Qualified buyers shouldn’t have any trouble getting loans at the fall boat shows, although “qualified” remains the watchword in today’s consumer credit market, be it in boats, houses or cars.
Loosey-goosey lending standards — zero down payments, low credit scores, no income or job verification, financing more than the boat is worth, high debt-to-income ratio (the ratio of monthly debt payments to income) and instant approvals — all those things are history, says James Coburn, first vice president of Flagstar Bank in Troy, Mich., and president of the National Marine Bankers Association.
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