View previous topic :: View next topic |
Author |
Message |
cattlejack
Joined: 22 Jul 2008 Posts: 46 City/Region: Leonardtown
State or Province: MD
|
Posted: Sat Mar 17, 2018 1:41 pm Post subject: best boat loans |
|
|
Ok, so who's the best lender to deal with for a reasonable boat loan? |
|
Back to top |
|
|
CaptMac
Joined: 01 Mar 2005 Posts: 225 City/Region: Amelia Island / Jacksonville
State or Province: FL
Photos: Blue Manatee
|
|
Back to top |
|
|
potter water
Joined: 12 Apr 2011 Posts: 1076 City/Region: Logan
State or Province: UT
C-Dory Year: 1997
C-Dory Model: R-21 Tug
Vessel Name: Poopsy
Photos: Still C-razy
|
Posted: Sat Mar 17, 2018 2:41 pm Post subject: |
|
|
All mixed up on my posts.
Best boat loan is no loan. But ...
CU's will always be willing to work more with you. Collect all equivalent classifieds for the boat you want to buy that are similar. Take them to the CU and make your case. Mine looked at all the equivalent ads, discounted the asking prices by 10% and used that number as the basis for the loan. Don't try that with a bank. _________________ You can tell a man his wife is ugly, but never ever criticize his dog, his gun, his truck or his boat.
Never let ignorance interfere with an opportunity to state a knowledgeable opinion
Testosterone Tales-Amazon.com
2006 C-Dory 22 Cruiser 2008-2014
1997 Ranger Tug 21 Classic 2016
KG7RC |
|
Back to top |
|
|
ssobol
Joined: 27 Oct 2012 Posts: 3373 City/Region: SW Michigan
State or Province: MI
C-Dory Year: 2008
C-Dory Model: 22 Cruiser
Vessel Name: SoBELLE
Photos: SoBelle
|
Posted: Sat Mar 17, 2018 3:07 pm Post subject: |
|
|
CU's that operate in areas with large boat populations are more informed. One CU I tried really didn't have a clue about C-Dorys, apparently they were using the NADA information. However, Boeing Credit Union didn't have any problem providing a loan for the amount requested. But they probably make a fair number of boat loans. |
|
Back to top |
|
|
Wefings Dealer
Joined: 29 Nov 2005 Posts: 2086 City/Region: Panhandle
State or Province: FL
Photos: Cruise Ship #4
|
Posted: Sun Mar 18, 2018 10:49 am Post subject: |
|
|
Thanks for the shoutout Mac .
There is no issue on a new boat [ because the bank can look at published MSRP if available ,or the dealers invoice ]but as has been rehashed over and over on this forum,no lender can justify the used prices of a C Dory with the traditional NADA valuation unless a large down payment is involved .
A survey can sometimes be used [not all lenders accept it] , I have provided soldboats.com historical data as well .
There is a ton of "fake rate" come ons on line . A loan boils down to loan to value and credit score versus current rates and loan amount. The final rates are usually based on those items .BTW if you pull a "Credit Karma " type online score or what your credit card company provides and think that is your score , it's not . What I see is ALWAYS different. There are three major bureaus and banks make deals with one of them to provide credit inquires . They are all different scores.
Some of the friendly credit union rules changed last year ,so beware they are not as boat friendly all the time as in years past.
Private party boat purchases are the most difficult . Good dealers have more resources and know how to present the deal and play the game .
Traditional banks do longer terms for larger loans I.E over 75k 20 Yr terms . CUs dont. Most lenders dont want to finance boats over a certain age.
A dealer that can write loans [ a secondary lender] can make some money selling loans and still get a competetive rate . As you might be able to tell there is some expertise and lots of administration involved .
There will be a test in the A.M.
Marc _________________ Wefings Marine Website
Since 1909 |
|
Back to top |
|
|
ssobol
Joined: 27 Oct 2012 Posts: 3373 City/Region: SW Michigan
State or Province: MI
C-Dory Year: 2008
C-Dory Model: 22 Cruiser
Vessel Name: SoBELLE
Photos: SoBelle
|
Posted: Sun Mar 18, 2018 12:29 pm Post subject: |
|
|
One thing, most of the places I talked to consider boats and RVs in the same sort of loan class. Loans for these often require a hefty down payment (e.g. 20%). However you can get a loan term of up to 20 years if you want. |
|
Back to top |
|
|
|