OK, an update to my thread -

"$500.00 USCG documentation sound right ?"

I questioned the $500.00 charge that BoatUS is charging, and they broke it down to

$300.00 closing costs
$200.00 for USCG documentation

still though, $300.00 for closing costs ?? I dont remember any closing costs on my last boat loan. It WAS back in 1995, though.

Is this a common thing that banks / lenders charge now-a-days ? Should I look elsewhere for this loan ?

Thanks in advance for your response

You should be able to get that closing cost down to $100 or less. However, the lender will use it as part of a package or deal, so it all depends what else is going on with the loan. Either way, $300 sounds high to me for a boat loan, assuming (?) it is not a enormous price tag......My .02

Why don't you try a local credit union. They are easy to deal with, have the best rates, and usually they dont even want or care about the documentation, they just want a title so they can be shown as a lean holder. Here in MI those Docs dont mean **** to a bank. They want Title for lean purposes. And as far as a closing cost? These guys must be treating this just like mortgages, go use a regular bank not a broker. The rate will be better with no fees. A local CU here holds allot of notes on allot of Big Boats, and no one has any complaints on how smooth the process was. Two years of returns for 25k and up. Just my thoughts. MIdnight

??

Just financed a new boat last month.

Documentation was $395.00, the bank handled it, but did not require it. It was something I wanted, but I was glad they handled all the paper work.

They did NOT charge any closing costs.

If you like the price on the boat and the financing is right, just go for it? What is a couple hundred bucks on a big ticket item like this. Your time is worth more.

Good luck

Thanks Guys.

I'm only looking for 25,000 dollars.

And I'm not purchasing the Trump Princess or anything

I went through BoatUS online out of convienence and that it was late on a Saturday . . didnt think there would be any issues like this, with them anyway. . . but because they want a $300.00 fluff charge, I think I'll look elsewhere now that I know its not a semi- normal thing like on a mortgage.

I'm not a cheap-skate, but $300.00 dollars is $300.00 dollars. Its a pure-profit charge on their behalf.

Never heard of closing cost on a boat loan. I would think it is the same as car loan right? I borrowed $25,000 for my Checkmate 3.5 yrs ago and it was sign and drive.

I don't blame you. One of my pet peeves is when buying a new vehicle at an agreed price, they always try to tack on 3 or 4 hundred dollars for dealer prep. I always refuse to pay it. They will say like, everyone pays it. I'll tell them they can take it off above that line and add it in if it makes them feel better, but I will and have walked on a deal because of it. At least let them be up front about what they are charging.

I think the Coast Guard tracks leins against documented boats and they regard them as mortgages. So, that may have something to do with it.

This was my belief too Ken. It doesnt take an attorney or similar to type up a deal into a computer, and print it out on a simple interest contract. The lender already has additional pre-printed up documents that need to be signed, so there is no legal expense to be paid out there either.

No way ! I have purchased several boats all over $200K and not once did I pay any closing cost. As for the documentation that could be right.

Sam