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Originally Posted by Griff
(Post 2227172)
The best rate you will get is with the CC offers if you can get one with a high enough limit and one that will keep the rate for the life of the balance transfer.
Car loans are all hype at the dealers. They buy down the rate and you pay for it in the price of the car. Real auto loans are going about the same as boat loans in the 7% range. HELOC's are around 9% |
1st - there are very few banks interested in repowers so they get to set teh rate at whatever they want (captive audience)
Do you have a loan on the boat now? How old is the boat? What is the boat worth low retail in NADA? What kind of credit score do you have? |
Greg, I do marine financing. I do know of a couple institutions that offer financing for repowers. But, with the prime rate @ 8.25%, the rates for repowers would hinge (plus or minus) around there (depending on the credit application, amount financed and credit scores). But, it would be a fixed rate loan with similiar terms of a boat loan. How much are you looking for and is it a single or twin repower?
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The boat is a 1989 32' Scorpion Racing center console with twins, so I doubt is listed in NADA (I will look though). I don't have a loan on it as I've always used the "cash for toys" rule, and am still uncomfortable with breaking that to borrow for motors. If the company does well again this year I should be able to pay most or all of it off by spring. I need about 20k (depending on what final rigging cost estimates come out as). Credit score is 811 on my last stmt (I get them free since Boeing "misplaced" all their previous employee records a while ago). I could cash a CD, but they were all just renewed this spring so would have a penalty on them and loose the little bit of interest they do pay.
I told the CU to either find a solution by noon today or I'm going to stop the whole deal and put the boat in storage until next year. -Greg |
got a discover card offer today , 0% 12 months purchase .balance transfer 3.9% till january 2011...
may be a option.. |
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