Loan Amount/Duration
 

Can some of the finance savvy guys confirm some information for me....is this info correct?

1 - 20 year term is only available on loans over 100k
2 - 100k loan requires a minimum of a 20% down payment
3 - Rates differ based upon the length and amount of loan

Thanks in advance...trying to see how much boat I can afford.

Re: Loan Amount/Duration
 

20yr term is normally for $100k+ with most banks. There are a few that will go 20yrs on $50k+. Only a VERY FEW. I work with banks that do.

20% down - depends on the boat, boat age and what you are paying for it. I have done $100k loans with as little down as 10%. I have done loans under $100k with no down payment (if your credit is strong enough)

Rates do differ for amount of loan. Term has ZERO to do with rate. Usually banks will increase the rate for hi-perf boats. They see them as a greater risk thus they want more $$$ in the rate they charge.

I hope this helps. Feel free to email me at [email protected]

Re: Loan Amount/Duration
 

What is the rate on a 10yr. $100k+

Re: Loan Amount/Duration
 

Thanks a lot Dave - this is excellent information - just as in the other informational post you had here. Thanks a million!

Re: Loan Amount/Duration
 

Hi-Performance Boat: 6.99%
Non Hi-Performance Boat 6.50%

Re: Loan Amount/Duration
 

I got 5.75 in 2004 above 150,000.

Re: Loan Amount/Duration
 

5.75% is looooooooooong gone.

I got 4.99% on my 36 Concept in May of 2004.

Best Rate out there today is a 6.25% for a 3yr fixed term. (non hi-performance). I personally would recommend going with a long term fixed in this rate environment.

Re: Loan Amount/Duration
 

I nailed 4.59% fixed 20 yr over 100K with Bank of the West in Aug '03.

ahhh...the good 'ole days :p

Re: Loan Amount/Duration
 

maryland mark, when did you get that USAA rate? I am a member however, would have never considered using them for a boat loan as they never seemed to have competitive capability....

Re: Loan Amount/Duration
 

Marylandmark - I never thought to call as the website says only up to 15 years so I always ignored it. However, I did just call and they said 240 months, 80% loan and 7.24% :(. Looks like you got in before the Fed jacked it up again!!

Re: Loan Amount/Duration
 

Wait and goto the boat show,you get a better rate so you get more boat with the lower rate.Think about college boy.Don't settle on the one you kinda want. Sydwayz i'll meet you over at O.T.H.'s house just bring the order forms so Lisa can sign them.

Re: Loan Amount/Duration
 

Not true - rates are predicated on the cost of funds to the bank lending them. Sometimes there will be a special rate at the shows but very rarely.

The shows all summer and all fall have had the same rates with the exception of Lauderdale where 1 bank dropped their pants. Going into the NY show next week - all of the rates will be exactly the same as they have been for the last 10 weeks.

Want to get an idea on cost of money to lend - checkout the 3yr Treausury Swap history. As that moves so do most lenders who lend on recreational vehicles.

http://www.federalreserve.gov/releas...5_SWAPS_Y3.txt