If you have a 700+ credit score, do a fixed loan for the boat, not a heloc (home equity line of creit). Helocs are tied to the prime rate, which is currently 7.75% and will probably keep rising! The prime rate was like 5% 1 yr. ago
You can get a fixed rate in the 7%-8% range, and like Nort said, it's tax deductible
Semper Fi is right on the money!Originally Posted by Semper Fi
Fixed rate only.......
Originally Posted by t500hps
Careful usnig a CC for huge amounts. It is considered revolving credit and a lot of it will kill your credit score. You have an 800, so the effect may be minimal, but it IS somehting that you need to consider.
CC transfers normally require a fee as well. Might be as high as 2% depending on the card.
Do you belong to a credit union? When I first bought my boat my local C.U financed it for 8.5% (in 2000). I paid on it for 2 years,asked the C.U several times if they were going to offer Rv/boat loans any time soon for less interest (I would re-fi). I finally got sick of paying the 8.5%, jumped thru hoops and paid about 500$ in fees to re-fi it with Essex credit in CA for 6.5%. When I paid off the note at CU they asked me why I re-financed it with someone else,I told them there interest rate was rediculess. 2 months later I was paying my mgt there and cashing a check i see a sign "boat financing 25,000 min. loan -5.99%!!!! I asked them about re-financing it with them again,they did it in 1 day with no fees or bs (essex credit took 3 weeks and put me thru hell). I only made 2 pmt's to Essex before I switched it back to the CU,I think last time I was in there it was still only 6.25% for boat loans,Smitty
I would agree with Old School and Offshoredrilling about rolling your boat into a Home Equity from the house if possible. With a credit score like yours you will not pay anything for closing costs either.
Send me a PM with contact info. I mayt be able to help you out getting a Loan depending on the State you live in. I am a mortgage broker here in NY.
I just got a Discover Card offer. ZERO% for the life of the loan on transfered balance. You need to make 2 purches per billing period, but they can be for any amount, even $1.00 or less. As long as you make those 2 purchease, the rate on the balance transfer stays at Zero. You do pay interest on the purchase amounts, but if you make 2 at $1.00 a month, the interest will be almost non exsistant.
Citibank will do a fixed 2nd or heloc for you with NO costs. You can actually "process" the loan yourself, it's easy! If you have a 680+ credit score, you can do this loan as a stated/stated loan....no income documentation needed. Max LTV depends on your score. Try this number... 1-800-456-4510. I use a different # (for brokers)
I do these loans alot, but do it yourself for FREE!!
P.S. Citibank has a 4.5% earnings on their e-savings account!! NO minimum balance required! Go to www.citibank.com and click on the big sign that says 4.5% e-savings info.
Last edited by Semper Fi; 04-27-2006 at 07:02 PM.
Thanks for the help, Obviously I CAN get a loan anywhere, I just want a low rate!!! Tried Citibank and they weren't bad (no fees if the loan is open 36 months) Newcoast and Essex have OK rates but may need surveys, etc. I spoke to the local bank that has the HELOC and they have agreed to meet a fair rate with no fees if I keep the note for 36 months. (7 1/4% and they already have all my info!!!!) Since I also have money in a Credit Union I'll try them tomorrow. They have my truck note but I seem to remember there was something that kept me from borrowing money from them though
Red Crown Credit Union in Tulsa Oklahoma has 6% for 10yrs.
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