Financing for older boats?

Gary B said:
Home equity loan?
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We've toyed with refinancing with interest rates so low and cashing out enough equity to retire the boat loan.

Our interest rate is already low enough (on the boat and the house) that I'm not sure the math works with closing costs. I'd have to work up the numbers to decide if there's enough savings in boat + house interest rates to make the closing costs low enough to make it worthwhile.

Not entirely wild about the idea given the trajectory of housing prices and some loose desire to relocate in 10 years, I'd rather swing the equity to a new house. And with the weirdness in the economy, I'm also inclined to let the existing marine lender share in the longer term risk.
 
Gary B said:
Home equity loan?
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My thought as well, HELOC at below 3% these days with no lien on the boat seems to be pretty efficient unless your the type to overspend and then walk on the paper if things go south. You do that on a boat loan and you screw your credit but still have a roof over your head.
CD
 
Not sure I'd want my house to be tied to my boat loan. The stuff hits the fan and boats are hard to sell I wouldn't want them taking my house over it. But I guess each persons situation would be different.
 
Steve S said:
Pentagon Federal Credit Union - 100K max boat loan. Got 4% for 12 years amortized as 20 year. So in 12 years if I still have the boat I would have a small balloon payment.

I have other business with them. Tried first with one of the "premier" boat lenders. They offered 8.75% for 7 years even though I was putting 40% down. Called PenFed to check if they still had this loan offer. CSR said yes. Asked me a few questions about the boat. 15 minutes later said "We will mail a check in the morning. Or do you need it wire transferred?"...
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How long ago was this?
 
We just did a 2002 410.....
we used Bob Allen
Bob Allen <ballen@tridentfunding.com>
Trident funding
20 years is available with 10-15% down rates are 4.99-5.25
 
Thanks all, some of these I've known about (joey at Newcoast) and others are great suggestions. I'll pass them on to the buyer. PenFed sounds interesting and we connected them with Sterling on Friday. Appreciate the info!
 
Zach312 said:
How long ago was this?
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I financed a 340DA back in 2013 with this loan type.

When I bought my 400DB in the fall of 2017, they didn't show the loan type on the website any longer - so I looked one of the "Premier" boat lenders (mentioned in this thread) and they wouldn't give me the low interest rate package that they advertised... even though I was a 830 credit with 40% down and my only debt was my mortgage. The only issue was I had left my former company after 20 years and was with a new company at a slightly lower salary. After they came back with the ridiculous offer, I called PenFed just to check... and they still had the loan available.

We reviewed the boat and the options and they told me how much they would finance, which happened to be virtually exactly what I needed. Done Deal... Had a check on the second day as they overnighted it to me.

Costs $5 to open an account...
 
Thanks, starting to look at financing options for our next boat in a year or two
 
The stuff hits the fan and boats are hard to sell I wouldn't want them taking my house over it.
Borrowing against the house - I AGREE ...
Best advice my father ever gave me was never never ever ever borrow against the house. You gonna take the chance of losing your home over a car or a boat? its a real bad idea to save a few bucks a month for a lower rate.
 
Pirate Lady said:
The stuff hits the fan and boats are hard to sell I wouldn't want them taking my house over it.
Borrowing against the house - I AGREE ...
Best advice my father ever gave me was never never ever ever borrow against the house. You gonna take the chance of losing your home over a car or a boat? its a real bad idea to save a few bucks a month for a lower rate.
Click to expand...

Come on now. This cannot be the best advice your father ever gave you? I mean...really. He never told you Dewalt was better than Black and Decker? GMC was better than Ford? Wrap it up if you don't want to have babies? :)
 
I just took a small loan out at Delta Community Credit Union for a 23 yo Sea Ray. Interest rate is 4.38% and I can't remember if I could choose more than 5 years. I chose to take this loan versus float it with cash because I wanted to stay cash heavy during this crazy time. I've had mortgages higher than 4.4%....

Anyway, I think there's a DCCU branch in Burford, if you aren't a member, I suggest trying them and maybe switching your banking to Delta. I filled out the load app online and had the approval in about 4-5 hours.
 
Hillbilly Deluxe said:
I just took a small loan out at Delta Community Credit Union for a 23 yo Sea Ray. Interest rate is 4.38% and I can't remember if I could choose more than 5 years. I chose to take this loan versus float it with cash because I wanted to stay cash heavy during this crazy time. I've had mortgages higher than 4.4%....

Anyway, I think there's a DCCU branch in Burford, if you aren't a member, I suggest trying them and maybe switching your banking to Delta. I filled out the load app online and had the approval in about 4-5 hours.
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Thanks man! I'm good, just trying to help a friend sell his boat. Sounds like there are plenty of options out there at great rates.
 
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