Boat Financing

scootdogg

New Member
Nov 10, 2010
186
Lake Norman, NC
Boat Info
2002 Sundancer 280
Engines
Twin 4.3 MPI w/ Alpha I Drives
i have been working with my bank (wachovia) on a boat loan for a 2002 sea ray 280da. i thought this would be easy for me with the relationship i have with them. i was just informed that my interest rate could be between 11-14% for a 15 year term! my credit is good (equifax 749 experian 739) so i am lost as to why the rate is so ridiculous. the asking price of the boat is 48k and i was planning on financing 38k.

anyone with some ideas or advice out there?

tks...
 
i have been working with my bank (wachovia) on a boat loan for a 2002 sea ray 280da. i thought this would be easy for me with the relationship i have with them. i was just informed that my interest rate could be between 11-14% for a 15 year term! my credit is good (equifax 749 experian 739) so i am lost as to why the rate is so ridiculous. the asking price of the boat is 48k and i was planning on financing 38k.

anyone with some ideas or advice out there?

tks...

That is insane! I will send you some info now.
 
I was just pre-approved for a boat loan at 5.99%. If you are interested PM me and I will send the broker's information to you.
 
I know somebody who just went through the same thing on a 280 Sundancer. All the marine lenders weren't interested because it wasn't over 50K and most of the local or smaller lenders weren't interested because the boat was a 2003.

I think Bank of America or was who finally did it but the buyer had to jump through some hoops to get there.

Believe it or not the best rates I have seen on boats 50K or less are at local credit unions. Become a member for their fee, usually $5.00 and they make things an awful lot easier.
 
I'm in the mortgage industry and had a very similar experince as you. Loans under $50k will have a higher interest rate. I bank with BB&T and they were extremely high. I used Robin and hse was great. I closed within 4 days, no BS, hidden fees and competitive rates

Robin Harris

Harris Marine Financing, Inc.
A Dealer F&I Service Company

at the Bay Bridge Marina
214 Pier One Rd. #102
Stevensville, MD 21666

Phone: 410.643.7097
Fax: 410.643.7099
.
 
My wife's company does about $6m/year through Wachovia...to the point we have a personal relationship banker in North Carolina on call. When we tried to finance our 380 (by the way, we had more cash in the bank than we were trying to finance...so this shouldn't have been tough) we got the same BS. Turned out that Wachovia/Wells just didn't want to be in that space at that time. Went with BB&T, about 7%/20 years and they are also getting a new client.

I wouldn't use Wachovia for anything substantial right now.
 
I refinanced through BoatUS Finance last April and got a 6.37% rate on my loan which was close to $100K. They were a total pain to deal with but they willingly do boat loans. If some of the other suggestions don't work out try them or Bank of America. Both with require USCG documentation for the loans.
 
We just financed 32k for our 280 through Bank 1, got 15 yrs for 5.5% at 288/month!! Gotta love it! We paid 1/2 down in cash. I just wanted the interest write off or I would have paid cash for it.
 
We just financed 32k for our 280 through Bank 1, got 15 yrs for 5.5% at 288/month!! Gotta love it! We paid 1/2 down in cash. I just wanted the interest write off or I would have paid cash for it.


That doesn't make a lot of sense does it? Calculations show that paying the taxes on your money is cheaper than the interest deduction....
 
That doesn't make a lot of sense does it? Calculations show that paying the taxes on your money is cheaper than the interest deduction....


I agree. Here in Canada at least, any "write off" STILL costs a portion of the expense. If you have your own money, why incur any addtitional costs whatsoever??

Now keep in mind, if the cash wasn't actually cash, but an investment that anticipated a relatively high return OR one that may experience a redemption fee to redeem, that's a different story.
 
That doesn't make a lot of sense does it? Calculations show that paying the taxes on your money is cheaper than the interest deduction....
I would rather keep my cash to work with as I remodel luxury coaches and can tie up massive amounts of money until I complete jobs. Also, with cash in hand, and bad economy= great deals!!! See, I buy and sell "items" :thumbsup: nuff said!

Edit: I forgot to mention, I am a poor working class and also need "payment history". We just purchased 10 acres commercial and will be looking at building our shop in the future. I have a couple very "successful" individuals coaching me on my business and personal affairs and I will trust what they tell me.
 
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Believe it or not the best rates I have seen on boats 50K or less are at local credit unions.

We have our loan through a local credit union. Walked in, signed some papers, they handed us a check for a maximum amount we told them, to be filled in with the actual amount to finance when we found a boat, and we were out the door...all in about 20 minutes or so! :smt001

Tom
 
With good credit in Canada most places will lend you money at prime with 100% placed assets against the loan. Some places have gone to prime plus 1%.
Do US lenders off prime loans on 100% assets?
 
Interested in this too. I called 2 credit unions and both were about 10% on a used boat. Had nothing to do with credit as I didn't even tell them my name. FWIW-I got my current boat through Lightstream at about 6% for 7 years. Very painless deal but they only go 7 years so can't use them on my next boat as I need longer terms.
 
Try a big boat dealer and ask for the F&I dept. They may have some good sources and would probably work with you.
 
I did Lightstream (Suntrust) as well. Got just under 5% for 5 years. It could not have been more painless.

Most banks I contacted would not give me the time of day for my 19 year old purchase.
 

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