I purchased a used boat from a small marina and was getting what I felt was a pretty good deal. The interest rate was a little high so I thought I would check around.
I did an internet search and found Essex credit and worked my waf over to their rate table which looked very attractive to what was out there. I applied and got an almost immediate response that I was approved. Great!
The e-mail went on to say that the loan needed to be reviewed and someone would be in touch. It gave the sales reps name who took 2 days to get in contact with me and say that the value of the boat was $20K less than what I paid and that they could only finance me for $34K on a boat that I got a deal on for $55K! It was then up to me to send comparisons to the company for review which averaged $10K higher. I then contacted the rep to let her know and she told me it would be yet a few more days as this was not a high priority for the underwriting department!
Much like the other reviews I have excellent credit and was approved by 2 other loan providers but went to them to try and get the rate that they were publishing!
Classic bait and switch with horrible customer service. Do yourself a favor and move on!!!
Product or Service Mentioned: Essex Credit Loan.