Speed, horsepower and loans
 

I'm in this in-between world of owning a boat that's for sale and put away for the winter and shopping for the next one. Won't go further with that part since most of you have been down that road.
But I'm trying to get things in place if the stars, sun and moon happen to align and the deal comes along. I've looked into insurance and the bite isn't as bad as I thought. Checked into a new rack storage facility and the space is available at a somewhat higher cost then expected but it's available.
Next came financing and ....................
Like insurance I'm finding out banks consider boat speed and/or horsepower when taking loan applications. News to me !
As an example Suntrust who has the title to my boat will not currently work with you if the boat you wish to finance exceeds 60 mph. I'm sure there are others like this.

So what institutions out there will work with you and don't have some form of boosted interest, fees or clauses based on performance ?

ed

Re: Speed, horsepower and loans
 

There are some threads posted previously that will give you some great info....search "financing" and you should get some

I go thru Key Bank

Re: Speed, horsepower and loans
 

There are alot of finance companies willing to finance performance boats. One posted not too long ago with pretty reasonable rates. Search under financing and interest rates and you should find some good info. The interest rates might be a little higher but not astronomical.

Re: Speed, horsepower and loans
 

Some banks will try to charge you an extra point or so saying that a high performance boat is more of a risk.They think they are a insurance company.KeyBank is an excellent bank that wont charge you extra.You just have to shop around,but I think you will find KeyBank one of the most aggressive banks out there with the best rates.

Re: Speed, horsepower and loans
 

Key Bank

Re: Speed, horsepower and loans
 

Carolee Snow....800-233-6542
Set me up with Key Bank. (She was 2000 miles away and it was easy)