LOW RATES ON BOAT LOANS AND REFI's
 

I've received a ton of interest over the past couple of days regarding financing from you guys! Thank you!! I wanted to put another thread up in case anyone missed it.
I'm Jodi from Newcoast Financial. Please call me if you are looking for financing or refinancing of your boat. I can do private party deals, brokerage boats, or dealer boats - all new, used, or refi's. Rates are low right now and I've got some specials through this week. I can usually (and if OSO members are any indication) - beat my competitors by .5%. Don't let them charge you more for high performance. My lenders like high performance and won't charge you for it! Call me at 949*933*4573 or email at [email protected]

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Hey Jodi,

Can you read my link on my experience here...

http://www.offshoreonly.com/forums/s...light=national

And tell me if you can help. It's the only way I'm gonna buy a pleasure boat again.

Thanks,

Greg

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Yow-za!!
Yep, they did a number on you!

This is where I might be able to help you. I am a broker and use several different lenders. Part of what our service is to YOU is to run lien searches and make sure there is a CLEAR title. If there is not a clear title on the boat, WE will do the work to make it clear. This means no title or Coast Guard documentation for you to worry about. We have very strong relationships with our lenders and it would not be in our best interest to present them with a mess like you are talking about.
I am coming from a different place than the dealers. Most of them make money (sometimes more than they make on the boat!) by financing you. And generally they only have a few banks to go to. I have 12. I won't force you into a bad deal just to make my commissions. All my banks pay me the same, no matter.
If you are ready to talk about it, let me know!
jodi

Re: LOW RATES ON BOAT LOANS AND REFI's
 

"Rates are low right now and I've got some specials through this week." :p

Most finance companies are alike as well as rates. It is the service that separates the men from the boys........and girls too :cool: :cool:

Can you beat 4.62% by 1/2%?

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Yep! And luckily service is first with me! Any of my past clients can tell you that. Also, Dave, some finance companies are different. We have lenders that no other finance companies have!! Cheers!

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Moneygirl
If you can beat 4.62% by 1/2% that would be 4.12%. Can you get that rate on $85K for a 20yr term on a 2002 used boat?

Re: LOW RATES ON BOAT LOANS AND REFI's
 

There aren't a lot of lenders that will offer a 20 year term for anything under $100k financed. I do have 2. They are at 5.5% fixed for 20 (this is for 75k - 99k). As for the rate, I have a 4.09% available. Beats even Essex!! Surprise! But that is on a variable rate loan - that is a little game finance people sometimes play to get you to fill out an application. :) Yes I can beat it, but that isn't the loan for you - it's based on a monthly variable. If the 5.24% fixed for 20 is of interest, give me a call. They'd want 15% down and the payment would be: $562 per month (financing $85k). This is one of the specials. In order to get you locked in, I'd need your application by Friday.
I hope this helps!!
jodi ;)
Oh, one more thing - make sure to ask what your credit score, net worth, debt to income ratio, type of boat, horsepower, needs to be for all of the progams listed in previous post. If they can work for you, fantastic, but for people without 720 Fico scores - we should talk!
I also have the 4.99% rate, but unless you have an 800 credit score or are buying a low h.p. boat, it isn't worth dinging your credit for.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

We offer the following:
* NO Income Verification Loans up to $250,000 :D (great for the self employeed)
* NO MONEY DOWN up to $100,000 :D
* 25 & 30yrs terms for $250,000 +++ :D
* And offer 4.99% fixed for 15yrs for as little as $50,000 :D
* And there are quite a few banks offering 5.24% on 20yrs including Essex :D

Re: LOW RATES ON BOAT LOANS AND REFI's
 

You guys and gals are making me want to go buy a bigger boat now :D

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Can either of you do 4.99% for 20 years on $200,000 ?

If so, please email me the info you will require. [email protected]

Hey Von Bongo, what are you offering ?

