I need help finding a loan

(jonblarc7) · (jonblarc7) **Join Date: Jul 2006** 05-12-2009, 5:45 AM

Any body got a good place to get a boat loan from. My credit union will only let me take the
loan out to 72 months and I want to stretch it out as long as possible. I'm located in central NC.

Thanks

(rugdr) · (rugdr) **Join Date: Feb 2007** 05-12-2009, 6:02 AM

You may want to try Bluewater Finance at http://www.bluewaterfinance.com. That is who I went through on my boat and it was extremely easy, simple, and fast. Everything was ready to go on time and I got a great rate. Contact Troy as he is the president and he will direct you to the right person. The best part about it is that they are located in Wilmington, NC, so they are really close to you. Hope this helps.

(calipackfan) · (calipackfan) **Join Date: Jul 2008** 05-12-2009, 6:45 AM

I used Mountain America in St. George UTAH. Had trouble with the "big Banks" getting approved to the rate and term s I felt were fair. Mtn. AMerica took care of me within two days and I live in So Cal.
I will try to find their number and PM you, but you could also check the yellow pages if you need it now.

(04outback) · (04outback) **Join Date: Jul 2007** 05-12-2009, 7:31 AM

Ask your credit union about doing a balloon payment.. I used my local bank.. they amortized it on 8 years, but the balloon is due after 4 years (refi then..)
there are some online options.. search boat loans on google..

(antoddio) · (antoddio) **Join Date: Dec 2006** 05-12-2009, 8:00 AM

Bluewater finance tried to sneak in an extended warranty on me. They explained it to me then just assumed i wanted it, without asking me. They were not very responsive and took a long time to get the issue resolved. There is also an unexplained amount of $82 they put in my loan. I understand this stuff pretty well and audit for a living, and this item was totally unsupported. They were also "sassy" in their response to me when I talked about the extended warranty. It was partly my fault because I signed incorrect paperwork after pressure from the dealer. Jimmy Delegro I think was his name from Bluewater. If you use them, just watch your rear and make sure you understand and accept all the paperwork before signing.

shooter_08 05-12-2009, 8:31 AM

B of A seems to have the best boat loans right now, about 8.5% for 15 years with good credit. They do make the process difficult with high down payments (up to 20 %) and a boat survey is required.

(rugdr) · (rugdr) **Join Date: Feb 2007** 05-12-2009, 9:04 AM

I guess it just depends on people's mood and the day of the week. I dealt straight with Troy and had zero problems. He was very nice and got right back to me within a couple of hours. In fact they even approved me before I bought my boat so that I could wait till the show season and pick up the additional savings on the interest on the loan. I wasn't asked about an extended warranty and have no extra monies added to my loan. Again, I had a great experience with them and have no affiliation with them at all, just trying to help a fellow boarder get in a boat.

(antoddio) · (antoddio) **Join Date: Dec 2006** 05-12-2009, 9:19 AM

No doubt, everyone's different...forgot to mention they also threw a gap policy in there to the tune of $800 or so.

(pronuke) · (pronuke) **Join Date: Apr 2009** 05-12-2009, 9:28 AM

Gap policies can save your ass in some cases but only really work out if you buy something right off the lot and then wreck it in the first one to two years. I used one when I went through with my suburban loan but cars depriciate faster than boats..... and I had almost no down payment.

Another company that might be of limited intrest is GESA credit Union, they are located in washington state but they will loan on terms out to 180 months, www.gesa.com. They have a scaling factor based on loan amount and months so read all the fine print carefully.

(bill_airjunky) · (bill_airjunky) **Join Date: Apr 2002** 05-12-2009, 9:48 AM

We just refinanced from Spokane Teachers Credit Union to Horizon Credit Union (both WA state credit unions). Both had 10, 12 & 15 yr loans. Rates in the low 5s.... for a used boat.

Keep looking. Credit Unions are usually great rates & eager to please.

I'd stay off the B of A train wreck. That company is goin down in a ball of fire.

(reconabe) · (reconabe) **Join Date: Jun 2007** 05-12-2009, 5:57 PM

If you are former military USAA is great. that is who I used.

(usostyle) · (usostyle) **Join Date: Apr 2006** 05-12-2009, 11:14 PM

Todd- thanks for the heads up on bluewater, I believe that is who we (dealer and I) will be going through on our new purchase. Still shopping FCU's though, Thanks again...