Typical rates for marine financing
Slade
financing...
I was recently quoted 9.9% by a dealer and that seems very steep to me.
I don't think my
credit is that bad yet! :-)
I can get 7.75 thru my credit union, but that's for 6 years tops.
Thanks in advance for any help.
SF
Justaburger
is 7% though.... They just don't compete with the market when it comes to
boats.
My buddy just financed through the dealer here in DFW, and best they could
do was 10%. Just keep shopping.
--
Slade wrote in message <37DB3B00...@yahoo.com>...
Ed Mac
they said 7.9% for up to 15 years for the amount I am considering.
Don't know much about them but they seem to specialize in boat loans...
Seemed pretty friendly and knowledgeable on the phone. 800-431-5626 was the
number for Florida, not sure if that's nationwide.
Justaburger <kho...@hotmail.com> wrote in message
news:BFFA60A4EDC75B01.59DC1ECA...@lp.airnews.net...
JR North
experience. Just pay it off early.
JR
Slade wrote:
>
> Just fishing for some feedback on what is a reasonable rate for marine
> financing...
> I was recently quoted 9.9% by a dealer and that seems very steep to me.
> I don't think my
> credit is that bad yet! :-)
>
> I can get 7.75 thru my credit union, but that's for 6 years tops.
>
> Thanks in advance for any help.
>
> SF
--
--------------------------------------------------
JR'S MaXum Webpage- See my boat and trip pictures!
www.seanet.com/~jasonrnorth
--------------------------------------------------
Doug Hooper
15 years I think, maybe more.
Slade <suzy_...@yahoo.com> wrote in message
news:37DB3B00...@yahoo.com...
danny dickerson
for 12 years. You get a low monthly payment, but it
goes on forever.
I got 9% at the credit union and have seen banks
advertise 8% at boat shows.
Danny
TK
$50,000 I was quoted rates of 7.99 to 9.99 for 15 to 20 years, most
with 20% down.
It was a pretty frustrating process (see my earlier post on the "bait
and switch" routine I experienced from Chesapeake Financial). I've
finally settled on Essex. They are very professional, no games and
I've got 7.99% for 15 years with 20% down. They were also offering
10% down with a rate of 8.25%. I like the fact that they have an
office here in Jax since I am buying from a private party and we will
go there to do all the paperwork (hopefully in a week or so).
As an aside - watch out for hidden fees (documentation - for example).
One place had attractive rates but tied them to me paying $900 for
documentation services which I believe costs much less. Essex charges
$400 but they reduced to it to $200 when I complained that $400 was a
bit steep. I guess $200 might be steep as well - but it seems less
than some of the other quotes.
Good luck.
TK
Chuck Tribolet
second mortgage. Mine's running about 8.72%, but if you itemize
taxes, you can deduct it, so the real rate is about 6%. I
used mine to buy my whaler, and paid it off in about a
year and a half. It also gets the boat dealer
(and car dealers) real interested when you tell them you are
going to write them a check.
They are also have a fairly low minimum payment, so when you
have a tight month, you can back off on the boat payment a
bit.
And they are a much better rate than a credit card. I've used
mine a couple of times after a big month on the credit card
(like all the West Marine charges after I bought the whaler ;-).
--
Chuck Tribolet
Internet: tri...@almaden.ibm.com (IBM business)
tri...@garlic.com (personal)
http://www.almaden.ibm.com/cs/people/triblet
Silicon Valley: Best day job in the world.
MuryMann
>financing...
>I was recently quoted 9.9% by a dealer and that seems very steep to me.
>I don't think my
>credit is that bad yet! :-)
>
>I can get 7.75 thru my credit union, but that's for 6 years tops.
>
>Thanks in advance for any help.
>
>S
Essex is by far the "best" in my experience.
BK
MuryMann
>As an aside - watch out for hidden fees (documentation - for example).
