Boat Financing

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

  1. Steve195

    Steve195 Member

    Jan 15, 2016
    Richmond, VA
    2017 Sweetwater 2286 WB Tri-toon
    Yamaha 150 Outboard
    I just financed my new $40k pontoon at 4.99 interest for 12 years w/ about 10% down. This is the second boat I've used them for and I've been very happy.
  2. boatman37

    boatman37 Well-Known Member

    Jun 6, 2015
    2006 Crownline 250CR. 5.7 Merc BIII
    Previous: 1986 Sea Ray 250 Sundancer. 260 Merc Alpha 1 Gen 1
    5.7 Merc BIII
    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!
  3. bbwhitejr

    bbwhitejr Well-Known Member SILVER Sponsor

    Apr 14, 2013
    Lake Lanier GA
    2007 44DB
    Cummins QSC 8.3s
    If you are a member, USAA is great to work with.

  4. gerryb

    gerryb Well-Known Member TECHNICAL Contributor

    Oct 12, 2006
    Somers Point, NJ
    "On Vacation"
    2006 40 Sundancer
    Raymarine E125 & HD Radar + Garmin 5208
    QSB5.9 380 Cummins
    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.
  5. bracketracer

    bracketracer Active Member GOLD Sponsor

    Aug 23, 2016
    Wilson, NY
    2001 380DA
    Twin 454 Horizons
    I can't say enough good things about these folks:

    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.
  6. QDOG

    QDOG New Member

    Aug 31, 2017
    270 Sundancer Diesel 1997
    Yanmar Turbo Diesel 6LPA-DTZP
    Bank of The West did mine on my 1997 Sundancer 270.
  7. Bridog

    Bridog Well-Known Member GOLD Sponsor

    Oct 4, 2006
    Gulf Shores AL / Brick NJ
    2016 19SPX OB
    Mercury 150 4S OB
    Agreed. I used Dan on my 2004 260DA but he was with a different company at the time.
  8. The Bill Collector

    The Bill Collector Well-Known Member GOLD Sponsor

    Jun 2, 2008
    Tacoma, WA
    450 Sundancer
    3126 Cat's
    Apply now for a low-rate home equity line of credit
    MARK, opportunity’s knocking
    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.
    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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  9. Jmac572

    Jmac572 Member

    Dec 20, 2016
    Plymouth, MA
    2017 Sea Ray 290 SDX
    Twin 225 Verado Outboards
    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.
  10. 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
    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.
  11. Mike sandor

    Mike sandor Member

    Jul 28, 2017
    Eau Claire, Wisconsin
    2007 320 Sundancer
    Twin 496. Bravo 3
    2018 3500 Chevy, Loadmaster trailer
    Raymarine Axiom, Quantum 2
    496 Mercruiser/Bravo III drives
    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?
  12. tdschafer

    tdschafer Well-Known Member

    Aug 24, 2009
    Long island , NY
    1997 330 sundancer
    twin 454's, Carb, V-Drives
    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.
  13. Steve S

    Steve S Active Member GOLD Sponsor

    Jun 5, 2007
    Northern IL.
    2000 400 Sedan Bridge with twin CAT 3116's

    2000 340 Sundancer - SOLD!
    210 Monaco 1987 - SOLD!
    Twin Caterpillar 3116's 350 HP straight drives
    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...."
    The Bill Collector likes this.
  14. The Bill Collector

    The Bill Collector Well-Known Member GOLD Sponsor

    Jun 2, 2008
    Tacoma, WA
    450 Sundancer
    3126 Cat's

    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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