Need a loan......
 

Since I bought our boat we have "needed" to add various things to it. Although the boat was paid for at delivery, the "needs" were financed through a home equity note. Now the rate keeps jumping and I'd love to get a fixed "boat loan" for aprox 7 yrs at under 7%. My credit score is just over 800 and I'm looking at borrowing 1/3 the boats value so I should get the best rates available. Right?
Any suggestions from the peanut gallery here?

Russ C.

Re: Need a loan......
 

800+ is tits bro.....hard for anyone to give you crap over that.

Re: Need a loan......
 

call Pacific Fin. ask for Sandra off. 310-410-8836 or her cell 949-233-6536.....she has stated income loans and low rates. Very easy to work with

Re: Need a loan......
 

their just strokin you to see if you will bite.......turn up the pressure

Re: Need a loan......
 

essex credit is at 6.375% for 20 years. 866-377-3948

Re: Need a loan......
 

???

Re: Need a loan......
 

You could always re-fi your house note and roll the HELOC into it. There has been talk of not allowing boat loan interest to be written off as a second home. Just a little food for thought.

Re: Need a loan......
 

Bank of America gave me 5.75% for 100K + just before holidays

credit score of 800

Re: Need a loan......
 

I would do it as equity as well Russ, the HELOC as Craig said is a great tool. If you do it with the boat as colateral, you have to pay it off if you decide to go bigger or get a diff boat... :)

Re: Need a loan......
 

I don't know what my score is, but I must be doing something right...

Citibank just gave me 1.99% fixed rate on $23,700 till it's paid off.
How could I say no to that? :drink:


t500hps

Give Dave P a call at Essex Credit: 866-377-3948 Ext. 7036

Re: Need a loan......
 

I really don't care what the collateral is on the note. I only need around 25K, and only want it for 5-7 years. Several issues that costs me big time finally appear to be resolved. (the money is currently on a HELOC but the rate is variable and up to 8.75 already)

The few home eq people I talked to wanted fees, points, etc. and actually were quoting HIGHER rates than I could get on a boat loan. I even pointed out to 2 of them that it didn't make sense that I could get a better rate with no fees on something I could "move at night" whereas a home was secured to a foundation and not easily "hidden" from the banks.

Re: Need a loan......
 

I'm not fond of debt of any kind....I would pay this one off anyway.

Re: Need a loan......
 

Was this a credit card balance transfer? I just realized my limit of the card is higher than what I owe on the note :eureka:

Re: Need a loan......
 

Newcoast Financial was the easiest loan company I ever delt with.

Kyle Vollenweider OSO – Loan Ranger
Newcoast Financial Services
18167 U.S. 19 N., Suite 300
Clearwater, FL 33764
Toll Free 866-639-2627 x46
Mobile 727-741-8150
Fax 727-450-1151

Re: Need a loan......
 

I'll second that that...AWESOME GUY (Loan Ranger here on OSO)

Re: Need a loan......
 

Even at a higher rate an home equity loan HAS to be better than getting a new loan for what you need......the interest is tax deduectable! Would your new loan be??

Re: Need a loan......
 

Yes.
I had that option, or deposit one of the checks into my checking account.
I chose to make out one check and deposited it. A max $75 fee was all it took.
I am free to use the cash however I want this way... ;)

Re: Need a loan......
 

Alright, that's EXACTLY what I need and about the same amount of money!! where do I sign up for that?

Re: Need a loan......
 

Give Citi a call and ask what promotions they are running.

I didn't even ask for this, it just came in the mail one day. It was the lowest rate I have ever seen from any card company.

It was perfect timing too because Chase wouldn't move on the interest rate that was being applied to a $70 charge on my account. While the rest of the balance was 3.99% they were hitting me like 19% on that $70. I told the Chase supervisor that they just lost my business over a lousy $70.
Smart move! I kept her name and feel like writing a letter telling the company why I chose to pay off any of my debts with them and take my business elsewhere. :eek: ;)

Re: Need a loan......
 

true, the advantage as Nort said is the interest is tax deductable, double the payment and it's paid off in half the time.

Re: Need a loan......
 

If you have a 700+ credit score, do a fixed loan for the boat, not a heloc (home equity line of creit). Helocs are tied to the prime rate, which is currently 7.75% and will probably keep rising! The prime rate was like 5% 1 yr. ago :eek:

You can get a fixed rate in the 7%-8% range, and like Nort said, it's tax deductible :D

Re: Need a loan......
 

ok

Re: Need a loan......
 

Semper Fi is right on the money!
Fixed rate only.......

Re: Need a loan......
 

Careful usnig a CC for huge amounts. It is considered revolving credit and a lot of it will kill your credit score. You have an 800, so the effect may be minimal, but it IS somehting that you need to consider.

CC transfers normally require a fee as well. Might be as high as 2% depending on the card.

Re: Need a loan......
 

Do you belong to a credit union? When I first bought my boat my local C.U financed it for 8.5% (in 2000). I paid on it for 2 years,asked the C.U several times if they were going to offer Rv/boat loans any time soon for less interest (I would re-fi). I finally got sick of paying the 8.5%, jumped thru hoops and paid about 500$ in fees to re-fi it with Essex credit in CA for 6.5%. When I paid off the note at CU they asked me why I re-financed it with someone else,I told them there interest rate was rediculess. 2 months later I was paying my mgt there and cashing a check i see a sign "boat financing 25,000 min. loan -5.99%!!!! :mad: I asked them about re-financing it with them again,they did it in 1 day with no fees or bs (essex credit took 3 weeks and put me thru hell). I only made 2 pmt's to Essex before I switched it back to the CU,I think last time I was in there it was still only 6.25% for boat loans,Smitty

Re: Need a loan......
 

I would agree with Old School and Offshoredrilling about rolling your boat into a Home Equity from the house if possible. With a credit score like yours you will not pay anything for closing costs either.

Send me a PM with contact info. I mayt be able to help you out getting a Loan depending on the State you live in. I am a mortgage broker here in NY.

Don

Re: Need a loan......
 

I just got a Discover Card offer. ZERO% for the life of the loan on transfered balance. You need to make 2 purches per billing period, but they can be for any amount, even $1.00 or less. As long as you make those 2 purchease, the rate on the balance transfer stays at Zero. You do pay interest on the purchase amounts, but if you make 2 at $1.00 a month, the interest will be almost non exsistant.

Re: Need a loan......
 

Citibank will do a fixed 2nd or heloc for you with NO costs. You can actually "process" the loan yourself, it's easy! If you have a 680+ credit score, you can do this loan as a stated/stated loan....no income documentation needed. Max LTV depends on your score. Try this number... 1-800-456-4510. I use a different # (for brokers)

I do these loans alot, but do it yourself for FREE!!

Gerard

P.S. Citibank has a 4.5% earnings on their e-savings account!! NO minimum balance required! Go to www.citibank.com and click on the big sign that says 4.5% e-savings info.

Re: Need a loan......
 

Thanks for the help, Obviously I CAN get a loan anywhere, I just want a low rate!!! Tried Citibank and they weren't bad (no fees if the loan is open 36 months) Newcoast and Essex have OK rates but may need surveys, etc. I spoke to the local bank that has the HELOC and they have agreed to meet a fair rate with no fees if I keep the note for 36 months. (7 1/4% and they already have all my info!!!!) Since I also have money in a Credit Union I'll try them tomorrow. They have my truck note but I seem to remember there was something that kept me from borrowing money from them though :confused:

Re: Need a loan......
 

Red Crown Credit Union in Tulsa Oklahoma has 6% for 10yrs.

Re: Need a loan......
 

:evilb: