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Marine Finance 101 - What is a boat loan?

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Old 01-25-2005, 09:54 AM
  #21
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Default Re: Marine Finance 101 - What is a boat loan?

Dave is right.I am the person he just financed the shadow cat for.The boat is beautiful.I ran around to all these people who said they could get it done but all of them I mean all came back to me after I sent all the info they wanted and said that they could not do it.Wasted weeks doing this.Put a post here and people said to call Dave.I did and less than 24 hours after he recieved all my info the loan was approved and got my official letter the other day.If you need a boat loan do not even waste your time going somewhere else.Dave is the man he even got me a great rate.
Dave by the way I will know my Feb schedule tommorow night and I will get in touch with you to finalize the closing.I am thinking early next week to pick it up.You may have to fedex the papers to me somewhere but I will let you know.
Mark
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Old 01-25-2005, 10:15 AM
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Thanks Dave, will be looking soon. I will contact you when I'm ready.

Most loans require Coast Guard documentation, correct ? I had to on my last one.
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Old 01-25-2005, 11:31 AM
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Default Re: Marine Finance 101 - What is a boat loan?

Great info Dave

now why else would anybody even consider going any place else for financing!

I'm kinda suprised you could put up all that info at 12:30 am
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Old 01-25-2005, 12:05 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Up at 12:30am...........STACKERS are a wonderful thing I'm trying to get caught up on NJPPC & Big Seas stuff.

Credit check? www.myfico.com is pretty good. You can contact the agencies directly but that can be a pain in the butt. Pay the $19.95 or $29.95 and you will be much happier.

Max credit score - 900 I believe. The best I have ever seen was 880.

USCG Documentation: Almost always mandatory for loans over $100k. The bank calls it a "Prefered Ships Mortgage". This makes it clear to the USCG if the boat ever needs to be repo'd.

Also, A little trivia - You cannot obtain USCG Documentation unless you are an American Citizen.
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Old 01-25-2005, 12:09 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Quote:
Originally Posted by fishead
Dave is right.I am the person he just financed the shadow cat for.The boat is beautiful.I ran around to all these people who said they could get it done but all of them I mean all came back to me after I sent all the info they wanted and said that they could not do it.Wasted weeks doing this.Put a post here and people said to call Dave.I did and less than 24 hours after he recieved all my info the loan was approved and got my official letter the other day.If you need a boat loan do not even waste your time going somewhere else.Dave is the man he even got me a great rate.
Dave by the way I will know my Feb schedule tommorow night and I will get in touch with you to finalize the closing.I am thinking early next week to pick it up.You may have to fedex the papers to me somewhere but I will let you know.
Mark
Mark -

You'll be just as impressed with the closing process...

The crew at ESSEX was really helpful and it was very, very smooth !

- - Wes
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Old 01-25-2005, 01:13 PM
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Default Re: Marine Finance 101 - What is a boat loan?

I closed my loan with Dave back in December in about 5 min, everything was prepared to the letter. This was by far the best experience I have had with marine loan


Thanks again Dave



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Old 01-25-2005, 03:00 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Any idea how banks decide on how long you can have a loan for?

Some loans are 20 years, Im sure someone cant get a 20 year loan on a 5k bayliner, but how do they decide?

Thanks
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Old 01-25-2005, 05:46 PM
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Default Re: Marine Finance 101 - What is a boat loan?

I've used Essex on a prior loan and it was an easy experience. Thanks Dave for taking the time to sculp a good post.

I would recommend to all to review your credit record at least annually as I've found many "little" errors and have gotten them corrected. It's not a perfect sytem by any stretch.

Dave perhaps along the same lines, could you elaborate a little on the thresholds required for getting 10 -15 - 20+ year loans, and are there such a thing as a 25-30 year note? What about the nuances of doing a trade-in in terms of financing?
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Old 01-26-2005, 03:16 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Quote:
Originally Posted by Jesse James
I understand the comp loan, however lets say you are looking at a 100k boat with a $1000 monthly ammortized over 10 yrs......no prior recreational loans only real estate and auto and a prior 3 yr auto loan had a payment in excess of 1k would this be viewed as adequate to handle the payment or is it more based on the overall loan size?
Overall loan size is more important than the actual payment size. If there was a real estate loan that was $100K+ that would be considered comp credit.

Quote:
Originally Posted by Jesse James
And do the banks offer lite doc programs similar to mortgage banks where the gross deposits are used as income either a percentage of gross deposits or the full amount?
No
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Old 01-26-2005, 03:20 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Quote:
Originally Posted by HyperBaja
Any idea how banks decide on how long you can have a loan for?
Some loans are 20 years, Im sure someone cant get a 20 year loan on a 5k bayliner, but how do they decide? Thanks
Term of the loan is based on the dollar amount as well as the year of the boat.

General Rule of Thumb regarding value:
Under $50k 10-12-15yrs
$50k - $75k Most banks go 15yrs. We offer 15 & 20yrs
$100k ++ 20yrs Max

We are one of the few lenders that offer 25 & 30yr terms on a loan amount that exceeds $250k.
25yr Term = 25% Down Payment required
30yr Term = 30% Down Payment required

As for the term on older boats = all depends on size, condition, dollar amount. Unfortunately there is no easy method to figure that out.
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