Refinancing

Aerobaticflyer

Aerobaticflyer

New Member
Mar 24, 2009
263
Bradenton, FL.
Boat Info
390 Sundancer 2005
Engines
Cummins 380's
Refinancing my boat loan is looking very attractive right now for me. Does anyone have any recommendations on the lending institutions out there? Currently with Bank of America and looking hard at BoatLoans.com (Intercoastal Finance) in case anyone has experience with them.

Thanks!
 
I refinanced with B of A last year and would like to do it again but they have a 1 year-in-place rule. B of A is advertising 4.25% for loans over $150K which is much better than the 4.74% that BoatLoans.com is showing today. I would go with the lowest rate you can find.
 
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B of A at 4.6%........pretty good and there are advantages to keeping the loan where it was. In the end I get a shorter term with lower payments and save $36K over the rest of the term. I had a great day! :thumbsup: Now I have money for fuel........
 
Aerobaticflyer said:
B of A at 4.6%........pretty good and there are advantages to keeping the loan where it was. In the end I get a shorter term with lower payments and save $36K over the rest of the term. I had a great day! :thumbsup: Now I have money for fuel........
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So is this a done deal already? I thought B of A didn't do refinances on boat loans over or equal to 6 model years old? Any out of pocket expenses?
 
Just about $800 total in fees (Florida doc stamp, CG fee, etc). B of A tells me they go back up to 9 model years now.
 
PenFed always had good rates. Im financed through SunTrust right now at about 6%. My boat was too old and I didn't finance enough to qualify for the lower rates. As it was, with an 805 credit score I STILL felt violated after the 4 week process of getting a loan.
 
Aerobaticflyer said:
B of A at 4.6%........pretty good and there are advantages to keeping the loan where it was. In the end I get a shorter term with lower payments and save $36K over the rest of the term. I had a great day! :thumbsup: Now I have money for fuel........
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Am I glad you started this thread! I received an answer in less than an hour from B of A at 4.69% A full point less than now and it cost 395.00. It will pay for itself in less than 4 months and save me about 14K if I keep the boat full term. Thanks again! Brian
 
Funny you should ask, Key Banks (Kyle) just called me and refied ME, I didn't ask to be refied, but I'm at 3.99 now and it's saving me a boat load of money and 100K off the complete loan...PM me for name and number of MY banker...it's all about relationships is what he told me, and I LOVE HIM.. cause he had me at Hello!!!!!!!!!!!!!!!
 
boltman said:
Funny you should ask, Key Banks (Kyle) just called me and refied ME, I didn't ask to be refied, but I'm at 3.99 now and it's saving me a boat load of money and 100K off the complete loan...PM me for name and number of MY banker...it's all about relationships is what he told me, and I LOVE HIM.. cause he had me at Hello!!!!!!!!!!!!!!!
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PM sent! I didn't sign anything yet :) Nevermind it doesn't look like they like NJ :(
 
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Glad you started this thread too! Will also look at B of A they do have good rates. We keep our cruiser in Bradenton, whereabouts do you keep yours?

Brenda
 
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My father mentioned this but after reading this I wonder due to boats age. She's enjoying her 14th season this summer.
 
I had a very good experience refinancing with Essex Credit. Their reps are noted on their website. Mary Ann was very experienced and professional to work with. I had to pay for a survey, which I used that as a lever to negociate my interest rate lower. I'm very satisfied where I'm at now vs. 6 months ago.
 
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BritLady said:
Glad you started this thread too! Will also look at B of A they do have good rates. We keep our cruiser in Bradenton, whereabouts do you keep yours?

Brenda
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We might be neighbors! The boat is at Twin Dolphin Marina on the Manatee River. Love it there.
 
susanandlance said:
I got mine @ Wing's Federal Credit Union at 4.5% over a year ago.
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I'm a member at Wings FCU and I noticed today that the boat re-fi rate is currently at 3.49%. Wow....makes me want to buy a bigger boat. If you are looking to re-fi I would check them out to see if you qualify as a member. You need to be employed in, retired from, or in a job directly supports the air transportation of people or cargo or live in the Twin Cities metro area or the Seattle/Tacoma metro area. I have no affiliation other than being a member....I just think it's a great rate....www.wingsfinancial.com
 
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Stray Cat said:
I had a very good experience refinancing with Essex Credit. Their reps are noted on their website. Mary Ann was very experienced and professional to work with. I had to pay for a survey, which I used that as a lever to negociate my interest rate lower. I'm very satisfied where I'm at now vs. 6 months ago.
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Maryann financed my last boat, she was great! I highly recommend
 
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