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Go Back   WakeWorld > >> Boats, Accessories & Tow Vehicles Archive > Archive through December 15, 2008

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Old    eric ivey (ericlee)      Join Date: Apr 2007       11-05-2008, 11:05 AM Reply   
Just curious about this subject. I am always looking to save money anyway I can. Is it worth it to try to refinance your boat and how does that work? I owe about 10 grand less than book value on the boat and was wondering if I could refinance the boat with a lower interest rate with another bank? My credit score is around 740 so with great credit is this possible?
Old    C.I.E. J-Rod (jarrod)      Join Date: May 2003       11-05-2008, 11:53 AM Reply   
I doubt it, at least, not for a better rate.

I used home equity years ago to consolidate a few loans. It worked out great for me. I would imagine this would be more difficult these days.
Old     matt c (curtisco24)      Join Date: Dec 2005       11-05-2008, 12:37 PM Reply   
yes it is possible and could be very beneficial
Old    Paul (psudy)      Join Date: Dec 2003       11-05-2008, 12:50 PM Reply   
Yes you can, but it would all depend on what rate you are paying now. If you wish, post your rate, and I can run figures for you.
Old    Nu Bu (05mobiuslsv)      Join Date: Apr 2006       11-05-2008, 2:00 PM Reply   
What's the best rates out there right now? Mine is 6.74% and was the best rate offered when I bought mine unless I wanted an adjustable rate which I got screwed over on last time. I looked into it at my bank but the rates are right back at 6.74% and they wanted a marine survey done of the boat before they would let me refi the darn thing. It wasn't worth the marine survey cost to refi.
Old    Ewing (johnsvt)      Join Date: Dec 2006       11-05-2008, 2:43 PM Reply   
yep but rates are actually up right now...crazy
Old    Justin (salsajs3030)      Join Date: Aug 2008       11-05-2008, 3:57 PM Reply   
...prime is down, but rates are up due to the amount of defaults taking place right now
Old    Tim (monkey)      Join Date: Oct 2002       11-05-2008, 5:18 PM Reply   
never finance a depreciating asset.
Old    eric ivey (ericlee)      Join Date: Apr 2007       11-05-2008, 5:26 PM Reply   
I think my rate is 7.5
Old    Ed G (ed_g)      Join Date: Nov 2005       11-06-2008, 3:27 AM Reply   
Boat loans are averaging around 7.25 - 7.5% presently (depending on geographic location). I wouldn't do it unless you can find an APR at least a full 1% lower than your present APR.

Your gonna have some up-front out of pocket expenses if you refinance. You want to make sure your gonna be able to recoop that amount (thru lower monthly payments) in a short period of time.
Old    Jim G (heem)      Join Date: Dec 2005       11-06-2008, 12:01 PM Reply   
I refinanced our Supra, the rate went down 1.25 pts and took 2 yrs off the loan. Of course I have no intention of running the loan full term.

My rate is 5.22%, I paid off my truck and found this deal at the same time and there was no out of pocket expenses. The only expense period was a title transfer fee of a few $$.

I agree with never finance a depreciating asset, however, since my wife left her six figure job to return to school full time I do what I have to do.
Old    Bill K (bill_airjunky)      Join Date: Apr 2002       11-06-2008, 12:29 PM Reply   
A neighbor of mine refinanced a boat a couple years ago. Just like a house, there is definitely a point where it becomes worthwhile or not..... the interest rate has to be at least a point lower, so it depends on what loan you have now.

It's amazing to me that banks are even doing loans now days. But I just got approved on a new personal loan for $11k at 8%. I passed anyway.

Might be a good idea to stand pat for a bit & see how things shake out with a new prez.

(Message edited by bill_airjunky on November 06, 2008)
Old    Sam (wake1823)      Join Date: Dec 2005       11-06-2008, 2:12 PM Reply   
"never finance a depreciating asset."

I have built what I have today on finacing both appreciating and depreciating assests. Responsibilty is the key. And yes there is risk, but risk can be mitigated.

There is a fun factor involved, life is not all cost benfit analysis
Old    Bryan (westsiderippa)      Join Date: Dec 2006       11-06-2008, 4:43 PM Reply   
^^^^^^^^^lol^^^^^^^^^^^

what a boat or a house, lol.
and second the fun factor!!!!!!!!
Old    Tim (monkey)      Join Date: Oct 2002       11-06-2008, 5:00 PM Reply   
cost benefit analysis IS fun, what are you talking about?
Old    Tim (monkey)      Join Date: Oct 2002       11-06-2008, 5:11 PM Reply   
> "Might be a good idea to stand pat for a bit & see how things shake out with a new prez. "

My crystal ball says that within the next 6 months, oil, natural gas, and agriculture products go up significantly, making the previous commodities bubble look like a blip on the radar screen. Big pharma and managed health care get wiped off the face of the map, while biotech (minus big pharma) starts to take off. Tech moves sideways. Real estate moves sideways, with a slight downward bias. Retail sales tank. Inflation heats up. Jobless claims continue to climb at first, but are then offset by public works projects. The dollar shifts to a downward movement against other currencies again. Gold heats up. Then, in 12 to 18 months, "commodities bubble II" pops with a vengance. "Inflation" turns to deflation. Jobless claims spike, and virtually no asset class remains "safe".

Never finance a depreciating asset. Debt is a cruel joke.
Old    all eyez on me (ponte_06_x2)      Join Date: Jan 2006       11-06-2008, 5:19 PM Reply   
you never want to be the richest dead guy. just be responsible and LIVE LIFE because you only get one shot.
Old    Erik (kinger)      Join Date: Jun 2007       11-07-2008, 9:12 AM Reply   
"Big pharma and managed health care get wiped off face of the map"

Not with a Dem as Pres and Dems in control of Congress.

Dollar will gain ground on currencies, as the rest of the world will ride our coat tails and be six months behind us.
Old    Paul (psudy)      Join Date: Dec 2003       11-07-2008, 9:21 AM Reply   
"Never finance a depreciating asset. Debt is a cruel joke."

I wish everyone would take that advice! Less trafic, boat prices would be a lot less, boat traffic would be a lot less, etc....
Old    Paul (psudy)      Join Date: Dec 2003       11-07-2008, 9:23 AM Reply   
"There is a fun factor involved, life is not all cost benfit analysis"

This is a pretty important statement. As long as you can afford it, why not. Have fun while you are here. You could be dead tomorrow, and the money doesn't go with you. Just make sure you buy a nice policy to protect your family.
Old    eric (eas)      Join Date: Nov 2001       11-11-2008, 10:39 AM Reply   
I agree with the "fun factor" of life statement, but the key word is "as long as you can afford it"....problem is that these greedy a$$ banks have been convincing these entitlement minded idiots that they can afford things that they really can't....

....sorry for the hi-jack....and any toes I just crushed....

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