“What Are Your Rates?” Here Is Why I Ask Questions
Start with the planning ranges on my rates page. Then tell me the boat, how much you want to borrow and a little about your credit history. I work with multiple lenders, so there is no single rate for every buyer. Those details help turn a general range into a useful conversation.
"Scott, what are your rates?" Start with the planning ranges on my rates page. That gives you somewhere to begin without treating one advertised number as your offer.
Then tell me the boat, how much you want to borrow and a little about your credit history. Here is why those questions matter.
What are you buying?
The year, make, model, engines, location and intended use help identify suitable programs. The lender's wholesale valuation also affects how much can be financed. The asking price does not answer that question by itself.
How much do you want to finance?
Loan size can change pricing, available term and income-documentation requirements. More down is not automatically better. It can move the remaining loan into a different category, which is why we should compare the complete structures.
What is behind the credit score?
Comparable borrowing history and repayment capacity matter alongside the score. Two buyers with the same score can present very different applications.
Compare the complete quote
Ask about fees, term, payment, cash required and conditions. A lower monthly payment can come from a longer term rather than a lower borrowing cost. Defaults in a calculator are examples, not today's offer.
Give me the actual boat and a starting point for the loan. Then we can have a rate conversation that means something.
Keep reading
Have a boat in mind? Send me the listing through YourBoatMoney, or ask ScotBot to help you get started. You do not need every answer before we talk.
Educational information, not a loan offer or guarantee of approval. Requirements depend on the lender and transaction.