Tom A.

I am curious if anyone has refinanced their boat loans recently.
I have 15 years of a 20 year left and with rates down was thinking it might be worth a refinance.

POWERPLAY J

I did. Lowered rate and cut years off. Same credit union that had the note since I bought it.

Donzi Andy

Just closed on mine. Cut 1.75 off the rate. Call Shipyard Marine in Wisconsin and talk to Thad. They are offering rates as low as 4.99.

Baja_man

Can't help with the boat but I can with the home or second home...if interested in a refi let me know!!

Expensive Date

I tried two weeks ago to get a loan for a 35 Fountain. 850 credit,home paid in full no business debt no other debt other than boat loan. And got told no because I'm in New Jersey and the only bank that will write (Essex) wants 40 % down.I don't run with a lot of cash on hand because I don't need to. Could have used my Heloc but did not want to. Will have mine paid off in 2-3 years just wait till then.

Uncle Dave

Essex is about as responsive in calling back as Kim Jong Il.

All these guys use the nada guides fro values and they dont list 1/4 of whats installed in my boat so the valuation is way off so electronic forms are simply useless as you get an automatic decline instantaneously.

Does anyone know anyone to work with that has a pulse and that isn't "the rainman" for these refis?

Uncle Dave

T-RAV

iTrader: (1)

I tried essex and they sent me a automatic decline saying insufficient collateral, but I was never able to put it in and the lending agent I was assigned was on vacation... I finally got a hold of him and started trying to figure out what they would loan on different boats, the problem I found with them was they used buc value which is a lot lower than nada even though their website says they use nada...

T-RAV

iTrader: (1)

Try penfed credit union or Jason at coastal financial

Expensive Date

I could get it done, but when I built my current house in 1990 that was during the previous tight credit era. I owned the land and did not take any money on the construction loan till the house was sheetrocked. They put me through hell, I had to take it then....I don't now, I hate banks.

I will just keep hammering my boat loan every month and when its paid off just hit my HELOC for the difference if I don't have the cash.

Uncle Dave

Well I heard back from Essex-

2 people said 2 completely different things.

One guy named Owen something told me a number they would loan on a boat my size based on the year of title. Owen X wont call me back.

The other gal Mary told me my valuation was way off and that they were using BUC Vs Nada to compute value.

I cant imagine very many boats bought in 08/09 make the refi cut using BUC or Nada for that matter as boats depreciate like used hand grenades and all they care about is the immediate collateral of just the boat and nothing else including 840 credit.

I think they are just going out of their way to hang onto the higher interest loan which is understandable the bank is there to make money for the bank.

Like ED says - I'm just going to hammer the loan down in about half the time or less and be done with it.


Uncle Dave