Go Back  Offshoreonly.com > General Discussion > General Boating Discussion
Marine Finance 101 - What is a boat loan? >

Marine Finance 101 - What is a boat loan?

Notices

Marine Finance 101 - What is a boat loan?

Old 01-30-2005, 09:57 AM
  #41  
Registered
Thread Starter
 
DaveP's Avatar
 
Join Date: Oct 2000
Location: Toms River, NJ
Posts: 2,737
Likes: 0
Received 0 Likes on 0 Posts
Default Re: Marine Finance 101 - What is a boat loan?

Originally Posted by Rippem
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.
Yes this is true.


Originally Posted by Rippem
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?
Yes - we are owned by Bank of the West. We underwrite our own portfolio as well as broker through 9 other banks. We have the best of both worlds which makes it real nice!
DaveP is offline  
Old 01-30-2005, 01:08 PM
  #42  
Registered
 
Join Date: Dec 2002
Location: 1000 Islands
Posts: 4,816
Received 42 Likes on 11 Posts
Default Re: Marine Finance 101 - What is a boat loan?

Thanks Dave. I had it backwards on the relationship of the two entities...

I thought someone should say something about the score variance bit.

Is it correct that you can often take a 1/4% or so (depending on loan size) off your lowest advertised rate for exceptional scores?

Great, great thread.

It should be made sticky for a while, as a lot of people could benefit from some or all of this info..
Rippem is offline  
Old 02-01-2005, 11:46 PM
  #43  
Registered
Thread Starter
 
DaveP's Avatar
 
Join Date: Oct 2000
Location: Toms River, NJ
Posts: 2,737
Likes: 0
Received 0 Likes on 0 Posts
Default Re: Marine Finance 101 - What is a boat loan?

Originally Posted by Rippem
Is it correct that you can often take a 1/4% or so (depending on loan size) off your lowest advertised rate for exceptional scores?
Usually not if you are already talking about extremely competitive rates. If you talk to a lender in the 6% range maybe.
DaveP is offline  
Old 02-02-2005, 01:11 AM
  #44  
Registered
 
Join Date: Oct 2004
Location: Newbury Park, CA
Posts: 1,494
Received 46 Likes on 29 Posts
Default Re: Marine Finance 101 - What is a boat loan?

Dave,

Nice informative post.

I heard on a radio show that the information on credit reports sent to individuals to review their credit history is not the same as the one sent to lenders. Is that true? The issue was that the consumer could correct all the credit errors a they see on their report, but the lender would still see other errors.

(Not boat related) How do these matress retailers and big screen TV dealers in LA, offer no money down, and no payments until 2007 without losing their shirts? Are these only given to a very small percentage of customers?

Thanks,

Michael
Michael1 is offline  
Old 02-02-2005, 07:27 AM
  #45  
Registered
Thread Starter
 
DaveP's Avatar
 
Join Date: Oct 2000
Location: Toms River, NJ
Posts: 2,737
Likes: 0
Received 0 Likes on 0 Posts
Default Re: Marine Finance 101 - What is a boat loan?

Consumers get "Consumer Friendly" reports that are easy to understand. If you received a commercial report you would have a very hard time understanding it and reading it. Both contain the same info.

As for NO MONEY DOWN, NO PAYMENTS UNTIL 2007 etc..... it is all built into the price of whatever you are buying. No money down (jack the price up to cover the interest cost for the first 12 or whatever months - the retailer gets paid in full by the finance company and the consumer gets NO MONEY DOWN or delayed payments)

Fountain came out with ZERO % fiancing for 12 months or reduced interest for 12-24-36 months recently. They took a 14% PRICE INCREASE TO COVER THE COST OF THE PROGRAM.

Nothing in life is for free
DaveP is offline  
Old 02-02-2005, 08:12 AM
  #46  
VIP Member
VIP Member
 
offshoredrillin's Avatar
 
Join Date: Feb 2004
Location: Maryland
Posts: 12,183
Received 1,283 Likes on 445 Posts
Default Re: Marine Finance 101 - What is a boat loan?

Originally Posted by DaveP
Nothing in life is for free

Aint that the truth, lol..Everyone thinks that because we own business's...
offshoredrillin is offline  
Old 02-18-2005, 09:22 PM
  #47  
Registered
 
Playn's Avatar
 
Join Date: Jan 2001
Location: BRENTWOOD, TN
Posts: 4,367
Likes: 0
Received 1 Like on 1 Post
Thumbs up Re: Marine Finance 101 - What is a boat loan?

Dave, Great thread!!
Playn is offline  
Old 02-18-2005, 09:52 PM
  #48  
Registered
 
Wild's Avatar
 
Join Date: Sep 2001
Location: St. Louis
Posts: 3,249
Likes: 0
Received 2 Likes on 1 Post
Default Re: Marine Finance 101 - What is a boat loan?

Let you three messages Dave and you have not called me back since i called you on thursday, going somewhere else unless you call by monday, all the info you need and then some was faxed to you on Thursday. What is up.

Wild
Wild is offline  
Old 02-19-2005, 02:24 AM
  #49  
Registered
 
DirtyMoney's Avatar
 
Join Date: May 2003
Location: Murrayville, GA
Posts: 3,025
Likes: 0
Received 6 Likes on 6 Posts
Default Re: Marine Finance 101 - What is a boat loan?

How do you get access to the USGA database to see which boats are reported missing or needing to be repod?
DirtyMoney is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
florida gator
Insurance and Finance
4
07-23-2008 04:11 PM
RollWithIt
Insurance and Finance
6
03-10-2007 03:27 AM
DaveP
Insurance and Finance
27
01-16-2007 06:58 PM
Outkast Rafe
General Boating Discussion
1
08-24-2005 08:04 AM
StrikinLightnin
General Boating Discussion
19
05-27-2003 02:10 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Quick Reply: Marine Finance 101 - What is a boat loan?


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.