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LOW RATES ON BOAT LOANS AND REFI's

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Old 02-08-2009, 05:55 PM
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Originally Posted by tamcmanus View Post
looking to purchase new boat, have 15k to put down and can
not find anyone to finance me. need help, i can be reached on
my cell phone just about anytime 609-839-6933. i had a deal to build a 26 redline cat for 110k with 15k down and could not
lock up the financing, gave up on the cat,started looking at v-hulls in the 85k to 90k range and still get no bites. newcoast in
jersey shopped me too bank of america and they declined me.
my credit score is low of 690 high of 725, can you help me? me e-mail is [email protected] get back to me as soon as you can the money is burning a hole in my wifes pocket. if i
do not buy a boat this year she will have me putting in a pool.
either way i get a hole in the water i guess, but the boat is my vice so to speak. thanx tim mcmanus

Right now for high performance if your score is lower than 725 there are no sources for financing currently.

Also - banks will be looking for at LEAST 20% and possibly 30% down.

What other boats are you considering?
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Old 02-08-2009, 06:27 PM
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Wow this thread is showing the sign of the times for sure..... 5 years ago lenders were fighting with each other to give money away now it is a closed pocketbook!

DaveP this statement may hurt your wallet short term but may help you long term.....BANKS SHOULDN'T LOAN MONEY ON DEPRECIATING ASSETS OVER LONG PERIODS OF TIME ! ! !

Atleast cars/trucks last 10 years so if they get paid for in 5 you can still run them another 5. Boats have short life spans compared to cars/trucks, are less usable and depreciate quicker.....
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Old 02-08-2009, 06:35 PM
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DaveP this statement may hurt your wallet short term but may help you long term.....BANKS SHOULDN'T LOAN MONEY ON DEPRECIATING ASSETS OVER LONG PERIODS OF TIME ! ! !
With the proper down payment and accurate value determined on the collateral long periods of time is not an issue
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Old 02-08-2009, 09:10 PM
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Do high performance owners default more often than say...blowboaters? I've never understood the banks reluctance with performance. Same with insurance. I see a lot more runabout accidents than hi perf.Most of the people I know that drop this much coin on a boat know how to handle it well and are very conscientious.
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Old 02-08-2009, 09:48 PM
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Do high performance owners default more often than say...blowboaters? I've never understood the banks reluctance with performance. Same with insurance. I see a lot more runabout accidents than hi perf.Most of the people I know that drop this much coin on a boat know how to handle it well and are very conscientious.
High Performance boaters don't necessarily default more than other boats but when they do go bad they are usually in the worst condition and also tend to be missing drives and the engines require rebuilds as they are "tired" or blown up.

So.....the banks percieve it as a much high risk collateral because it takes alot of $$$ to maintain a performance boat than it does a Sea Ray.

This is why most banks today will not finance a performance boat. As of right now the only NATIONAL lenders that will still entertain performance boats is my company Essex Credit / Bank of the West.

SunTrust = No
Bank of America = No
Colonial Bank = No
Provident = No
M&T Bank = No
US Bank = No
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Old 02-09-2009, 07:39 AM
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We offer the following:
* NO Income Verification Loans up to $250,000 (great for the self employeed)
* NO MONEY DOWN up to $100,000
* 25 & 30yrs terms for $250,000 +++
* And offer 4.99% fixed for 15yrs for as little as $50,000
* And there are quite a few banks offering 5.24% on 20yrs including Essex
dave, contact me, live here in jersey and can find no financing! call my cell 609-839-6933 or email me at [email protected]-thanx tim
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Old 02-09-2009, 07:43 AM
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Right now for high performance if your score is lower than 725 there are no sources for financing currently.

Also - banks will be looking for at LEAST 20% and possibly 30% down.

What other boats are you considering?
dave, john coen of superboat has a 2009 demo 30y2k 496ho
for 65k, with a trailer for 70k, i can put 10-15k down so i need
about 55k,
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Old 02-09-2009, 07:47 AM
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Uhm, this thread is 5 years old, and I don't think she's around really these days. Try posting something new in the finance section of the board.

Oh, and I thought RPM had financing available? That is a bad ass boat, why not just get an HO package to start wtih, and then add a blower or Raylar package to up the power later if it was too costly overall?
Good luck.

Also, your credit seems OK, is it the income to debt ratio that is killing the deal?
even if i go bare minimum with 496 the boat is 96k, all of steves finance guys he works with say that there is like 2 banks for cat loans and you have to walk on water to be able to get any money, that is the boat i want but it looks like it is not happening so i will have to settle for less, i found a demo 30y2k superboat for 65k and still no better! help
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Old 02-09-2009, 08:00 AM
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Call Melanie at Scott boat loans in miami, they are doing lots of loans. And on high performance as well.
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Old 02-09-2009, 02:12 PM
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even if i go bare minimum with 496 the boat is 96k, all of steves finance guys he works with say that there is like 2 banks for cat loans and you have to walk on water to be able to get any money, that is the boat i want but it looks like it is not happening so i will have to settle for less, i found a demo 30y2k superboat for 65k and still no better! help
Tim - it was good to talk with you but sorry I could not help you.
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