JUSTBOATLOANS is pleased to announce an exclusive no downpayment program for boaters residing in MD, DC, VA &PA..  This innovative program will provide qualified borrowers with the ability to purchase new and pre-owned boats  with no down payment required (up to 100% of the purchase price or NADA Average retail value - whichever is less).  Certain fees apply.  To discuss this program to determine if it best fits your needs, please contact the JustBoatLoans staff for further details.

Improving Consumer Confidence?

The marine industry has continued its slow, but steady recovery in 2013.  Always buoyed to Consumer Confidence, the industry was happy to review the following in August:

  • Consumer confidence bounced back slightly in August to 81.5 after slowing to 81.0 in July
  • Consumers are feeling more confident about short-term outlooks but remain more subdued about current business conditions; however income expectations reached a 2 year high
  • CEO outlooks are more upbeat posting an 8 point gain in the second quarter.  60% of respondents say current economic conditions are better than they were 6 months ago and expect further improvement in the next 6 months
  • Retail sales rose for the fifth consecutive month in August and the auto industry, in particular, is showing consistent increases
  • Lastly, housing starts rebounded in July (up 5.9%) and are up 25% from one year ago.  The inventory of available existing homes dropped to a 5.1 month supply which has led to an 13.5% increase in median home sale prices

Sources:  U.S. Census Bureau; Bureau of Labor Statistics and The Conference Board

What Is My Real Credit Score?

The effort by many consumers to subscribe to credit reporting agencies in order to protect their credit strength and reputation is to be applauded. Preserving one's credit reputation is very important today and these monitoring services also provide an effective method to prevent any unwanted credit inquiries or activity.

An additional benefit to this service is supposedly to remain apprised of your current credit scores. However, many of these subscribing consumers are surprised to learn, upon applying for a loan, that their lenders are citing scores far different, and often less favorable, than those paid for by the consumer. The consumer is often confused, frustrated and even angry to learn that they are paying for a service that provides them with credit scores that are not utilized by banks and lenders. Why is this?

Most lenders utilize the most current version of the FICO scoring system that is made available to them through the primary credit score providers (Equifax, Experian and Trans Union). Unfortunately, these credit score providers also sell proprietary credit score programs directly to the consumer that are not as comprehensive as the FICO based program and can provide scores up to 30 points or more higher than those provided to the banks and lenders.

Any claim by a credit reporting service agency that "a credit score is a credit score" is disingenuous. Make certain that your service is providing you with the latest FICO scores so that you avoid any surprises at loan application.

Continue monitoring your credit report (we recommend as a good tool) and when working with JustBoatLoans, be certain to ask for a copy of your credit report disclosure which will detail your FICO score.