Loan interest rates

D

Don and Brenda

New member
Starting my search for a Dory, am considering the new vs used. Anyone know what the interest rates are going these days? Would love to get into a new venture, but a used 22 is looking more affordable for me. I still have a 2006 Striper that will need to be sold and it is a hard market out there.
 
All I know is what Sportcraft told me a couple weeks back and that was that Honda had their special, 5.7% for the package if it was honda powered.
 
Honda's rate special ends as of today and the rate reverts to standard rates. Most Marine/RV lenders are tiered which means that the rates will vary based upon term, model year, loan-to-value (NADA)and credit history/score.

You will find that the NADA values for C-Dory boats are historically skewed LOW because of the infrequency of them being sold on dealer lots. Sales figures between private individuals are not figured into the published valuations.

You should be able to secure something in the mid 8% range on a late model used boat.

I am always happy to assist any C-Brats in arranging financing either over the phone or by visiting our secure applications website: www.wefings.com/apply/

Charlie Holtom,
Wefing's Marine
 
I used a credit card offer of a fixed 2.9% to finance $28000 for my Devlin. Payments are higher than normal but that's fine. It will be paid off in 4 years or less. It's not a bad way to go, especially since it gave me a clean title in case I need to sell the boat.

Remember...you can write off the interest too.

-Greg
 
Honda's rate special ends as of today and the rate reverts to standard rates. Most Marine/RV lenders are tiered which means that the rates will vary based upon term, model year, loan-to-value (NADA)and credit history/score.

You will find that the NADA values for C-Dory boats are historically skewed LOW because of the infrequency of them being sold on dealer lots. Sales figures between private individuals are not figured into the published valuations.

You should be able to secure something in the mid 8% range on a late model used boat.

I am always happy to assist any C-Brats in arranging financing either over the phone or by visiting our secure applications website: www.wefings.com/apply/

Charlie Holtom,
Wefing's Marine
 
Greg-

Be careful using the credit card-

My understanding (and I am no tax expert) is that to write off the interest, the boat must have toilet, cooking and sleeping facitlies. Then the loan must be secured with the boat.

Just don't want you to get into IRS troubles. They are the only organization in this country where you are guilty until proven innocent. :shock:

One other note- on large purchases (repowers, large trailer and boats) it is pretty common for the dealer to pass on the credit card charges (2-3%) since it is such a large amount on major purchases. Just an FYI.
 
I was going to say the same thing Matt...I don't think a credit card would qualify as a mortgage.

From IRS website
>>Secured Debt

You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that:

*

Makes your ownership in a qualified home security for payment of the debt,
*

Provides, in case of default, that your home could satisfy the debt, and
*

Is recorded or is otherwise perfected under any state or local law that applies.

In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. In this publication, mortgage will refer to secured debt. <<
 
Honda's rate special ends as of today and the rate reverts to standard rates. Most Marine/RV lenders are tiered which means that the rates will vary based upon term, model year, loan-to-value (NADA)and credit history/score.

You will find that the NADA values for C-Dory boats are historically skewed LOW because of the infrequency of them being sold on dealer lots. Sales figures between private individuals are not figured into the published valuations.

You should be able to secure something in the mid 8% range on a late model used boat.

I am always happy to assist any C-Brats in arranging financing either over the phone or by visiting our secure applications website: www.wefings.com/apply/

Charlie Holtom,
Wefing's Marine
 
In my case cannot deduct as a 2nd home anyway as I have 2 homes already, on my present boat I have the sink stove toilet but still cannot use that deduction, oh well. But at least on a regular loan can deduct the interest as I do now with the present boat.
 
Here’s a suggestion, one that worked for me and only if you have enough equity in your home; take out a second or consumer home equity loan. Now wait and do a refinance and role the second into the first. Even if you don’t to the refi you’re at least able to deduct the interest on your taxes.

For me the circumstances worked out nice, was able to lock on 4.375 fixed rate 15 year mortgage with no payment increase but now have no boat payment. :lol:

Granted the market is volatile but there are opportunities out there if your in the right situation.
 
Matt Gurnsey":j6ucng9t said:
Greg-

Be careful using the credit card-

My understanding (and I am no tax expert) is that to write off the interest, the boat must have toilet, cooking and sleeping facitlies. Then the loan must be secured with the boat.

Just don't want you to get into IRS troubles. They are the only organization in this country where you are guilty until proven innocent. :shock:

One other note- on large purchases (repowers, large trailer and boats) it is pretty common for the dealer to pass on the credit card charges (2-3%) since it is such a large amount on major purchases. Just an FYI.
Click to expand...

You're probably right, Matt. In my case, I don't deduct the interest because it's expensed through my charter llc. Nonetheless, I'd rather pay 3% interest instead of a deductible 8% interest.

-Greg
 
I see Honda is still offering their 5.99% till 4/30, however there are no C-Dory dealers around except in Portland that carry Honda motors, or can they put on a Honda motor even if they are not an authorized dealer?
 
I bought a C-Dory from Master Marine last spring with a Honda 90. The Honda power seemed to cause some trouble for them, which resulted in delays. I'd give them a call and see if they can get the Honda financing, but I'm guessing it's only available if you purchase at an authorized Honda dealer.
 
20dauntless":5m1q58vh said:
I bought a C-Dory from Master Marine last spring with a Honda 90. The Honda power seemed to cause some trouble for them, which resulted in delays. I'd give them a call and see if they can get the Honda financing, but I'm guessing it's only available if you purchase at an authorized Honda dealer.
Click to expand...

Right. That is why I bought Yamaha motors when I bought my Tom Cat from MM. Not only are there issues of obtaining the motors, etc., but MM most likely won't be able to service them post-sale either.

Warren
 
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