My current loan for 99' AT is with Key bank...Does anyone know if I can transfer the loan to a bigger, more expensive boat w/o doing a refi or new loan app.? I think Key is out of the boat loan biz...I would put the cash up for the difference in boat value. In my thinking its a no-brainer; they get a more valuable boat as collateral...but that's not always the way these $finance$ phuckers think...

I know my bank will do a substitution of collateral for me when I want to swap them around. THe bigger lenders, I don't know.

You just have to ask.

Key is getting out of marine lending...plus your rate is going to be lower than what current loan rates are.. and they are going to be wanting to convert as many assets to cash as possible..even if they will they won't do it without a new application..but make the call all they can say is no.

Spil,
Your logic makes sense but my experience with Key, or any of the other major marine lenders, is that they will not do a substitution of collateral unless your current boat is defective and the manufacturer is replacing it with a different but like unit. Any new purchase would require a new application and be subject to current rates and underwriting and advance guidelines.
Kyle

Trying to work with Key Bank is a joke!!!! You'd be better off going to a loan shark--at least you know what you would be dealing with. IMO
Jay

Do I see a Remedy in the future?

How'd ya know?






















HA! I WISH COS!

Maybe for somebody who's not cash poor, more liquid, than myself in this economy..... Remedy is THE "CHIT"; in a good way

Key bank won't do it. They are not doing anymore financing with boats.Regardless of the deal. They told me I could get a better interest back in OCT.I went to take them up on it and they said they stopped all boat stuff OCT 26th. JOHN

i HAVE FOUND KEY BANK TO BE VERY HELPFUL, THEY LOAN ME MONEY ON MY 38 FOUNTAIN FEVER 40.000.00 FOR 15 YRS @7.9% CAN,T COMPLAIN...BOB

When did you get that Bahama?