Finance options
09-11-2013, 08:07 PM
#1
Finance options
A couple boats have come to the market and really caught my eye. I'm thinking about financing but a couple of the boats are older models with nada values below what any of these are selling for.
I could buy something newer but I really don't want to spend the 100k plus just because that's what I can get financed.
Also my debt to "verified" income is a little high around 45-50%.
Does anyone know what banks will loan at a decent rate on an older boat? Ill have about 25-30% down on a $70,000 purchase.
I just don't want to fill out 10 different loan applications online without knowing there prerequisites ahead of time.
I could buy something newer but I really don't want to spend the 100k plus just because that's what I can get financed.
Also my debt to "verified" income is a little high around 45-50%.
Does anyone know what banks will loan at a decent rate on an older boat? Ill have about 25-30% down on a $70,000 purchase.
I just don't want to fill out 10 different loan applications online without knowing there prerequisites ahead of time.
09-11-2013, 09:31 PM
#2
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Not sure about banks. And from what I understand where you live has it's consequences. I can tell you many credit unions by me including mine will loan up to 100% NADA. Age is no issue. I did a refi last year just to lower rate and am lower than most new boat loans. Good luck
09-12-2013, 09:37 AM
#4
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you going to have call around and get terms and rates and the rules, from there start the applications, I wouldnt use the application to find out what the terms are. banks should be able to give you interest rate, term, conditions such as what they require to give out a loan such as a survey, etc.
I just checked USAA and they finance 100% of boat up to 100k and 80% over 100k. Their rates are 6.75% up to 72 months, then for like 84 and 120 months the rate drops down to like 5%. USAA is pretty good they are probably going to beat most banks and if they dont are probably only losing by a few points. Percentage might matter if your borrowing. Pretty hefty payment 50k is 750 a month for 7 years at 6.75, for 15 years at 5% its still 400 a month, which is better, but thats long time to have that albatross around your neck.
I just checked USAA and they finance 100% of boat up to 100k and 80% over 100k. Their rates are 6.75% up to 72 months, then for like 84 and 120 months the rate drops down to like 5%. USAA is pretty good they are probably going to beat most banks and if they dont are probably only losing by a few points. Percentage might matter if your borrowing. Pretty hefty payment 50k is 750 a month for 7 years at 6.75, for 15 years at 5% its still 400 a month, which is better, but thats long time to have that albatross around your neck.
09-12-2013, 10:41 AM
#6
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PM me, I have a couple contacts for you. The one contact got a loan on a $200K DCB done in a couple days... my clients said it was a great experience and he would recommend his loan guy to anyone looking to finance a performance boat.
Stacy
Stacy
09-12-2013, 11:24 AM
#10
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Well you have to call banks and ask, really the only way. Until then your only going to get what others have gotten. Maybe look at lending tree, try the major banks online. Good luck
