Good financing source for boats?-gctid356136

[Guest]

We have a balloon payoff coming for the 3055, but with the current economy we realized it would be insane to use our cash to pay it off. Want to refi. Right now it looks like boat loans are in the 6-8% range and we're making around 100% per year on investments (not even counting investing in our own company), so that's a no-brainer.

Our credit union is being complete morons about it. First they freaked that it doesn't have a trailer. Then added the slip cost to our mortgage liability and changed the whole debt:income ratio. Then said it would be 9% interest. Ugh. Trying Essex this morning, any others?

[smitty477]

I have found Essex to be the best for customer service as well as rates for the last few years. Whether you go to them directy or through Costco their boat and RV deals for new or refi are flexible and easy to close. No affiliaton other then a happy customer.

I would avoid Scott boat loans based upon recent personal experiences.

Hope this helps

[Guest]

Use a margin loan against your securities. With Scottrade, I'm paying a little over 7% for a loan I took out recently. No insidious credit and underwriting requirements or questions asked about whether your boat has a trailer. And best of all, the money is available instantly.

[rafaelfigueira]

SwampNut wrote:
Then said it would be 9% interest. Ugh. Trying Essex this morning, any others?

How about another credit union? Mine offers boat loans https://"https://www.oregoncommunity...rting at 6.75%.

[Guest]

Mine offers boat loans starting at 6.75%.

Ours too. Key words are, "Starting at..."

"SAVE UP TO 70% OFF" (On one item nobody wants.)

Smitty, the Essex/Costco thing is a good tip, though since we already applied directly I guess Costco can't help.

[rafaelfigueira]

SwampNut wrote:
Ours too. Key words are, "Starting at..."

Hmmm, I thought in another thread you had said your score is high. Maybe I'm wrong, but otherwise you should at least give another chance to a CU. I have been getting the "starting at" rate for a few years.

[smitty477]

FWIW - The Essex/Costco rates are good but vary dependent upon amount of loan, term, and credit rating - they can be viewed by clicking through the Costco site to the boat loan rates. Under 5% in some cases which we can verify do actually exist, simple close on a refi.

Hope this helps

note - A boat loan is a valid tax deduction if you use the boat as a second home - unlike any other loan source other than your primary home.

[Guest]

Hmmm, I thought in another thread you had said your score is high.

Yeah, I think we have several problems here... People who just don't understand boats. Counting slip fees against income. Partially unverifiable income (that more than covers the slip, but not counted). They think that a boat in a slip is a higher risk because we can be evicted. Etc.

[Guest]

This is the same CU that had our last boat loan that was paid perfectly, too. It had a trailer that was never used, and that satisfied them. Stupid.

[Jeffw]

I've used Bank of the West, and most recently, State Farm Bank. Very easy to deal with, and any local agent is your loan officer, and they cut you the check. And they'll send you a letter with interest paid at your request, no charge.

[talman]

4.99 for up to 20

http://www.tridentfunding.com/contact.html

[Guest]

You might try Alaska Federal Credit Union. They used to be easy, don't know now. I got approved over the phone in 90 minutes during the boom times.

[Guest]

TSP loan.

It's a 401k for federal employees and it currently has a loan rate of 1.5%. And I think the interest gets paid back to yourself too.

See if your 401k has a similar option.

It hasn't been making any money of late, so im thinking of pulling money out of there to buy a boat.

[SomeSailor]

SwampNut wrote:
We have a balloon payoff coming for the 3055, but with the current economy we realized it would be insane to use our cash to pay it off. Want to refi. Right now it looks like boat loans are in the 6-8% range and we're making around 100% per year on investments (not even counting investing in our own company), so that's a no-brainer.

If you're making 100% on your investments... why would you have a boat loan to begin with? I bought my trawler with my 401K. I can put $22,500 in pre-tax and my employer matches that at 75% and you save the tax bill.

If you can afford it, you can essentially buy a boat with purely pre-tax dollars and all the interest goes back to the account.

Another idea would be a HELOC. They are in the 3% range these days. We did that on our last boat, but keep that for emergency cash now.

[Guest]

I used a broker to get me in touch with suntrust financial. They were easy to work with, loans for 5,10,15,20 years. I got 6% on my loan. No bs about slip fees or whatnot. The only HAW I had was coastguard registration, otherwise it all went really well.