Boat Financing

Discussion in 'Ask the Broker' started by scootdogg, Nov 24, 2010.

  1. scootdogg

    scootdogg New Member

    Nov 10, 2010
    Lake Norman, NC
    2002 Sundancer 280
    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?

  2. jason78

    jason78 Active Member TECHNICAL Contributor

    Sep 3, 2008
    Fort Mill, SC / Lake Wylie
    1997 20 Outrage
    200 Merc Offshore
    That is insane! I will send you some info now.
  3. HUMPH

    HUMPH Well-Known Member

    Nov 4, 2009
    2003 410DA,
    2004 C14 Caribe
    CAT 3126TA's 350HP/
    50HP Honda
    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.
  4. Carver370

    Carver370 Active Member

    Mar 30, 2007
    New Buffalo Michigan
    1994 Carver 370 Motoryacht
    Twin Crusader 454 - 350 HP Each.
    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.
  5. Bucit

    Bucit New Member

    Mar 12, 2010
    St. Petersburg Florida
    2005 280 Sundancer
    2004 SPD-104 Achilles w/ 8hp Yamaha
    Twin 4.3 MPI's with Alpha drives.
    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
  6. JediJD

    JediJD Active Member TECHNICAL Contributor

    Feb 14, 2009
    Cartersville, GA
    '07 42SS Carver, full electronics array
    '03 380DA, RL80C+, ST7001, Kohl 7.3,4kw o/array sold
    8.1S Crusader express drives
    My wife's company does about $6m/year through 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 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.
  7. 320Bob

    320Bob Active Member

    Nov 2, 2009
    2012 Chaparral 267 SSX Sold
    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.
  8. floriduramax1

    floriduramax1 Active Member

    Sep 19, 2010
    280DA, Magic Tilt triple axle, 2006 GMC 2500 D/A
    T4.3/ Alpha
    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.
  9. Great lakes pirate

    Great lakes pirate Member

    Jan 5, 2010
    Lake St. Clair
    2000 35 Tiara Open
    Previous boats:
    2003 320 DA - 6.2 MPI Bravo III
    1998 250 DA - 5.7 Bravo II
    Cummins 370
    That is a great rate! I thought bank one/chase was out of the boat loan buisness.
  10. HUMPH

    HUMPH Well-Known Member

    Nov 4, 2009
    2003 410DA,
    2004 C14 Caribe
    CAT 3126TA's 350HP/
    50HP Honda

    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....
  11. Jimmy Buoy

    Jimmy Buoy Well-Known Member

    Dec 3, 2008
    Sarnia, Ontario, Canada
    340 Amberjack
    twin 8.1S 370 Hp + 4.5 Westerbeke Genset

    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.
  12. floriduramax1

    floriduramax1 Active Member

    Sep 19, 2010
    280DA, Magic Tilt triple axle, 2006 GMC 2500 D/A
    T4.3/ Alpha
    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.
    Last edited: Nov 24, 2010
  13. Gunn

    Gunn Active Member TECHNICAL Contributor

    Oct 4, 2006
    Potomac River - MD
    2003 280DA and 1995 Sea Ray 175
    Twin 4.3l and 3.0l, all w/ AlphaI GenII drives
    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

  14. 320Bob

    320Bob Active Member

    Nov 2, 2009
    2012 Chaparral 267 SSX Sold
    2K, depending on your potential investment returns, it can make pretax financial sense to leverage a boat purchase as I pointed out starting with post #31 in the thread below.
  15. northern

    northern Well-Known Member

    Jan 17, 2007
    West coast Vancouver to Alaska
    380 Aft Cabin 1989 GPS and Charts by Nobeltec
    Twin 454 strait shaft
    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?
  16. Bk124tt

    Bk124tt Member SILVER Sponsor

    Apr 23, 2017
    Long Island NY
    2005 320
    Twin 350 MPI Horizons
    Any current info on this issue? Who's got the best boat loan deals?
  17. boatman37

    boatman37 Well-Known Member

    Jun 6, 2015
    2006 Crownline 250CR
    Previous: 1986 Sea Ray 250 Sundancer
    5.7 Merc
    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.
  18. Escape22

    Escape22 Member

    May 22, 2017
    Milwaukee WI
    1986 210 SXL
    5.7 260 Merc
    Try a big boat dealer and ask for the F&I dept. They may have some good sources and would probably work with you.
  19. firecadet613

    firecadet613 Active Member

    May 10, 2007
    '08 H240
  20. Little Ducky

    Little Ducky Well-Known Member

    Jun 5, 2017
    Chattanooga TN/Dickson TN
    1998 SeaRay 290 Sundancer
    Twin EFI 5.0L w/Alpha 1 drives
    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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