>One place had attractive rates but tied them to me paying $900 for
>documentation services which I believe costs much less
$289.00 to the USCG on my DC300 Larson.. including Doc Title.
BK
danny dickerson
your house AND boat too!
Danny
Chuck Tribolet <tri...@garlic.com> wrote in message
news:37DC7E66...@garlic.com...
ae...@flight.net
>second mortgage.
Bad idea. The only time you should second mortgage your home is if
the loan is for improvements that will increase the value of the home
by an equal amount of the mortgage. Otherwise, don't put your home in
jeopardy.
RGrew176
>Just fishing for some feedback on what is a reasonable rate for marine
>financing...
>I was recently quoted 9.9% by a dealer and that seems very steep to me.
>I don't think my
>credit is that bad yet! :-)
>
>I can get 7.75 thru my credit union, but that's for 6 years tops.
>
>Thanks in advance for any help.
>
>SF
I got 7.49 thru a bank on my boat purchase but that was in May and the fed has
raised rates twice since then and accordingly the rates banks and credit unions
charge has gone up too.
RBStern
>the loan is for improvements that will increase the value of the home
>by an equal amount of the mortgage. Otherwise, don't put your home in
>jeopardy.
>
That's a little too broad a statement. There are many situations where this
strategy makes sense:
For instance, if you own a $150,000 home and have 50% equity, there is little
risk in using a home equity line to purchase a $25,000 boat.
If you have the cash to buy a boat, but prefer to finance (for whatever
reason), a home equity line makes even more sense if the rate and tax
advantages work for you.
If you've got guaranteed income (trust fund, pension, etc.), using a home
equity line can be adventageous.
Everybody's situation is a little different and financing flexibility is good.
Rich Stern
Chuck Tribolet
If you are the type whose credit card are always maxed out,
don't take this route.
Let's, see, I had a house that the bank only owned about 7% of,
and took out a loan against about 4% to buy my whaler. That 4%
is paid off now, and the bank owns less than 1% now (two payments
left VVVVVBG). Nah, I don't think I overdid it.
Offline someone stated out that interest on a boat loan can be
tax deductible if the boat has a bed (cuddy), stove (even portable),
and a head (even portable). My whaler has none of the above.
ae...@flight.net wrote:
>
> >If you have equity in your house, look into a line-of-credit
> >second mortgage.
>
> Bad idea. The only time you should second mortgage your home is if
> the loan is for improvements that will increase the value of the home
> by an equal amount of the mortgage. Otherwise, don't put your home in
> jeopardy.
--
MuryMann
>equity line can be adventageous.
>
>Everybody's situation is a little different and financing flexibility is
>good.
>
>Rich Stern
Rich speaks from experience, I'll bet. With two in college myself, there's not
much value left in the old BK placial estate to borrow against anyway.
Cash talks too, folks. Especially when you look to finance a boat close in loan
to equity value. The most difficult job of financing I ever had was with the
"minimum" 20% down on a $8,000 boat. The easiest financing I did was with 50%
cash down on a boat five times that value. I sold the old boat outright and
cashed in some investments to do it, but the interest rate and ease of
financing made it all worthwhile.
By all means, get a loan if you buy a cruiser, even if you have the cash. The
tax deduction advantages in loan interest is still in your favor.... for now.
BK
Slade
10.25%!!
Yikes! The problem essentially is that my loan is less than 25 K, thus the
higher rate.
I was quoted a rate of 9.0 to 9.25% by Intercoastal Financial Group, which
sounds pretty
good. Anyone out there using IFG, or have any pos/neg experiences with them
?
SF
MuryMann wrote:
> >Just fishing for some feedback on what is a reasonable rate for marine
> >financing...
> >I was recently quoted 9.9% by a dealer and that seems very steep to me.
> >I don't think my
> >credit is that bad yet! :-)
> >
> >I can get 7.75 thru my credit union, but that's for 6 years tops.
> >
> >Thanks in advance for any help.
> >