Want to refinance
 

We (The wife and I) would like to try and get a lower rate on our boat loan. It's a 2000 32 fever, and we are at 7.25% right now. Was checking with our credit unions and they couldn't beat the rate but our credit score came back at 813 and 831.

Anything out there lower?

Costco offers as low as 5.44% on refies through Essex

https://www.essexcredit.com/costco/

Chit I need to join a costco!

whats the requirements to become a member

Simply pay them $50 for your membership card and you're a "member" :)

If you opt to get the $100 membership you get 2% cash back on all of your purchases at costco including gas....if you shop there a lot... it's worth it.

never seen one in my area

we joined tonight, I am trying it tomorrow,

Costco is a great company. I joined over 20 years ago....
My favorite story, I bought a battery (boat) and it died during the warranty period. I took it to the returns desk and they said, oh, the price has gone up $5. So, here is the price you paid, plus $5....
That did it for me...

good luck. you already have a nice interest rate. But try costco as other have suggested

Well I applied, lets see what happens.

How far out do they go? Do they do 180-240?

Hum might give it a try as well. Just joined Costco. Going to call essex in the am. Tried them last year and they wanted my first born to get the deal closed.

I tried to Refi with Essex about 2 months ago and it was a hassle from the start. Did not find out until after 2 weeks of back and forth phone calls and questions on my Powerquest 340 Vyper that the original rate of 6.5% was not available for "PERFORMACE" boats. I was ticked. I got strung along for 2 weeks by this lady from Essex. Just to say our credit is excellent and we are not upside down in the boat. I miss my 5.25% rate on my old Powerquest. What I have now is from Bank of the West at 8.25% on a 15 yr. note.

Yeah that is what I am afraid of also. They post all these great rates and you apply and they say oh no sorry not for high performance boats these rates don't apply. Total BS! We will see as well started the run around oops I mean process today.

You know that seems stupid if you are Refinancing, I mean they can tell if you have been paying so what does it matter if it's a high performance or not?

We'll see

Might be the fact that a whole bunch of repo'd HP boats somehow lost their engines and drives just prior to the hook.

Well that was a joke, at least I found out quick.

Man no wonder the guys that aren't making the top end boats are having problems. Pretty much a cash only business at this time.

Oh well,,,,,,,,,,,,,,,,,,,,,,,, it's not like the current one is that bad.

thats true and alot of people cant afford these boats either. If you make 40-50k a year you have no business taking out a 150k loan on a bran new boat or even 100k for that fact. But like you said most of these go fasters come back to the bank ruined and stripped. I dont blame em

My thoughts exactly. I think they need to look a little closer at the applicants on a case by case basis. I have been paying my boat loans consistently without fail for almost 15 years (10 with High Performance) and still get the run around on rates!

I agree, but that is how people/ business react, not like when you had a local bank and the loan officer had some discretion.

We have something working with one of our credit unions that may work out just as well.

I ve actually found over the last 4-5 years loan rates and overall ease of getting loan is not local anymore, I have gotten far better rates with online instituions than anything and most of the time they done want a book for an application like locals do. But I also get prime everytime due to my credit. If your below a 700 these days good luck, a 650-700 isnt bad depending on where you are in life, but not to banks anymore

Hey guys give this guy a call:
Jason Fox | Finance Specialist | o:* 616.494.2628 | f:* 616.494.2629
Coastal Financial

Just did a refi deal w/ them, very simple & great to deal with!!

I will give them a call.

Fountain 4402, I had my last truck loan online, but every time I check now my wife's credit union is killing everyone. Not sure if it is the amount of we have with them or what (Home loan as well, at 4%).

As for credit rating we are over 800, and very low debt to income ratio.

yeah credit rate is everything. I get USAA and Penfed at times due to military. Two years ago I was getting 3.99 for my camaro. Yeah we got an offer the other day for home refi at 4.25, but think were jetting from this place soon and dont want to tack on refi charges to our principal.

That was the best thing, I got this years ago and no refinance fees. Not touching it.

We don't have any other loans except the boat right now. What part of NY do you live in?

upstate NY about an hour North of Syracuse

Essex is a joke! Denied on the refi. Save you time and don't even bother with them.

Agreed. Essex wasted my time!