buying a boat
#21
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I was also approved through Key, 80% NADA + options + trailer, 0 down, up to 20 years, but we are in the low 4% range (rates have gone up since I was shopping this summer)
I was a first time customer, but from what it sounded like if you had a strong credit history and proper income it was no problem. They made no distinctions on "performance" boats, and did not require a survey.
I was a first time customer, but from what it sounded like if you had a strong credit history and proper income it was no problem. They made no distinctions on "performance" boats, and did not require a survey.
Last edited by low_psi; 01-29-2014 at 10:01 AM.
#24
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Actually they are, ask my banker last week. The have 1 branch, not sure where but it gets them in the state.
I was a first time borrower with Key, just opened a checking account with them so they can electronically withdraw payments. If there rate gets lower I can refi for about 125 which will be worth it if it drops back into the 4% range which it usually does durning spring.
Credit unions are are great if you borrow less. I called my local credit union and they had great rates but only on lower borrowing amounts. The more I borrowed the higher the rate.
I was a first time borrower with Key, just opened a checking account with them so they can electronically withdraw payments. If there rate gets lower I can refi for about 125 which will be worth it if it drops back into the 4% range which it usually does durning spring.
Credit unions are are great if you borrow less. I called my local credit union and they had great rates but only on lower borrowing amounts. The more I borrowed the higher the rate.
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#26
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My first boat was a 88 240 sport in which my credit union approved 100% of average retail plus taxes, tags, and trailer. Average retail based on NADA values. They would have lent $14,000 on that boat and trailer combo if i needed it. When I bought my 2nd boat 92 24ft outlaw, they would have went to $22,000 for boat and trailer. So banks/credit will lend on boats, even older ones
#27
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Key doesn't loan in Texas. Kelly tell your buddy to just go to a local credit union and talk to a loan officer and they will give him the do's and don'ts before hand so he knows. What side of town is he on?? I will tell you that most in the Houston area won't go longer than 6-7 years. I also have used penfed and msufcu. If he has access usaa is a good option. A credit union will be his best bet IMHO. I just went through this last year...