cattlejack
Member
Ok, so who's the best lender to deal with for a reasonable boat loan?
best boat loans
- Thread starter cattlejack
- Start date
Credit Unions seem to offer their members the best rates however with a C-Dory the test is to find a Lender who will consider other sources of boat valuation other than NADA.
Ask your Lender if they have an approved list of boat Surveyors then find out which boat Surveyor on the list is savy to the market (real) values of a C-Dory.
Call some of the Dealers on this site who sell used C-Dorys, including Wefings Marine, and find out which financing companies they use for their used C-Dory sales.
Mark Grove of Wefings Marine is very knowledgeable about all aspects of C-Dory boats and is always eager to assist an C-Dory Owner or potential Buyer and usually has several nice used C-dory boats available for sale.
Marc Grove – President / Sales
Wefings Marine
131 Highway 98
Eastpoint, FL 32328
Phone
(850) 670-8100
https://wefings.com/
https://wefings.com/contact/marc-grove-president/
https://www.facebook.com/wefings/
https://twitter.com/wefingsboats
https://www.youtube.com/watch?v=qeza9D79NnI
http://oceanlines.biz/2012/02/florida-d ... er-tug-29/
Ask your Lender if they have an approved list of boat Surveyors then find out which boat Surveyor on the list is savy to the market (real) values of a C-Dory.
Call some of the Dealers on this site who sell used C-Dorys, including Wefings Marine, and find out which financing companies they use for their used C-Dory sales.
Mark Grove of Wefings Marine is very knowledgeable about all aspects of C-Dory boats and is always eager to assist an C-Dory Owner or potential Buyer and usually has several nice used C-dory boats available for sale.
Marc Grove – President / Sales
Wefings Marine
131 Highway 98
Eastpoint, FL 32328
Phone
(850) 670-8100
https://wefings.com/
https://wefings.com/contact/marc-grove-president/
https://www.facebook.com/wefings/
https://twitter.com/wefingsboats
https://www.youtube.com/watch?v=qeza9D79NnI
http://oceanlines.biz/2012/02/florida-d ... er-tug-29/
potter water
New member
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.
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.
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.
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
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