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Hey, that's the point, now isn't it??
Let's get the economy rollin' and get you guys some low rates while they are low!!
:rolleyes:
Also, when shopping for a loan, make sure you ask what the closing costs and fees are. We have none. And be careful for broad generalizations. I am talking about financing for high performance boats. Period. I can get you a lower rate on a trawler or a sport fisher, but as far as high performance, we've got the lowest! :p

Re: LOW RATES ON BOAT LOANS AND REFI's
 

How can you make false statements like that Jodi?

TRUTH in Lending: Alot of Marine Finance Companies utilize the same banks and have the same or similar programs. Including Newcoast, Scott, Essex, Trident, etc....

Folks - I would say not only service but TRUST and HONESTY should also be a key factor in chosing whom you do business with.

4.99% fixed, Hi Performance, 20yrs - YUP! I can do that :D

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Dave, I am not going to indulge you in this.
I have not said anything dishonest or untruthful. Most lenders do share similar programs, but we DO have exclusive lenders AND special pricing. You suggesting I am trying to be dishonest is ridiculous. Here is an example: one of my exclusive lenders was able to finance 2003 Fountain 42 with twin 1100's. with just over 15% down. The loan amount was $320k. The deal went to every major finance company before coming to me. This is a deal NO ONE else could get done.
I won't argue with you on this anymore.
To the OSO members, please contact me if you are interested. I will be happy to let you choose for yourself who you find more reasonable to work with. Thanks.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

And so do many others including you, me and alot of other people. To say you have the best rates - better than anyone else is incorrect...period.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

How about I give both of you my info and see who can give me the best deal, or would that be bad for my credit score?

Re: LOW RATES ON BOAT LOANS AND REFI's
 

That would be fine. A few inquiries on your credit is not a problem. If you were to have in excess of 6 or more within 30 days that would adversly affect your score.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Please email me your email address and I will forward all of the information to you.

Best regards,
Dave

[email protected] or [email protected]

Re: LOW RATES ON BOAT LOANS AND REFI's
 

i may have to go the fixed loan route.
my heloc is climbing every month , currently 4.7% , and i have a feeling its only going to get worse :rolleyes:

whats the smallest amout you guys mess with? 25-35k?

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Hey there.
I am not comfortable dinging you if you are shopping around. If Dave can get you done, i may be able to beat his rate and we can go from there. We will each pull at least 2 bureas, so you are then up to 4 - I would hate to jeapordize your score for the sake of .5%. If he can't help you, please let me know and i will be happy to help! Sincerely, jodi

Re: LOW RATES ON BOAT LOANS AND REFI's
 

No, I can go as low as you want. The issue becomes rate. The lower the amount you finance, the higher the rate. What $ amount are you looking at?

Re: LOW RATES ON BOAT LOANS AND REFI's
 

i was tapped twice in a week and it hurt me by .5 percent.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

I am pleased with my current 0% for 36 and adjust to 3.99% so I won't go there. But can you get refinance done on other toys such as Diesel motorhome in the remaining balance of 130,000 K range?

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Dave P I will private email you, Thanks Jeff

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We will loan $15k-$25k @ 7.0% Plus. As Jodi said, the less money you borrow the higher the rate.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Jassman - if you qualify for 4.99% we can lock you in until Feb 1st. We can also extend terms to 25 /30yrs on $250k.

We can also deffer your 1st payment for 6 months.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

The bank was not being 100% truthful. Getting tapped 2x in one week would not cost you 1/2% with any bank.

Also - in regard to hi-performance, we (Essex VP's) are able to offer the same rate to a customer no matter if it is hi-performance, cruiser, sailboat, etc...

The type of collateral does not affect your rate with Essex.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

I want to thank all of the members who have contacted me! We are rollin' with the approvals!! I've been able to get 9 approvals so far since yesterday. Keep 'em coming! FYI: Generally when you purchase or Refi your boat, you have between 30 and 45 days to first payment. Save a little cash in December and lower your payment while putting it off until January or February!
Jodi Brandon
Newcoast Financial
949*993*4573
[email protected] :D

Re: LOW RATES ON BOAT LOANS AND REFI's
 

so the 4.99% is for perfect credit? what about 50k for 15 or 10 years what would be a term for the best rate.

