"Refinance" a boat
 

I picked up a boat last year and paid for it with a home equity loan. The rates have dropped considerably now and I'd like to refinance the loan to a lower rate and get it out of an equity loan as I'm moving this year.

Anyone have any recommendations on a place that will do refinancing if it's NOT a boat loan? I called a couple places and they will only refinance if it's a boat loan.

Its will most likely be considered a "cash out" refi so rates are going to be higher than a standard boat loan.

mort rates are on the rise gain

Did you talk to Kyle aka "Loan Ranger" here on OSO. If that fails, let me know, I've got another couple folks to point you towards.

Check with russo financial....

I did a "cash out" refinance on my boat a year ago...

They got me a 15 yr note on a '93 Checkmate for 6% through Key Bank...


Doug

It is possible. I am out of the office till Friday but Grant in my office could assist you. He can be reached at [email protected] .Thanks.
Kyle

It might be more advantages to keep the equity loan because you can right off the interest.

But I think you should get up with the Newcoast folks they will shoot you straight and tell you what it the best way either or.

Todays market for a home refi ia 5.5 to 5.25. If you got the credit rating and the equity its the way to go

that low rate is all dependent on alot of things, i have 739 score, and a pretty good debt to income ratio, and was not offered that rate,

you have to be taking out over 100k, owe essentially nothing on your 250k house, etc.......

Hard Truth
 

Thats right, Very High credit score + lots of equity = low rate

i dont care how high your score is or how much equity you have...your not getting 5 1/4 to 5 1/2 on a cash out refi...NOWAY !! THOSE DAYS ARE LOOOOONG GONE ! As a matter of fact not even going to get that on a purchase "UNLESS" your paying point and alot of um

If you don't want the boat to be treated as a cash out, go to your home equity leder and have them add the boat as collateral on the note.

Now you have a boat loan that you want to refinance.

I just re-financed with Russo financial.... Excellent service and quick..... I got a lower rate on a 15 year than i had on an eight year and grabbed a few bucks.... Call Jerry @ 888-604-7916....

loans
 

Berns29scarab

Sorry but you are wrong. I am looking at offeres in the 5.25 range right now with more cash out than the loan principal. However I have a rating over 800 and lots of equity.

Another variable could be what part of the country you are in.

as far as a score is concerned 760 and up all qualify for the same. where are you seeing these rates ? post a link. bank of america right now is one of the cheapest out there. cash out refi's are always higher then purchase $$ and bank of america 5.675 on a 30 year fixed PURCHASE with you paying 2 points...which by the way i can match IF QUALIFIED