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-   Archive through May 29, 2009 (http://www.wakeworld.com/forum/forumdisplay.php?f=702328)
-   -   Refi Boat Loan (http://www.wakeworld.com/forum/showthread.php?t=699835)

houdini 05-26-2009 1:39 PM

I have been paying on a loan for a little over 2 years. It was a $50k, 15 year, 7% new boat loan. Anyone in the banking industry that knows if you can refi a loan like this at a better rate? I am going to contact the bank it's with now, but wondered what you have heard out there. I am in Cincinnati, Ohio if that matters.

ian_ashton 05-26-2009 1:56 PM

I doubt that in this market you'll find a rate better than 7%, sadly. I know that the bank I work for has boat/rv/motorcycle rates in the 10% range, and the credit union I financed my boat with last year is about the same.

05mobiuslsv 05-26-2009 2:05 PM

I just got 6.74% through my local credit union. I'd call around to the credit unions in your area and see what they can do.

west 05-26-2009 5:00 PM

mike, if you dont mind me asking what are your payments?

houdini 05-26-2009 6:04 PM

456/month

wake1823 05-27-2009 12:19 PM

Mike, if you cna find a better rate, NADA is what the re-fi bank will go by ( and only give you 85-90% of it) you'll have to come out of pocket $$$$ , in order to re-fi. Bottom line prolly wont; be worth it. <BR> <BR>Even goign to 6% your not sving that much money...just pay additional principal.


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