Small amount boat loans?
07-08-2008, 09:05 PM
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Small amount boat loans?
Does anybody out there provide decent terms for a boat loan on something 10k or less? I know theres always the personal loan, but I would like to actually get a 60mt or longer boat loan for that amount.
07-09-2008, 10:49 AM
#3
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You'd pay about 2k over the life of the loan at 8%. The difference between 6 and 8% is only about 15 bucks a month.
That isn't HORRIBLE - no different than a car loan. Try to pay it off so it doesn't go to maturity. Pay an extra 1k a year to it somehow and you will only pay about 1500 in interest and pay it off in 3.5 years.
If it gets you in a boat I say go for it.... Try a local Bank. The rate may be a little higher than you want, but it won't kill you on a monthly basis.
That isn't HORRIBLE - no different than a car loan. Try to pay it off so it doesn't go to maturity. Pay an extra 1k a year to it somehow and you will only pay about 1500 in interest and pay it off in 3.5 years.
If it gets you in a boat I say go for it.... Try a local Bank. The rate may be a little higher than you want, but it won't kill you on a monthly basis.
07-09-2008, 04:10 PM
#4
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you might try a bigger loan...keeping cash in pocket for those "new boat" needs...essex credit will do loans in the 20's at a reasonable rate. have you tried "Boat US"?
hey glad...scarab's gone? nice AT, where do you run? i'm over in branford.
hey glad...scarab's gone? nice AT, where do you run? i'm over in branford.
07-09-2008, 05:19 PM
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07-09-2008, 07:07 PM
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I think Key Bank is the only boat loan company that will do loans as low as $10K. I say go for if it gets you into a boat - sometimes you have to crawl before you can walk right.
Get a good down payment so you can fire sale if the worst should happen. Do A LOT OF SHOPPING and get something you can hopefully make your money back on 2-3 years down the road. Don't get a project
Get a good down payment so you can fire sale if the worst should happen. Do A LOT OF SHOPPING and get something you can hopefully make your money back on 2-3 years down the road. Don't get a project
07-09-2008, 09:45 PM
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Sold the Scarab in November and bought the AT in December! I also moved to Stratford in November, so I launch out of there now(I lived in Norwalk last year). I just chimed in on the Sutphen forum about Sunday. Maybe I'll head over to Claudios with you guys...
07-09-2008, 09:47 PM
#8
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You'd pay about 2k over the life of the loan at 8%. The difference between 6 and 8% is only about 15 bucks a month.
That isn't HORRIBLE - no different than a car loan. Try to pay it off so it doesn't go to maturity. Pay an extra 1k a year to it somehow and you will only pay about 1500 in interest and pay it off in 3.5 years.
If it gets you in a boat I say go for it.... Try a local Bank. The rate may be a little higher than you want, but it won't kill you on a monthly basis.
That isn't HORRIBLE - no different than a car loan. Try to pay it off so it doesn't go to maturity. Pay an extra 1k a year to it somehow and you will only pay about 1500 in interest and pay it off in 3.5 years.
If it gets you in a boat I say go for it.... Try a local Bank. The rate may be a little higher than you want, but it won't kill you on a monthly basis.
07-10-2008, 11:36 AM
#9
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A loan that small is going to have a higher interest rate then 6-8%. I would guess more 11-12 range, if you can find someone (boat lender) to do it.
Someone mentioned getting a larger loan and pocket the extra. Nice thought, but the boat has to book out for the amount requested.
local bank is going to be your best bet, however if there is something perventing you from going that route, and the normal marine lenders can't help, find someone that deals with Medallion Bank, Merrick, or American General. Their interest rates are crazy, but make sure you can afford to pay it off early and get on the water.
You may also want to give Suntrust a call
Someone mentioned getting a larger loan and pocket the extra. Nice thought, but the boat has to book out for the amount requested.
local bank is going to be your best bet, however if there is something perventing you from going that route, and the normal marine lenders can't help, find someone that deals with Medallion Bank, Merrick, or American General. Their interest rates are crazy, but make sure you can afford to pay it off early and get on the water.
You may also want to give Suntrust a call
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