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LOW RATES ON BOAT LOANS AND REFI's

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Old 02-09-2009, 02:27 PM
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Originally Posted by DaveP View Post
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
Dave,
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?
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Old 02-09-2009, 02:51 PM
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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?
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Old 02-09-2009, 02:55 PM
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it wont... at least in the form it has in the past
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Old 02-09-2009, 02:56 PM
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and smaller lenders will loan at 8-9% with 30 down... 10%+ under 700
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Old 02-09-2009, 04:38 PM
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Originally Posted by fountain40icbm View Post
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?
I had the same B.S. happen to me last week!!!!, it make's me feel a little better knowing other people are going thru this as well, I also have never been turned down for a boat loan, have perfect credit, and make great money!!!
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Old 02-09-2009, 04:56 PM
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Originally Posted by DaveP View Post
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


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.
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Old 02-09-2009, 05:47 PM
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Originally Posted by tamcmanus View Post
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
Hmmm, I think I'd check again.

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
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Old 02-09-2009, 08:36 PM
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Originally Posted by fountain40icbm View Post
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?
Sounds like they knew that you already had the money.
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Old 02-09-2009, 09:18 PM
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Is non performance lending normal?
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Old 02-09-2009, 11:04 PM
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Sounds like they knew that you already had the money.
Yea I think that was my problem also!!! I hate banks
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