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Boat loan rates....

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Old 01-20-2004, 10:07 PM
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Just got a quote of 5.25% for 20. I got it from a broker in Chicago. Could go lower for the boat show.

Beware of the Formula plan. Be "an educated consumer" would be a better way to put it. You need to be sure you can handle the higher payments after the "special" rate ends or you could end up in the hurt locker.
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Old 01-20-2004, 10:19 PM
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plus you need to do the math and determine wether the rate break for x months or the rebate is worth more money to you. Amortization / declining balance tables and a good idea of your expected ownership term, will tell you which saves you more money in the anticipated ownership period. It can go both ways...though I found for example 150K /7 yr. ownership blah blah that closeout was less (all other things equal) financing more money (no rebate in lieu of financing) by taking the rate. I had to prove this to some with the numbers.
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Old 01-20-2004, 10:40 PM
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I've got mine with Bank of the West and they have dropped my rates twice since the purchase at my request. I had Key Bank on a previous boat and I wasn't too happy with their customer service.

Also I thought Bank of the West was a dealer only financial institution, or is it different on the left coast?...Essex I believe also is really a broker not a lender...
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Old 01-20-2004, 11:15 PM
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dealer only, I believe...
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Old 01-21-2004, 01:40 PM
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Ok, for a loan in the 150K range with great credit the best I can get you from Key is 5.75% on a purchase deal (no refi's are 5.99%) on 20 years.

If you are interested let me know, no points or rate adjustments with this loan.
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Old 01-21-2004, 01:51 PM
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4.75% Over 23 years

Second National Bank of Ohio

Through National Marine
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Old 01-21-2004, 02:01 PM
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most excellent..............
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