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Marine Finance 101 - What is a boat loan?

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Old 01-26-2005, 03:22 PM
  #31
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Default Re: Marine Finance 101 - What is a boat loan?

I emailed you Dave... Rob
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Old 01-26-2005, 03:28 PM
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Default Re: Marine Finance 101 - What is a boat loan?

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Originally Posted by Reckless32
What about the nuances of doing a trade-in in terms of financing?
Trades do not effect financing unless you are "upside down" (owing more than what it is worth). That could hurt your chances on the new boat loan because the LTV could exceed the limit.

Also - banks are pretty hip on seeing deals with trades that are inflated. Like getting $50k on a trade in of a $5k Bayliner
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Old 01-26-2005, 03:28 PM
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Default Re: Marine Finance 101 - What is a boat loan?

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Originally Posted by Jesse James
Thanks. what is the rate on the stated for say a 96 Sea ray 180K fico of 733 (middle) and what length term?
No DOC Loan for $180k would be 5.50%.
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Old 01-26-2005, 10:06 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Nice job ,Dave

See you in AC, going looking for a new fishing boat.

Mike
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Old 01-26-2005, 11:42 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Good post, Dave. Is Amy Starkman with you @ Essex. I bought my boat from her at the AC show 2 yrs. ago and she was great. Ric
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Old 01-27-2005, 01:06 AM
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Default Re: Marine Finance 101 - What is a boat loan?

Yes Rick - Amy Starkman is on board with Essex.
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Old 01-29-2005, 09:11 PM
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Default Re: Marine Finance 101 - What is a boat loan?

What rates can I get on a boat 135K and I want to borrow 100K? and terms?
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Old 01-29-2005, 10:58 PM
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Default Re: Marine Finance 101 - What is a boat loan?

Two questions...

Is one of the reasons that you see 3 different scores based upon the same reported info is that the "equation" used by the 3 agencies to generate a score from reported info is slightly different. Isn't it true that most often you'll find the Experian to be the lowest of the three because thier equation criteria is the toughest of the three. This is what my long time local banker told me, and has for the most part been my experience, though about 10 months ago they moved from the lowest, to the middle of my 3 scores @ 797.

Any feedback on this Dave?

Also Dave, How are Essex credit and Bank of the West affiliated? Does B of W draw thier money from Essex, or is Essex a parent of B of W? Or am I misinformed and there is no affiliation?

Bank of the West has historically had the best rates and terms for a few years now on larger money in the recreational market. I've been with them twice at great rates/terms. Presently I have 4.59% for 20 over 100K with them.

1000 posts!!!
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Old 01-30-2005, 10:54 AM
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Default Re: Marine Finance 101 - What is a boat loan?

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Originally Posted by CAP071
What rates can I get on a boat 135K and I want to borrow 100K? and terms?
Hi Performance Boat - Over $100k 5.49% for 15-20yrs
Non Hi Performance Boat - Over $100k 5.12% for 15-20yrs
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Old 01-30-2005, 10:56 AM
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Default Re: Marine Finance 101 - What is a boat loan?

Thanks DaveP I have had loans through Essex before. I want to start looking at bigger cruisers. I'm setting my borrowing at 100K I wanted an idea.

Thanks
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