LOW RATES ON BOAT LOANS AND REFI's
02-09-2009 | 01:27 PM
#61
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Joined: Jul 2004
Posts: 438
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From: Palm Harbor, FL
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 $$$ to maintain a performance boat than it does a Sea Ray.
This is why most banks today will not finance a performance boat. As of right now the only NATIONAL lenders that will still entertain performance boats is my company Essex Credit / Bank of the West.
SunTrust = No
Bank of America = No
Colonial Bank = No
Provident = No
M&T Bank = No
US Bank = No
So.....the banks percieve it as a much high risk collateral because it takes alot of $$$ 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
You forgot about the lender that I have but you do not. They will not do cats, but on loans from $150,000 to $1,000,000 they are very aggressive on V-hulls and will do center consoles with triples or quads.
Funny seeing the old Jodi posts. Did you train her?
Kyle
02-09-2009 | 01:51 PM
#62
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Joined: Jun 2003
Posts: 7,276
Likes: 23
From: Bristol, RI
Last week I was refused a loan on a "high-performance" boat by the following banks.
CGI Finance, Inc
Provident Bank of Maryland
BOA
M&T Bank
US Bank
SunTrust
I have never been refused a loan on "anything"!
I could have written a check for the boat!!! it didn't
seem to matter, because it was a "high performance" boat!
How will our industry survive?
CGI Finance, Inc
Provident Bank of Maryland
BOA
M&T Bank
US Bank
SunTrust
I have never been refused a loan on "anything"!
I could have written a check for the boat!!! it didn't
seem to matter, because it was a "high performance" boat!
How will our industry survive?
02-09-2009 | 03:38 PM
#65
Platinum Member
Joined: Sep 2007
Posts: 1,676
Likes: 36
From: Millsboro, DE- Cape Coral, FL
Last week I was refused a loan on a "high-performance" boat by the following banks.
CGI Finance, Inc
Provident Bank of Maryland
BOA
M&T Bank
US Bank
SunTrust
I have never been refused a loan on "anything"!
I could have written a check for the boat!!! it didn't
seem to matter, because it was a "high performance" boat!
How will our industry survive?
CGI Finance, Inc
Provident Bank of Maryland
BOA
M&T Bank
US Bank
SunTrust
I have never been refused a loan on "anything"!
I could have written a check for the boat!!! it didn't
seem to matter, because it was a "high performance" boat!
How will our industry survive?
02-09-2009 | 03:56 PM
#66
Registered
Joined: Jul 2008
Posts: 123
Likes: 0
From: Omaha
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
SunTrust = No
Bank of America = No
Colonial Bank = No
Provident = No
M&T Bank = No
US Bank = No
Bank of the West is who I use for my home building business. They are VERY tough, but if you meet their minimum standards it takes only a few hours to do a deal for nearly any amount. My wife just bought an NSX for about 60K and it took them about 2 hours for the paperwork and to print out the check. I asked about a boat loan because we were looking at the yellow 36 Nor Tech at LOTO. They said they wanted at least 100K down and would only go 7-10 years on the balance. My private banker said it's not so much credit score and down as it is the fact that they cannot predict depreciation like they used to. He thinks that even with 100K down I would be upside down in about 2 years.
02-09-2009 | 04:47 PM
#67
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Joined: Jan 2006
Posts: 1,820
Likes: 0
From: Royal Oak, MI
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
http://www.offshoreonly.com/forums/g...s-package.html
and
http://www.rpmpowerboats.com/FebSpecial.htm
I would check with credit unions. They didn't get burned like many of the national guys and are still loaning.
Here is one recommended in the finance section "aggresively" doing boat loans, and they state 10% down?
https://www.penfed.org/productsAndRa.../boatLoans.asp
02-09-2009 | 07:36 PM
#68
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Joined: Mar 2004
Posts: 8,162
Likes: 0
