zzjay65

Looking to finance a new catamaran, over 300k

Drrpm2004

I'm a finance broker in the marine industry and can help you find a home for your loan if still needed. I'm also a insurance broker/agent as well. PM me if you'd like and I'll explain everything

zzjay65

Thank you for taking the time to respond to my forum. I end up getting a great rate with my local credit union at 6.5%.

AllDodge

iTrader: (1)

No comment on your rate but Insurance I recommend member Sy Goldberg , he goes thru CHUMB

Drrpm2004

Decent rate IMO. Just keep in mind credit unions usually won't go very long on term though. I've got multiple banks that will go 15/20 and even 25 yrs out. Don't let that scare you because these are all simple interest loans so you're only paying interest on the time you have it open.
Due to the fact that statistics show that people only keep their boats for 3-7yrs, stretching it out helps keep you payment down and keeps your DTI down in case you want to buy something else down the road and so on.
I also carry Chubb among many others on the insurance side.
Let me know if I can be of help, THX!

Markus

Don’t buy toys with borrowed money.

Drrpm2004

Many moons ago, my elders told me the same thing and we used to think that was sound advice however, that's not how it really works anymore if you weren't born with a silver spoon in your mouth.. Regardless of myself being in the finance business, I don't pay cash for things like this and I have more money in my pocket because of it. (Pay your bills of course and don't over purchase what you can't repay) I'm a father of 4 and I've been investing for 20+yrs and if I personally paid cash for everything I've had, I wouldn't have the stellar investment positions I have today even though they are down overall due to the market conditions. Every persons situation is unique to them. For all you know, ZZJay might have zero issues repaying a loan on his boat so why tell him not to? He might be invested elsewhere making more money off his
"toy money".

Smart money borrows money for things like a boats, RV's, plane's, cars etc. Same reason a lot of millionaires rent homes, condos and so on. Statistics don't lie and when they show you that people get in and out of these items often, why pay cash? Leave your money invested somewhere making you more money is the name of the game. If you're invested in anyway right now in the market, odds are you're down overall so pulling money out accepts that loss and then turn around and put that into a rec loan? No thanks

Then again, I can't knock a hard working family that just wants to get out on the water for a change and don't have new boat/rv money just sitting in a piggy bank. Saving for years is not only extremely hard but kids grow up, hobbies change etc and then what? Not fun anymore.
Plus have you seen pricing today vs 10 yrs ago? (It's absurd)

It's all about rate of return. As mentioned above every situation is unique and you have to factor the interest rate loss money vs the investment gain money and decide for yourself. I do million+ dollar loans all day and these guys could pay cash for anything they wanted...why is that? My 2cents..

IGetWet

Bingo! We’ll put. Why blow all your cash on a toy when you can use the banks at a good interest rate and pay it off in 3-5yrs? The “don’t be buying a toy if you can’t pay cash for it” ideology is about as antiquated as the plunger.

Brad Christy

IGet Wet,

And yet, there's a plunger in nearly every bathroom. That said....


Thanks. Brad.
(937)545-8991

Drrpm2004

I remember watching that interview and LOL