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Current interest rate?

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Old 04-10-2008, 09:44 PM
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ya dave handled mine it was painless
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Old 04-10-2008, 10:07 PM
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All depends on your credit score, boat make, age of boat, HP of engines & your Debt to Income ratio.

The banks that will finance HP are dwindling quickly. Lakeland Bank here in NJ just pulled the plug on Marine Financing. They will now only finance only branch customers.

As far as national banks, very limited. Twin 525hp or less is relatively easy with a good score.

Over 525hp.........tougher
Over 800hp.........you need to be GOLDEN

As for rates today for 10yrs old or less:

5.50% fixed for 3yrs (525hp or less) over $100k
5.75% fixed 15 or 20yrs (525hp or less) over $100k

These rates are for GREAT credit and hp under twin 525hp
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Old 04-10-2008, 10:34 PM
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Quote:
Originally Posted by getchasum111 View Post
Hey Drew....I'm a broker .....with a 720 plus tri merge score you should be closer to 5.5%...no more than 5.75%...if I can help just let me know...

Chip Cecil

CHip - ya got an email address you can give me? I'm wanting to buy a place on Cumberland. Got some questions on a loan.
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Old 04-10-2008, 11:16 PM
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Quote:
Originally Posted by DaveP View Post
All depends on your credit score, boat make, age of boat, HP of engines & your Debt to Income ratio.

The banks that will finance HP are dwindling quickly. Lakeland Bank here in NJ just pulled the plug on Marine Financing. They will now only finance only branch customers.

As far as national banks, very limited. Twin 525hp or less is relatively easy with a good score.

Over 525hp.........tougher
Over 800hp.........you need to be GOLDEN

As for rates today for 10yrs old or less:

5.50% fixed for 3yrs (525hp or less) over $100k
5.75% fixed 15 or 20yrs (525hp or less) over $100k

These rates are for GREAT credit and hp under twin 525hp
This is pretty much on par with what I found....
The HP can be a killer of a deal.
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Old 04-11-2008, 10:03 AM
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[email protected] to help anyway i can....
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Old 04-11-2008, 11:30 AM
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If you can remind yourself to keep an eye on rates the 1 month LIBOR rate is the best right now.

Rate is 4.95% but the rate adjusts every month. This is a good program for at least the next 18-24 months. BUT!!!!!!!! You have to be disciplined enough to see when rates start to climb to refi into a FIXED rate.

Unlike all the folks who are getting their homes forclosed on now who did not understand what they were getting into.
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Old 04-11-2008, 11:55 AM
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What always pisses me off about some lenders is..

Collateral doen't repay loans people do. WHo cares if it has 900's or 500's. Do they finance a v-6 mustang but not a GT500 model? The whole reason for the sub prime mess was a bunch of loans to poeple with poor credit, no reserves and Loan to Values through the roof! Yea that was about a 500 billion dollar mistake. Gee how's that collateral liquidation working out for you guys?

Wonder if National City was brought down by thier boat lending or their stupid foray into subprime.

If you know the value of the boat and discount it properly you're going to have the same loss when you get it back regardless. I've never made a loan, sans a CD or other cash value, based on collateral.

But its their money and as usual the banking industry is swinging way to the conservative side. Then in a year or so, stock values will still be in the tank and boards and share holders will be screaming about earnings and we'll start the cycle all over again.

Rant off
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Old 04-11-2008, 01:10 PM
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Quote:
Originally Posted by Von Bongo View Post
What always pisses me off about some lenders is..

Collateral doen't repay loans people do. WHo cares if it has 900's or 500's. Do they finance a v-6 mustang but not a GT500 model? The whole reason for the sub prime mess was a bunch of loans to poeple with poor credit, no reserves and Loan to Values through the roof! Yea that was about a 500 billion dollar mistake. Gee how's that collateral liquidation working out for you guys?

Wonder if National City was brought down by thier boat lending or their stupid foray into subprime.

If you know the value of the boat and discount it properly you're going to have the same loss when you get it back regardless. I've never made a loan, sans a CD or other cash value, based on collateral.

But its their money and as usual the banking industry is swinging way to the conservative side. Then in a year or so, stock values will still be in the tank and boards and share holders will be screaming about earnings and we'll start the cycle all over again.

Rant off
Without having knowledge on the subject I would say that your summation is like not being able to hit the side of a barn with a shotgun
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Old 04-11-2008, 01:15 PM
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Quote:
Originally Posted by Von Bongo View Post

Wonder if National City was brought down by thier boat lending or their stupid foray into subprime.
Is there news on this? What happened to National City? Are they out of the boat loan business?


Edit...
All I can find is this on Wikipedia: "2007: National City announces that their Wholesale Mortgage Division will cease operations effective December 31, 2007 in the face of record foreclosures. Employees were notified via email and conference call from Buck Bibb, head of National City Mortgage."

Last edited by Sydwayz; 04-11-2008 at 01:17 PM.
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Old 04-11-2008, 01:21 PM
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I've got a refinance question. Most lenders load up the interest in the early years of the loan, the later you are on the loan the more principle your paying in. So when you refinance does that mean you get a whole new loan, which loads up the interest again? What would be the point in refinancing if you've already paid all the interest on your loan and your payments are all going to principle.
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