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Josh
Joined: 11 Nov 2003 Posts: 9 City/Region: LaCenter (Vanc-PDX area)
State or Province: WA
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Posted: Thu Jan 29, 2004 10:55 am Post subject: Financing a used c-dory? |
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So, does anyone know of any good lenders for a used boat? Most of the common ones I found online are for $20K+ or even $30K+, however the c-dory i'm looking at is under $20K. My credit union offers 9.75% for 120 months, but I know that lenders who "specialize" in recreational loans will probably beat the heck out of that rate. I'm in WA, but with today's communication I'm not really sure that's too terribly relavent most of the time!
Thanks a lot guys for anything you've got.
Josh |
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Da Nag
Joined: 24 Oct 2003 Posts: 2820 City/Region: Port Angeles
State or Province: WA
C-Dory Year: 2008
C-Dory Model: 16 Angler
Vessel Name: Taco
Photos: <a>Da Boats</a>
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Posted: Thu Jan 29, 2004 11:34 am Post subject: |
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If you have home equity, one of the best deals going right now are HELOC's (Home Equity Line of Credit). While these are adjustable rates, many have ceilings on how much/often they can go up. For 5-7 years, they're usually tough to beat, even if the rate rises significantly. For most folks, the interest is deductible.
We've got one out right now for a remodel - current rate is 4.0%, can't go up more than 0.5% every 6 months (it's stayed the same for a year), and there were no fees. Haven't looked at them for a while, but these terms were pretty common offerings a year ago. _________________ Will, C-Brat Nerd |
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B~C
Joined: 31 Oct 2003 Posts: 2861 City/Region: Bend
State or Province: OR
C-Dory Year: 1999
C-Dory Model: 22 Cruiser
Vessel Name: Blue~C
Photos: Blue~C
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Posted: Thu Jan 29, 2004 9:08 pm Post subject: |
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Josh, like Bill says, the home equity loan is a good way to go. You might also try Lacamas Credit union, we financed our boat through them and got a reasonable rate + + + and this is important, the young man that handled the transaction added a bunch of optional stuff that made the book value close to the sale price ( he rattled off a bunch of options when he was booking it out, he was sayin "I suppose it has a microwave, watermaker, waterheater, centeral air & heat and on and on and we just sat there all mum). A big problem with C-Dorys is that the stupid book value is SOOO far below the reality of the market price.
good luck _________________ Ken
1999 22' boaterhome |
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Jon - CLou
Joined: 02 Nov 2003 Posts: 316 City/Region: Port Angeles
State or Province: WA
C-Dory Year: 1986
C-Dory Model: 22 Angler
Vessel Name: C-Lou
Photos: C-Lou and Pee Wee
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Posted: Thu Jan 29, 2004 9:14 pm Post subject: |
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Josh, I deal with (WSECU) Washington State Employee's Credit Union and love them. I financed our boat and a new 90 Honda without any hassles at all. I do remember at that time period that the rate was very competitive. I think you have to pay $50 bucks to become a member and then your in for life. I hope they can help.
Jon |
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