Boat Financing

We too, now pay cash for everything, but when we were younger and raising a family. etc., we used a credit union we could belong to as employees because they offered loans at a percent or two below the banks and other sources.

Joe.
 
Yes I agree to the cash theory, especially if you want a c-dory. However with having just purchased the Hammerhead 6 months ago and seeing how banks and ins companies don't see the value of our Dory's as we do, I am forced to finance some of the purchase. The credit union will not have anything to do with an out of state purchase so I thought some of you may have had financed yours recently and found a decent rate and a smooth transaction. But I guess I am on my own here. Guess I will give Boat loans usa a try.

Thanks
 
Once you have purchased it through your bank loan and have it safe at home maybe you can find a credit union eager to refinance at a lower rate. I agree it is tough to explain what a C-Dory is and is worth though. Just my 2% worth.
 
Wefings":3ms2wyyl said:
How about a home equity line of credit ? Then the interest is deductable.........
Marc
Click to expand...

I agree there. Even though we have an attitude similar to Sea Wolf Joe and Dave, we keep our cash hard at work, which means some may not be liquid for a month or two. Incredible deals won't wait, and there's power in the ability to whip out a checkbook and present your final offer in writing....

Don
 
Interesting that the CU won't consider an out of state purchase, typically if they receive copies of the (clear) titles & the NADA book numbers crunch they'll finance. Guess it depends on the CU.
 
Essex is 8 1/2% unless you borrow 6 figures and I can write off interest as 2nd home as dory has gally and head anyway. don't want any debt on home want to be mortgage free and pay of boat quickly anyway just don't have enough liquid $$$$$$ right now. Took a 5 figure hit on the loss of the hammerhead but will be back on the water soon. Will also take out more Ins. this time :smiled

thank you all
 
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