Finacing my boat that i own

searaybob2008

searaybob2008

New Member
Jun 16, 2011
39
Nashua NH
Boat Info
240 sundancer 2008
Engines
Merc 5.0
Went out and boat my boat cash made for easy purchase private sale and was able to get good deal .need to now who will finace
my boat need to put the money back in my IRA

trying to go thru essex but wow 3 weeks and still no answer
and screwed up my aplication very hard to deal with never
returns calls or emails any suggestions


Thanks Bob
 
You could try Bank of America at http://www.bankofamerica.com/vehicle_and_personal_loans/index.cfm?template=boat_loans, a couple of members (including me) have gotten loans at under 5% interest in the last couple of months. It's unusual to seek financing after the fact and that may explain why you're not getting a response. If you can't do that I would certainly recommend a home equity loan if your financial situation supports it, that is, you have substantial equity and excellent prospects for paying it back. The security for the loan is the house and doesn't have anything to do with the boat although you would be indirectly using it for that. The last think I would think you would want to do would be to put your home at risk; if you were to default on an equity loan they would foreclose on the house and not the boat.
 
Before buying our boat recently for cash I called our credit union to see what they would loan on it just to get an idea if we were paying over book finance price we were paying under the loan value. I asked if they would finance it later if we wanted to do it the answer was a flat no we will not finance an already paid for boat but would finance 80% of the loan value if we did it before paying cash. I called 2 more banks and the answer was the same finance it now or pay cash. I would definitely look for a personal line of credit don't in my opinion take out a home equity loan if you default your house is gone. The financial mess the US is in right now is partly caused by folks using their homes as credit cards just my opinion but look at how many homes are in default with no equity. You also have to pay taxes and maybe a penalty on the IRA withdrawal depending on your age. I would start calling as many banks and credit unions as you can Monday. Good Luck
 
I am in the process of re-financing my boat through Penfed (Pentagon Federal Credit Union) for 3.5% over 5 years. It is a 12 year ARM fixed at 3.5% for 5 years then it goes to a Variable Prime+ .25 ( as I recall) after that. No FEES. The ARM is not a concern to me because I plan to just add a little to what I have been paying Suntrust (at twice the interest rate) and I will now have it nearly paid off in 5 years anyway; either that or I may even have a larger boat by then too :). Best deal I could find around. I had the whole process done in 4 business days. I applied the day after I became a member with a $5 deposit.

I don't know if they will finance a boat you own but you could try. They seemed very eager to make the loan and did not have many of the other requirements (DNA sample, 2 years Tax Returns, Net Worth Statement, etc.) I had to go through the first time financing it with Suntrust. Can't hurt to ask I guess.

I will admit, the only reason I knew about that offer form Penfed was all the CSR ads they have had on lately.
 
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I don't understand a word he said. I wonder how the application got so delayed. Figured out the information there they must have.
 
Went out and boat my boat cash made for easy purchase private sale and was able to get good deal .need to now who will finace
my boat need to put the money back in my IRA

Nehalennia said:
I don't understand a word he said. I wonder how the application got so delayed. Figured out the information there they must have.
Click to expand...

That's funny Todd!! I was thinking the same thing. I had to decipher what he was talking about by the responses he was getting.
I must admit though, I don't quite understand your last sentence either.
 
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Seabob, if I understand you correctly you cashed out some of an IRA account to buy the boat for cash and now are having trouble finding a source to finance the boat so you can pay back the amount you took out of the IRA. Is that correct?

IRS rules are that you have only 60 days to get the money back into the IRA or it becomes taxable. That's only part of the reason I advised clients to not take out of an IRA to buy things. The other big reason is that you're taking out money that is possibly pre-tax, and you're going to be paying it back with after-tax money. That doesn't make much sense.

Many banks are not doing boat loans any more, but Bank of America and Essex Credit are still doing lots of loans. I suggest you do what Bob & Sue suggested---get on the phone Monday and call as many banks and credit unions as you can to see who might be able to help.
 
tdschafer said:
That's funny Todd!! I was thinking the same thing. I had to decipher what he was talking about by the responses he was getting.
I must admit though, I don't quite understand your last sentence either.
Click to expand...
Yeah I was trying to talk like Yoda like he was.
 
Jedi you will be but practice you must.
actually to understnanding of what was sed wiz pretie eaze if u time the spnd to care of the messagt theat is main to whut wz there posted.

it may could be taht thay not should be able to interpret the email sent that you sent could be possibley that iz whathappened !.,*
 
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