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Go Back   WakeWorld > >> Boats, Accessories & Tow Vehicles Archive > Archive through May 29, 2009

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Old    mike (houdini)      Join Date: Aug 2005       05-26-2009, 2:39 PM Reply   
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.
Old    Ian Ashton (ian_ashton)      Join Date: Jul 2008       05-26-2009, 2:56 PM Reply   
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.
Old    Nu Bu (05mobiuslsv)      Join Date: Apr 2006       05-26-2009, 3:05 PM Reply   
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.
Old    hogfan (west)      Join Date: Apr 2002       05-26-2009, 6:00 PM Reply   
mike, if you dont mind me asking what are your payments?
Old    mike (houdini)      Join Date: Aug 2005       05-26-2009, 7:04 PM Reply   
456/month
Old    Sam (wake1823)      Join Date: Dec 2005       05-27-2009, 1:19 PM Reply   
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.

Even goign to 6% your not sving that much money...just pay additional principal.

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