Boat Financing

[Legacy]

 Im looking for a referral for a good bank to deal with for used boat financing?

[baitrigger]

Check with some of the local credit unions. They have some great options.

[goin deep]

I used Essex Credit.  https://www.essexcredit.com/  They gave me the best rate and were easy to deal with.

 

Brian

[on the lam]

Scott Trusdale @ https://www.newcoast.com/

Edited February 7, 2015 by on the lam

[GAMBLER]

 Im looking for a referral for a good bank to deal with for used boat financing?

Did you find something Rob?

[Legacy]

Did you find something Rob?

No but i want to be prepared

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[PeltHunter]

I don't know if there are any in your area but I use Sunmark credit union I got in at 2.49% on an $11k my truck with no credit and me and my father had a joint deal lined up with them on a boat for $18,000 and the rate was 1.99% but the deal fell through on the owners end.

[MikeyP]

I had read and heard that is is difficult to get a boat loan on boats that are 15 years old or older. Have the boat loan lending practices changed? I never have tried, but only going by what I have heard.

[rod hog]

some banks(ESL) will not give you loan if the boat is over 25ft long.

[Sk8man]

I think the suggestion of a credit union is the best option usually. They usually have the best rates. I have even had banks admit to me that they can't compete with the credit union rates. Also they seem more flexible in their loan policies. You may want to think about setting up a direct deposit/checking account with one and they may be more amenable to the loan.,

[Yankee Troller]

With your credit score your best bet would be an Italian. I would highly advise you're not late on payment though.

[Legacy]

With your credit score your best bet would be an Italian. I would highly advise you're not late on payment though.

[troubles]

Just steal Ricks boat and you'll be all set Rob !

[Wilson Harbor Invite]

Just steal Ricks boat and you'll be all set Rob !

 

He can't "maneuver" that boat where he wants to fish. I already showed him a few meters for sale.

 

 

Ooops....still signed in as WHI...hahahahaha

Edited February 11, 2015 by Wilson Harbor Invite

[troubles]

He can't "maneuver" that boat where he wants to fish. I already showed him a few meters for sale.

 

 

Ooops....still signed in as WHI...hahahahaha

Better buy a jet boat then !!!!!

[Patriot]

With your credit score your best bet would be an Italian. I would highly advise you're not late on payment though.

Then they give you concrete boots for fishing?

[baitrigger]

Dropping you in lake Ontario with cement shoes would be cruel and unusual punishment. The last fish you would see would be a big green(laker on the bottom).

[RUNNIN REBEL]

Rob,

Best way to finance anything, would be threw a Home Equity line of credit  (HELOC loan) on the house (if possible) basically a revolving checkbook.. Every month you make a mortgage payment  the available amount of $$ equity rises.  Advantages are low monthly payment AND you can pay any extra $ you earn plowing/ charters to pay on principle anytime at bank. BEST ADVANTAGE is the interest is %100 tax DEDUCTION.........(easier at tax time than business deduction  were you show earned TAXABLE income against expenses to get tax refund). Interest Rates vary by amount of line ===$30 K HELOC is 4.7%==$50K HELOC is 4.1%  My rate is Prime rate ---minus 1/2 % point.  Once you have a equity line loan you can pay off all credit card/car loans ETC at a much lower % rate AND consolidate many non-deductible payments into 1 convenient way to pay AND now a tax deduction.

 

Or .........I know a few Italians , just come over to my house...................

 

Jerry

[Gill-T]

Bank of Grandma

Edited February 16, 2015 by Gill-T

[Xxx]

Bank of Grandma

LOL, I used bank of father-in-law!!! Flex pay plan!!!

[JakeyBaby]

I thought about the HELOC like Jerry said, in the past to clean everything up. The issue I had with it was, god for bid something happens where you could not pay on your HELOC loan your house is held as collateral is it not?

[jason]

Call in and ask sue if you can buy a boat. But don't for forget to let us all know when your calling so we can have fun entertainment.

[Silver Fox]

Pap, your back!

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[TileMan Dan]

Pap. PM sent.

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[Captain Carl Bish]

Rob,

IMO......the best charter boat is the one you pay cash for. Otherwise I agree with Jerry the HELOC is the way to go, some credit unions will go to 100% of house value....