Like Tree0Likes

Boat refinance question

Old 02-12-2003, 04:47 PM
Posts: n/a
Default Boat refinance question

With rates being low I called my lender, Citizens Bank, and asked what their rates are. They stated that rates ran between 7.25% and 9.00% on used boats depending on credit. I asked them what would be needed to refinance and they stated there was a $100 fee and after I paid the fee and they checked my credit they would tell me the rate. I financed $20K for 15 years when I bought the boat and paid off half of that in 3 years. Guess they dont like me paying early. Anyway, no way am I paying $100 for them to change the percent rate on my loan when they alrrady have my title etc. I explained that they either do it at no cost or lose the loan all together. They refused to waive the fee. My credit Union will take the loan at 7.99% which is still over a point lower than where I am at. Is 7.99% pretty good these days on a 1992 boat, $10K loan ?
Reply With Quote
Old 02-12-2003, 04:53 PM
VIP Member
Tim G.'s Avatar
Join Date: Jan 2003
Location: Ft. Lauderdale, FL
My Boats: Building boats for you
Posts: 1,760
Default Contact

Ok buddy..
Contact Ellen Donovan at Essex Credit. She'll help you out. It'll cost you nothing to talk to her.
Fire her an email at [email protected]

Tell her Tim Gallagher sent you and I said to waive those Fees...
Tim Gallagher
Sales and Marketing Manager
[email protected]
Tim G. is offline  
Reply With Quote
Old 02-12-2003, 06:45 PM
Join Date: Oct 2002
Location: portland me.
My Boats: 2002 outerlimits
Posts: 38
Thumbs up interest

key bank with good credit you'll get 5.7%
rbourgoin is offline  
Reply With Quote
Old 02-12-2003, 09:37 PM
Charmed1's Avatar
Join Date: Feb 2001
Location: Lake Norman, NC
My Boats: looking :)
Posts: 468

Home Equity loans are much cheeper than used boat rates.
Charmed1 is offline  
Reply With Quote
Old 02-12-2003, 09:53 PM
Platinum Member
Platinum Member
mcollinstn's Avatar
Join Date: Sep 2001
Location: tn
My Boats: 1991 F311SR1
Posts: 5,491

Yeah, AmSouth is still offering zero/zero equity lines at prime to borrowers who qualify. No fee, no costs. Pay interest monthly, and coast till you can drop chunks at the principal.

It's just the cheapest money you can find right now (specially since you can usually write off some of the interest - depends on several things but most can do so).

BUT, if you think you can continue your accelerated payoff schedule, you certainly don't want to pay any fees for a re-fi. Won't amount to much in the long run.

My thoughts? If you are a conscientious payer (and it sounds like you are) then Home Equity is the best borrowing tool out there right now.
mcollinstn is offline  
Reply With Quote
Old 02-12-2003, 09:57 PM
Posts: n/a

We are selling the house and moving, hopefully to sunny warm Florida, within the next 6 months so borrowing against the house isnt appealing. Thanx for the other recomendation, Ill give it a try. Debt sucks !
Reply With Quote

Related Topics
Thread Starter
Last Post
Insurance and Finance
03-28-2008 08:52 AM
General Boating Discussion
03-17-2003 08:46 PM
General Boating Discussion
10-31-2002 09:45 PM
General Boating Discussion
02-12-2002 11:20 PM
General Boating Discussion
01-24-2002 12:26 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

All times are GMT -5. The time now is 01:29 PM.

Copyright 2011 OffShoreOnly. All rights reserved.