Help! Never financed one before...
 

So....I went for a ride with a buddy in a 35 motion with a pair of 750's. First time in a inboard cat that runs over 100 and I am hooked!!! I have been looking at a couple in the 165k - 185k range. I usually wait until I can afford my toys without financing, but I am realizing that I am not getting any younger and I will like to enjoy it now and don't mind financing.

I own a 2006 triple engine 38 center console outright
I own a 2001 21 Cat outright
All of my cars are paid off around 100k
Mortgage will be paid off
6 credit cards all with 6k balance on one of them (can be paid off if necessary)
Credit score 785

Do you guys think I can get financing for about 170k boat with about 1/2 down? (financing amount around 80k) Boat will be around 2005 to 2008.
Live in florida, don't know if it makes a difference

your best interest rate will be a equity loan

Chris at Costal Financial is awesome to work with.

Chris Hungerink

Coastal Financial Corp.

194 S. River Ave., Suite 1

Holland, MI 49423

ph: (616) 494-2628

fax: (616) 494-2629

email: [email protected]

I don't see why you wouldn't qualify with that kind of equity cushion in the boat for the bank to work with assuming income/debt ratio checked out.

Check out lightstream easy to deal with and great rates.

as mentioned…best option with lowest interest rate will be a home equity (by a long shot).

next would likely be a credit union, but I doubt they would finance 80k without asking a lot of questions.

the boat and toy financing options are incredibly expensive. I’d use them as a last resort.

just my 0.02

You better find insurance before you buy. The insurance could easily be more than the boat payments.

Thanks for the info. I will give a call to the recommended business to get a feel. What do you guys think a ballpark would be for insurance?

Credit union hands down. I tried the specialized marine finance places you will be referred to and no bueno way too many restrictions and hoops to jump. Literally walked in to a local credit union this April I was not a member of and two weeks later had a loan for my Supercat. They did not care if it went 20 mph or 180 mph as long as I showed them the value was there. It was almost too easy lol.

I was thinking of joining one and putting some cash every month to build a relationship and applying. What you did is what I was thinking also.

BTW.....are we talking 3600 or 43 Supercat? If so....the 3600, that is what is on my radar!