Loan Amount/Duration

[Ca$hed Out]

Can some of the finance savvy guys confirm some information for me....is this info correct?

1 - 20 year term is only available on loans over 100k
2 - 100k loan requires a minimum of a 20% down payment
3 - Rates differ based upon the length and amount of loan

Thanks in advance...trying to see how much boat I can afford.

[DaveP]

Originally Posted by On The Heat

Can some of the finance savvy guys confirm some information for me....is this info correct?

1 - 20 year term is only available on loans over 100k
2 - 100k loan requires a minimum of a 20% down payment
3 - Rates differ based upon the length and amount of loan

Thanks in advance...trying to see how much boat I can afford.

20yr term is normally for $100k+ with most banks. There are a few that will go 20yrs on $50k+. Only a VERY FEW. I work with banks that do.

20% down - depends on the boat, boat age and what you are paying for it. I have done $100k loans with as little down as 10%. I have done loans under $100k with no down payment (if your credit is strong enough)

Rates do differ for amount of loan. Term has ZERO to do with rate. Usually banks will increase the rate for hi-perf boats. They see them as a greater risk thus they want more $$$ in the rate they charge.

I hope this helps. Feel free to email me at dpatnaude@essexcredit.com

[44MTI]

What is the rate on a 10yr. $100k+

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Thanks a lot Dave - this is excellent information - just as in the other informational post you had here. Thanks a million!

[DaveP]

Originally Posted by 42MTI

What is the rate on a 10yr. $100k+

Hi-Performance Boat: 6.99%
Non Hi-Performance Boat 6.50%

[docmanrich37]

I got 5.75 in 2004 above 150,000.

[DaveP]

Originally Posted by docmanrich37

I got 5.75 in 2004 above 150,000.

5.75% is looooooooooong gone.

I got 4.99% on my 36 Concept in May of 2004.

Best Rate out there today is a 6.25% for a 3yr fixed term. (non hi-performance). I personally would recommend going with a long term fixed in this rate environment.

[Rippem]

I nailed 4.59% fixed 20 yr over 100K with Bank of the West in Aug '03.

ahhh...the good 'ole days

[Ca$hed Out]

maryland mark, when did you get that USAA rate? I am a member however, would have never considered using them for a boat loan as they never seemed to have competitive capability....

[Ca$hed Out]

Marylandmark - I never thought to call as the website says only up to 15 years so I always ignored it. However, I did just call and they said 240 months, 80% loan and 7.24% . Looks like you got in before the Fed jacked it up again!!