Boat Financing

I just financed my new $40k pontoon at 4.99 interest for 12 years w/ about 10% down. justboatloans.com. This is the second boat I've used them for and I've been very happy.
 
Yes, Lightstream was very painless. I applied online and the next day the money was in my checking account. I just bumped mine up to pay triple payments to get it paid down quicker. Preparing to upsize!
 
Might consider a using a broker to do the research for you and set-up the paperwork. For those in the NJ/MD area, I know the guy listed below and would recommend him.
http://boatloan.com/Dan-Del-Monte.html
 
I can't say enough good things about these folks:

https://www.newcoast.com/boatloans

The process was easy, painless even. Initial approval took less than 24 hours. Time from approval to closing, 10 days. Communication was prompt and thorough. Rates were the most competitive at the time.
 
Bank of The West did mine on my 1997 Sundancer 270.
 
Apply now for a low-rate home equity line of credit

MARK, opportunity’s knocking
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Your limited-time
offer on a home
equity line of credit...
Apply now
or call 1
After the Introductory Period,
special interest rate discounts2
can make your rate a low 4.840% variable APR1
Rates above as of 9/25/2017 and subject to change.
Based on a line amount of $100,000.
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No application fees, no closing costs, no annual fee1
Flexible access to credit
for home improvements, debt consolidation,3 education and more
Special discounts
that could add up to 0.750%2 after the Introductory Period
Apply now
or call
50(a)(6) of the Texas Constitution. Bank of America cannot use a customer’s home equity funds to pay (in part or in full) Bank of America non-homestead debt at account opening. Early Closure Fee does not apply. The minimum advance amount on the HELOC is $4,000, maximum CLTV is 80% and maximum LTV is 50%. Access to the HELOC account using an ATM card or other access cards is not allowed.

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AR63K8X9/LA67BR
 
Bob Dunford at Trident Financial.... 3.99% with 20% down, 4.25% with 10% down for 20 years. Closing soon with them for a $150k loan, very easy experience so far.
 
Do not know about the US but in Canada you can get a Line of Credit based on your house value for prime and if you are very well secured you can get it for prime minus 1/2%. No idea if a US citizen can borrow from a Canadian bank but they have branches in the US I think.
 
I am close to making a offer on a 32' searay. I do not have a mortage on my home. Over $400,000.00 value of home.
Our local bank wants to do a mortage on our house to finance the boat. I believe they quoted around 4%. I hate to do a mortage on the house but they have good options regarding length of loan. Conventional recreation loans are quite a bit higher interest. Thoughts?
 
I am close to making a offer on a 32' searay. I do not have a mortage on my home. Over $400,000.00 value of home.
Our local bank wants to do a mortage on our house to finance the boat. I believe they quoted around 4%. I hate to do a mortage on the house but they have good options regarding length of loan. Conventional recreation loans are quite a bit higher interest. Thoughts?
You will get many mixed responses to this. Some people "would never risk their homes for a toy". Others will say "if I can't buy it cash I don't do it". Still others will say "whatever it takes & the bigger the better"! Only you know what you can afford & what your comfort level is. I say that if you are financially comfortable with it, go ahead & get the lower rate.
 
I am close to making a offer on a 32' searay. I do not have a mortage on my home. Over $400,000.00 value of home.
Our local bank wants to do a mortage on our house to finance the boat. I believe they quoted around 4%. I hate to do a mortage on the house but they have good options regarding length of loan. Conventional recreation loans are quite a bit higher interest. Thoughts?

Personally I would not mortgage my home for a boat.

However a number of years ago I saw a post here on CSR about loans from the Pentagon Federal Credit Union. I joined them (Cost $10) and got a reasonable interest boat loan on my 340 Sundancer.

Looking to buy a 400 Sedan Bridge. putting about 30% down. Went with a loan broker who specializes in boat loans. They wanted 2 years tax returns, pay stubs etc. and came back with a 6.89% offer. (My credit is over 800).

Went back to PenFed. On the phone 15 minutes. They asked what the boat was and reviewed the options on the boat. "You are approved at 4.5%. We will mail the check in the morning...."
 
I am close to making a offer on a 32' searay. I do not have a mortage on my home. Over $400,000.00 value of home.
Our local bank wants to do a mortage on our house to finance the boat. I believe they quoted around 4%. I hate to do a mortage on the house but they have good options regarding length of loan. Conventional recreation loans are quite a bit higher interest. Thoughts?

Everybody's comfort range is different... I put 50% down on the boat at purchase, I had enough stocks, cash etc to cover the other 50%, I had a great deal of equity in my home and I had no qualms about the 2nd mortgage @ 4% on my home....(which is now long paid off)
 

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