems like alot of factors to determine your lending worthiness, but its pretty simple. Try to factor these in before you apply. You don’t want to put an inquiry on your credit (each one lowers your credit 3-5 points) when you have no shot of an approval, hopefully you do. Anyhow, just by going on score, it should not be lower than a 715. Good Luck!

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