Another Question on Financing
 

Iam thinking about my first boat.My question is I hate putting money down on a car let alone a boat is there any good No money down financing boat loans? My credit score is 780 Hope someone can help.Looking at a sunsation 288 mid cabin Thanks

To help out a fellow brother, from what I have found out if you are looking at used older than 5 years, expect to put something down.

I am going to use my home equity to get around that, and I can write off the interest that way. Unless you get the right options in a boat you cannot write it off as a second home. Also the interest rates tend to be better than you can get with a boat loan.

Checkout: http://www.offshoreonly.com/forums/s...d.php?t=162412

With a 780 credit score, I can get you no money down up to $149,999. Give me a call if you have any specific questions. Thanks, Kyle

That is for new boats right?

I am looking at a 97 Powerquest 26 Legend XL @ 30K. I contacted Dave P and he could not help without $$down. I don't have our credit scores handy but I think it was above 750 and the wife was 780.

Loan Ranger
 

I looked at your website it says i have to have money down???

The parameters are 8 years and newer boats and the minimum credit score is determined by the loan amount - higher the loan, the higher the score needed. Max engine size is single or twin 525's.

I too hate putting money down, but looking at a 10yr old boat everyone says I have too. I don't know what the difference is when it comes to the age of the boat. I find the max age of the boat pretty dumb, my credit should be the determining factor.

You find me a 0% down loan for a 97 boat @ 30K and I will call.

a few reasons- (from the banks point of view)

1. your buying a rapidly depreciating product, putting no money down can get you upside down in the loan. If the bank has to take the boat back they want to be a ble to bail out of it the best they can.

2. Regardless of your credit score, a bank may look at, why can't you put 10% down? 30K is only $3K.


also- someone said in this thread, use a home equity and write off the interest.... double check that..It's my uderstanding the interest can only be written off if the $ is used on the home.

I would rather spend my money for things on the boat, taxes, registration, titling and insurance.

It is not that I don't have the money, just would rather spend it my way.

So I guess that means the loan companies with the cash don't want to talk to me.

And I was not suggesting at all that was the situation, simply passing along how the banks may look at it.

Your best bet is to just call around. I would like to help, but the only loans I do under 40K are sub-prime loans.

Loan Ranger, can I get your contact information

After submitting a home equity request through our mortgage broker and further discussion with our broker, we decided not to go that route.

Texaschopper I have submitted an app with your company, please contact me so we can talk.

Engine Co,
If you already submitted an application with Dave and Texas Chopper, do no submit one with me. That would put too many inquiries on your credit and drive your score down. Inquiries stay on your bureau for 2 years.
Kyle

Don't mean to hijack your thread, but it might happen.

I am ready to step up to my second boat. How long a term can you take a big boat loan out to? what determines this time period? What are normal boat loan rates?

Looking at 99-2001 42 tigers. various power. Not sure on the purchase prices, but want to carry a loan of around 150k, will make up difference in cash. Assume credit scored in the mid 700's. Light debt load.

Jeff,
Term for $150,000 would be as long as 20 years and the rates are currently ranging from the high 6's to the mid 7's depending on the credit, horsepower, etc... Feel free to call me at the numbers below if you have any additional questions.
Thanks,
Kyle

I'll call you when I get the deal done. Thanks.