Financing Options

[JENDL SEAS]

There is a wealth of knowledge here and I wanted to tap it a bit...

What financial institutions do you find as the most favorable for boat loans over $150K? Thanks in advance for the info.

 

[alnav]

Jendl, I've used Bank of America for my last couple of boat loans and they offered rates consistent with or lower than alternative sources each time.

 

[WDCboater]

I will second Bank of America. Their rates are very low. Plus the approval process was quick. The closing process, not so much.

If you use BoA, go directly through BoA directly. They will assign you to one of their brokers. Doing this saved me hundreds in closing fees.

Stay on top of them and double check their paperwork. When I bought my 350 last fall they wrote up the ships mortgage for a 370.

 

[Crushin It]

Jendl -

Just had a similar thread - check this.

http://clubsearay.com/showthread.php/58857-Need-Financing-Try-these-guys

 

[HavnFunYet?]

Don't ask Dave Ramsay this question!

 

[Tonka Boater]

If you, or a relative, have anything to do with aviation or the military then you can get a loan at a great rate through Wings Financial. 2.99% for a new boat and 3.99% for used boats. They are really easy to do business with.

Rates: https://www.wingsfinancial.com/asp/general_51.asp
Qualifications: https://www.wingsfinancial.com/asp/general_74.asp

 

[IanBat]

Definitely in the wrong country sometimes.


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[WDCboater]

If you, or a relative, have anything to do with aviation or the military then you can get a loan at a great rate through Wings Financial. 2.99% for a new boat and 3.99% for used boats. They are really easy to do business with.

Rates: https://www.wingsfinancial.com/asp/general_51.asp
Qualifications: https://www.wingsfinancial.com/asp/general_74.asp

Not sure what they are now, but my BoA loan is 3.49% and that was on a used boat.

 

[rcon]

Definitely in the wrong country sometimes.


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I hear ya

 

[JENDL SEAS]

Thanks all for the info.

 

[Ms. Mymoney]

What kind of term will BoA usually go or does it depend on the amt financed?

 

[sb in gp]

Kind of an old thread, but BoA informed me today that they stopped doing boat loans in December.

 

[firecadet613]

Are you still looking for financing? I used a broker on the western side of Michigan, coastal financial. Great rates.

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[JV II]

Check Bank of the West also.

 

[bahamabreisus]

B of A should be out of boat loans. We have a friend that lost his job, had no choice but to let their boat go back to B of A. The boat is sitting on the hard, not winterized for the last 6 months. Temp here way below freezing for the last week. Boat was in great condition, probably trashed now.

 

[Carver370]

Are you still looking for financing? I used a broker on the western side of Michigan, coastal financial. Great rates.

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Coastal is great and so is Jim Stiverson at Sterling Financial.

 

[sb in gp]

Are you still looking for financing? I used a broker on the western side of Michigan, coastal financial. Great rates.

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Thanks - I'll look them up.

 

[sb in gp]

Coastal is great and so is Jim Stiverson at Sterling Financial.

Thanks Ray. I pinged Sterling.

 

[dpmulvey]

B of A should be out of boat loans. We have a friend that lost his job, had no choice but to let their boat go back to B of A. The boat is sitting on the hard, not winterized for the last 6 months. Temp here way below freezing for the last week. Boat was in great condition, probably trashed now.

what kind of boat? A friend is looking for a fixer upper.

 

[mquiet]

+1 on Bank of the West. If you go through Cosco, they had great rates and no closing, documentation costs.