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IamN2Speed

Best Terms on Boat Loans?

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IamN2Speed

So in looking for financing on my soon to be boat... I'd like to secure financing ahead of time. Best I've got so far is 15 years at 8.5%, up to 100% of a boat newer than a 2002. Problem is, I have to work through a broker and paperwork has to be FedEx'd here and there, and it just takes really long to go through the whole process. I'd rather have somewhere that has an office I can walk into with the seller, sign papers, and walk out with my new boat. Any ideas where this could happen in the NorCal area?

-Keith

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Helinut

I guess financing has risen a bit since last year. I was able to get 6.5% for 15 years on a new 2007. This was through Wells Fargo.

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SCOTTDOMINE

WOW, rates must be on the rise. Although, I guess I don't know anyone's particular financial situations. Mine was secured through my credit union at 5.8%. Much shorter term though (48 mos). Of course, mine is not a new one either!

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Malibudude

Any chance you could get a home equilty line? They've been advertised at prime -1.5%.

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BallastBoy

I just purchased an 04 Wakesetter LSV on a 15 year term with 100% financing including sales tax thru US Bank at the Dealer. The rate was 6.25% which was the best I could find. I had a quote from my US Bank and it was the same deal at 6.33%. The dealer direct was slightly better so I went with that. I live in Easterrn WA, but bought the boat in Portland, OR. I think US Banks are just about everywhere. Good Luck!

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IamN2Speed
Any chance you could get a home equilty line? They've been advertised at prime -1.5%.

:( I wish! I bought my house 2 years ago... The market has taken every bit of equity I had and then a lot more... I'm looking at the underside of upside down for a while...

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IamN2Speed
I guess financing has risen a bit since last year. I was able to get 6.5% for 15 years on a new 2007. This was through Wells Fargo.

I'm guessing terms are a bit better on new boats. I'm looking for a boat at least 5 years old. I give US Bank a call though though.

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winddawg
Any chance you could get a home equilty line? They've been advertised at prime -1.5%.

Who has prime - 1.5% that is not a teaser rate?

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Malibudude
Any chance you could get a home equilty line? They've been advertised at prime -1.5%.

Who has prime - 1.5% that is not a teaser rate?

It was offered by US Bank, but that was earlier this year.

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winddawg
Any chance you could get a home equilty line? They've been advertised at prime -1.5%.

Who has prime - 1.5% that is not a teaser rate?

It was offered by US Bank, but that was earlier this year.

It must have been before January 31, 2008, here is the link and read the fine print at the bottom of the page.

LINK

-Dave

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stewart
So in looking for financing on my soon to be boat... I'd like to secure financing ahead of time. Best I've got so far is 15 years at 8.5%, up to 100% of a boat newer than a 2002. Problem is, I have to work through a broker and paperwork has to be FedEx'd here and there, and it just takes really long to go through the whole process. I'd rather have somewhere that has an office I can walk into with the seller, sign papers, and walk out with my new boat. Any ideas where this could happen in the NorCal area?

-Keith

Where are you purchasing your boat from? If it is UWS/Copes they will not let you use outside financing. I have tried, and its a no go. They usually are able to match the best rate I could find.

Try to get a quote from some brokers http://www.boattrader.com/research/resources/boat-loans they are advertising much better rates than your showing.

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winddawg
So in looking for financing on my soon to be boat... I'd like to secure financing ahead of time. Best I've got so far is 15 years at 8.5%, up to 100% of a boat newer than a 2002. Problem is, I have to work through a broker and paperwork has to be FedEx'd here and there, and it just takes really long to go through the whole process. I'd rather have somewhere that has an office I can walk into with the seller, sign papers, and walk out with my new boat. Any ideas where this could happen in the NorCal area?

-Keith

Where are you purchasing your boat from? If it is UWS/Copes they will not let you use outside financing. I have tried, and its a no go. They usually are able to match the best rate I could find.

Try to get a quote from some brokers http://www.boattrader.com/research/resources/boat-loans they are advertising much better rates than your showing.

That is what makes the LoC's so nice you can walk in the door as a "cash" buyer for a car, boat, RV or whatever and strike a deal on cash, then turn around and get your own financing. I have done this numerous times and it works well.

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Urquie

I was just looking at these last week and Charles Schwab is offering a prime minus 1.01 on HELOC for a rate of 4.24% with

* No annual fee

* No minimum balance requirements

* No lender fees (except in Texas)

* No prepayment penalties

* No application fees

* No interest until you use the line of credit

Link to HELOC at Schwab

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IamN2Speed

US Bank just quoted me 7.49% for a 90% LTV on 15 year terms. Looks good to me... :)

If not this boat, it'll be another off Craigslist. I'm looking at private party purcahse, not from a dealership. UWS doesn't have any used LSV's right now.

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Malibudude
Any chance you could get a home equilty line? They've been advertised at prime -1.5%.

Who has prime - 1.5% that is not a teaser rate?

It was offered by US Bank, but that was earlier this year.

It must have been before January 31, 2008, here is the link and read the fine print at the bottom of the page.

LINK

-Dave

Guess it has been awhile..lol

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winddawg

Take a look at what the credit union's offer they are strict but they generally have very competitive rates and are very cheap on closing cost/fees.

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D-GOOSE

I have my Loan with US bank and will be paying off the boat this month. Will be great to not have that payment. Clap.gif

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Mike00LXI

Check these guys out. I've done two boat loans through them and the rates were always very good.

http://www.boatfinance.com/

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Malibudude
I have my Loan with US bank and will be paying off the boat this month. Will be great to not have that payment. Clap.gif

Good stuff, I'm working quickly back to that. The group buys also make it tough.... Surprised.gif

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ripley
I have my Loan with US bank and will be paying off the boat this month. Will be great to not have that payment. Clap.gif

Good stuff, I'm working quickly back to that. The group buys also make it tough.... Surprised.gif

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txaggie1994

I have always found the best rates at a credit union, currently Amplify CU has 6.49%. It is fairly easy to make the loan and close via email. They sent PDF forms to me, I signed and emailed back, never even went to the CU. PM me if you are interested in Amplify, the bank president is a friend of mine and will likely do a better deal than what others are advertising.

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