a lot of times online banks do well with rates.
I was interested in what people have been seeing for rates on a 12 year (144mo.) term loan w/ about 20% down. What banks or institutions have the best rates? Any help would be appreciated, I'm looking to buy in the next month (prob. at the show) and I want to get my financing secured first so I can haggle freely!
There are other sites too, and one that was really helpful to us, I would put it in Google search engine.
Essex Credit Newport Beach, Jodi Brandon
She helps all of my credit crimanals...You know who you are!
Depending on what you're borrowing for (assuming a boat), take a look at Suntrust. Good rates.
By the way, I used Essex at someones recommendation. They got the deal bought through Suntrust who didn't lend direct in Texas at the time. The benefit I saw was that they had a huge list of lenders to choose from. I would imagine that would give them the edge for sub par paper as well but that wasn't our case.
They got us a decent rate at the time, 7.9% vs the 8.75% everyone else wanted for the amount we wanted to finance about 18 months ago. Just refied about a month ago cutting about 1.5%.
home equity line of credit is what im doing thru Provident Bank who contacted me thru Lending Tree.
prime + a big fat zero for the term of the line.
no upfront fees.
50.00 yearly fee after year 2.
no early payoff penalty.
use all the limit or none.
I dont know what the going rate is, but I've had Conseco Finance, and all I can say is if they try going thru them DO Not Do it! I've gotten screwed in so many ways by them, and finally got my loan out of there, which was a total mess too, they wanted what I owed on the boat, plus 3 additional payments to release the lien, then after 120 days they will reimburse the difference back to you. My payment dropped so much, that I wont even say how much. Very predatory lender. I wanted to celebrate when I heard they were filing bankrupcy! I got 5.25% from fifth 3rd bank on a 15 yr. I got the rate dropped 1/2% for swithcing all of my banking to them, and re-financing the house as well, and they cover all of the costs, because I had just refi-ed the house in november.
I just went through the finance headache. Got a 6.75% rate with Key Bank, through Scott financial. Probably wouldn't do it with them if I had to do it again. Originally said I could get 6.25%, then changed their mind. Also got plenty of run around.
All good info! Thanks very much... I looked at Essex & 1st Commercial as well as some others. My credit union is at 9.1% and that is with great credit, direct deposit, auto pay, two other vehicles and and checking account with them (ouch!). I'm finding about 1.5-2 points less just about everywhere else... They are great for cars and routine banking but they suck for boats!
I help finance what we sell here at our dealership. We have an indirect relationship through a local credit union and a couple of national banks. On a new boat through us, providing that you have decent credit, we can get about 6.25-7%. You can take it out 10, 12, 15, or 20 years with no pre-payment penalty depending on how much you finance.
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