Re: LOW RATES ON BOAT LOANS AND REFI's
 

$50k for 10-15yrs would be 5.25% - 5.95% depending on the bank.

Wachovia announced that they are raising rates this Friday. :(

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Jodi,
I have a question...if you have "no fees" like you said, don't you offer a higher rate to get a rebate from the lenders? I am guessing that someone else could give me a better rate than you by paying some fees. I am assuming it's just like the Mortgage industry.Please enlighten me. :D

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So if someone has a 851 FICO do they need to go through all the other bs? Just curious to see what you two can make happen.

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If someone has a FICO of 851, has a monthly Debt to Income ratio under 45% and decent liquidiity... all I need is the application - for loans up to $250k. NO INCOME VERIFICATION loan - No tax returns needed. Jodi - do you offer a No Income Verification up to $250k>

All boats are eligible for this kind of loan including hi performance.

email me at [email protected]

Re: LOW RATES ON BOAT LOANS AND REFI's
 

That is correct. Some lenders charge the fees seperately and some lenders bump the rate to cover the fees.

All Marine Lenders get paid a RESERVE. (Jodi and I included get paid this way) The higher the rate the greater the commission.

My philosophy is to make a little money on a BOATLOAD of loans :D :D My office is currently in 2nd place within our company for sales volume. 1st place is our Florida office where they boat 12 months out of the year - rat bastads! :p :D

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You have mail Dave :cool:

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That's pretty much what I thought :D

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Thanks to everyone for their confidence in me and my team here at Essex!

We know and understand hi-performace as well as customer service. :D

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Now this is some fun reading !!!!!!!

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Hi!
Yep, and Dave is correct also. Because we are a subsidiary of the largest retail boating company in America, we have a massive volume of loans that go to our lenders everyday. From the retail end AND from the loan servicing end. Because of the incredible volume, our lenders extend us rates that are generally below what other service companies are able to offer. It's all about volume.
Another point to consider is experience.
thank you for asking. Please let me know if this doesn't make sense.
jodi

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Sounds like DaveP and Moneygirl are good contenders next time I need a boat loan. :drink:

Re: LOW RATES ON BOAT LOANS AND REFI's
 

Jodi, based on your accusation of me being slanderous toward you, I would remind you that I have not been slanderous. I have just been correcting you on the facts. So let's review:

1) I can usually (and if OSO members are any indication) - beat my competitors by .5%.
Not quite. Your rates are very competitive but so are the other major players in the finance arena.

2) Don't let them charge you more for high performance.
Very few banks charge extra for hi-performance on the rate. What the banks do want is for the owners to have more equity in these purchases.

3) My lenders like high performance and won't charge you for it!
Lenders either do or don't finance hi-performance. There are no lenders that LIKE hi-performance.

4) All my banks pay me the same, no matter
All finance people get paid on the reserve. The higher the rate the more the reserve. Not all banks pay you the same.

5) We have lenders that no other finance companies have!!
Yes - and so does everyone else

6) Also, when shopping for a loan, make sure you ask what the closing costs and fees are. We have none.
We already covered the fact that the fees are built into the loan like mortgage companies

7) Most lenders do share similar programs, but we DO have exclusive lenders AND special pricing.
Yes - and so does everyone else

8) We will each pull at least 2 bureas, so you are then up to 4
Jodi - you worked for Essex. You know that we only pull 1 - 95% of the time

9) Because of the incredible volume, our lenders extend us rates that are generally below what other service companies are able to offer.
I know what your rates are and they are very similiar to what we and 90% of what the other finance service companies offer.

10) I have not said anything dishonest or untruthful.
See the above 1 - 9 statements

Jodi - I am sure you are a very nice person and several people who were your customers at Essex that I have spoken to have told me so. But please don't call confirming the facts as slanderous.

I have been a member of this board since 1999 and and have been a paying sponsor of this board for the last 2 years. I do like to bust chops though just like everyone else here.

So now for some busting chops!..............