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WakeWorld Discussion Board » >> Boats, Accessories & Tow Vehicles Archive » Archive through February 10, 2003 » Low interest boat loan « Previous Next »
By muji (mujibur) on Tuesday, December 10, 2002 - 10:40 pm:    Edit Post Delete Post
Anyone know the best place one with excellent credit can get a low rate boat loan? I have the option to do the home equity loan, but have seen places with 6% for 180 months using the boat as collateral (sp). At this rate i would not want to go through the hassle of the HE credit line. I have tried recloans.com - they seem nice enough, but they never return calls, lost my application 2 times, etc.
 
By dane (greatdane) on Wednesday, December 11, 2002 - 12:51 am:    Edit Post Delete Post
Refi your house and put the extra money towards the boat, if you can. The home loan will be at a low rate of 5% or 6% and you can write it off your taxes. This could bring your effective rate down to 3% or 4%.
 
By WakeNup (hockeyruss) on Wednesday, December 11, 2002 - 4:15 am:    Edit Post Delete Post
Try your local credit union. They have the best rates in my state.
 
By BrianS (6more) on Wednesday, December 11, 2002 - 5:16 am:    Edit Post Delete Post
There are benefits and negatives to using a home equity loan.

Pros: usually tax deductible (if you're currently deducting your mortgage, then the HE will be deductible too), flexible monthly payments (I don't suggest paying less, but in a jam you could pay a small min. payment).

Cons: Variable interest rate (loan rate will be going up when rates start going up - they can't stay this low forever), if you sell the house before paying off the loan, you'll have to pay it off at closing using money from the sale of the house.

 
By Karen Nelems (knelems) on Wednesday, December 11, 2002 - 6:52 am:    Edit Post Delete Post
Our customers have had good luck with,Intercoastal
Financial Group 1-800-916-0065.You can fax them in your credit ap.Ask for JR. Bates.
Good Luck,
Karen

 
By chuck kober (onealrep) on Wednesday, December 11, 2002 - 8:23 am:    Edit Post Delete Post
If you haven't done so already, see what your dealer is offering first. Right now interest rates are really low in general. I bought my boat in September and the rate was 6.5%. Rates dropped even more a few weeks ago, so I would imagine the good rates are still available. If you have excellent credit, this should be easily obtainable for you
 
By Ken (kschroeder) on Wednesday, December 11, 2002 - 8:27 am:    Edit Post Delete Post
If you want to check someplace online check http://www.eboatloans.com/. They quoted me 6.99% for 180mos. on $40k or more w/ 10% down. The guy that contacted me responded within 15 minutes of me submitting my application online.

(Message edited by kschroeder on December 11, 2002)

 
By DC (dcervenka) on Wednesday, December 11, 2002 - 10:51 am:    Edit Post Delete Post
If you live in the bay-area or are part of numerous associations then check out http://www.providentcu.org/ My buddy just got a boat loan through them @ 6% over 10 years (and this was before the fed lowered the rate 1/2 %) 100% financing on a 2 year old boat.



 
By Grant Stewart (elmog) on Wednesday, December 11, 2002 - 11:35 am:    Edit Post Delete Post
I shopped every angle prior to my purchase of a brand-new MC last year. I tried my CU, local banks and internet.

I was convinced I could get a better rate than the dealer... they must subsidize/kick-back or something because my dealer got me a better rate through Key Bank than I could have got if I walked into Key Bank (which I have accounts at). ???

I agree, try your dealer...

 
By Grant Stewart (elmog) on Wednesday, December 11, 2002 - 11:38 am:    Edit Post Delete Post
PS - The financial specialist at my CU even suggested I go with the rate from my dealer and she would have got a commission if I would have got a loan or a Home Equity/Line of Credit through her...
 
By Grant (mtbmudmachine) on Wednesday, December 11, 2002 - 1:07 pm:    Edit Post Delete Post
Grant I don't know what type of boat your looking for but I just got a Flyer in the Mail. It was from Hammers Marine in Petaluma Ca, 5.9 % and $2000 dollars back from Nautique
 
By Nick (drmalibupws) on Wednesday, December 11, 2002 - 1:14 pm:    Edit Post Delete Post
Refi is a good way to go, You can pull cash from the equtiy in your home and purchase the boat. At the same time Posibly lower your intrest rate and pay off your house and the the boat with one payment. By the way Mujibur where are you from? Im in so/ca and might be able to help you with your needs.
 
By Nick (drmalibupws) on Wednesday, December 11, 2002 - 1:18 pm:    Edit Post Delete Post
By the way if anything happend and your house forclosed, You still got the boat.
 
By muji (mujibur) on Wednesday, December 11, 2002 - 7:55 pm:    Edit Post Delete Post
Nick - i like the way you think, priorities are straight - boat then house ;-)
I will check out the options everyone has suggested - thanks.
The local dealer is not going below 8.5% (must be stuck in the early 90's).

 
By Todd (wake_fun) on Thursday, December 12, 2002 - 8:19 am:    Edit Post Delete Post
Grant, Mudmachine........
Did it list how long the loan is for at that interest rate?
My local dealer told me the rebate from Nautique is only $1500 and that it ends on Sunday the 15th.

 
By chuck kober (onealrep) on Thursday, December 12, 2002 - 8:21 am:    Edit Post Delete Post
Muji-

see if your dealer deals w/ Key Bank, they have the smokin rates right now. Stress to the dealer how important it is for you to get the good rate, he might be holding out on you as some dealers get a kickback from the bank if they charge you a higher rate, even if you qualify for a better one. 8.5 is way too high for todays market.

 
By Grant (mtbmudmachine) on Thursday, December 12, 2002 - 8:31 am:    Edit Post Delete Post
I dont know how long the intrest rate is at 5.9 % for. The nautique rebate is $1500 and The dealer was throwing in a extra $500 to sweeten the deal.
The intreat rates had gone up to 5.9% they were at a special rate of around 3% that deal ended last month

 
By Nick (drmalibupws) on Thursday, December 12, 2002 - 10:37 am:    Edit Post Delete Post
But I would not recomend leting your house forclose, unless you can live on your boat. Not to many boarders have a Hatters, not the ideal wakeboard boat. But what ever floats your boat!
 
By Todd (wake_fun) on Thursday, December 12, 2002 - 12:33 pm:    Edit Post Delete Post
Grant (mud),
Called Hammer's. 5.9% for 18 months, then changes to like 7.5% or 8%.

 
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