Refinance boat loan

[agallant80]

Anyone out there ever refinance your boat? Any reccomendations on a lender? I see Bank of America and Essex Credit as the top two hits in google.

 

[greenbush future]

Re: Refinance boat loan

Credit Unions are usually the best deal around but that's just my experience. Been with mine for over 25 years.

 

[bonz_d]

Re: Refinance boat loan

Never had to. Always paid cash for fun.

 

[tpenfield]

Re: Refinance boat loan

Anyone out there ever refinance your boat? Any reccomendations on a lender? I see Bank of America and Essex Credit as the top two hits in google.

I thought that you were thinking of selling and upgrading ?

 

[agallant80]

Re: Refinance boat loan

I thought that you were thinking of selling and upgrading ?

We have changed plans. Decided to put an addition on to the house, pay off the wifes house (owes about a car worth of mortgage). Once the wife's house is paid off we are going to upgrade to a really nice boat.

 

[dan02gt]

Re: Refinance boat loan

BB&T and Bank of the West both have good boat financing programs. I was at all impressed with what my local credit union had to offer.

 

[dan02gt]

Re: Refinance boat loan

Never had to. Always paid cash for fun.

Great insight there I'm sure the OP will find that helpful. At least you upped your post count.

I'll never get why people that "pay cash for toys" always feel the need to tout it in any post about financing.

 

[agallant80]

Re: Refinance boat loan

Great insight there I'm sure the OP will find that helpful. At least you upped your post count.

I'll never get why people that "pay cash for toys" always feel the need to tout it in any post about financing.

I would pay cash for a 1988 and 1984 boat too. Mine is a 2013...... I guess he is just ranking up with the post counter.

 

[jkust]

Re: Refinance boat loan

Are credit unions that much more advantageous? I recently did a side by comparison when I needed another business savings account and the fees and interest rates were the same as Wells Fargo and the rest. I was surprised given what I have heard about them.

 

[greenbush future]

Re: Refinance boat loan

Are credit unions that much more advantageous? I recently did a side by comparison when I needed another business savings account and the fees and interest rates were the same as Wells Fargo and the rest. I was surprised given what I have heard about them.

Credit Unions are not for profit, so usually they can be very competitive or even cheaper. Every situation is different, but comparing is the only way one would know. Car loans were better than GMAC for me when I purchased my truck. I really dislike banks and all the fee's they tend to charge just to hold our $$. Quite a racket they have going.

 

[jkust]

Re: Refinance boat loan

Credit Unions are not for profit, so usually they can be very competitive or even cheaper. Every situation is different, but comparing is the only way one would know. Car loans were better than GMAC for me when I purchased my truck. I really dislike banks and all the fee's they tend to charge just to hold our $$. Quite a racket they have going.

Agreed, even when you have an account that waives the fees...they still charge you the fees every month. The problem was that the local credit union that they literally just built this last summer had all the same fees and interest rates. Like why would anyone use them? Their loans must be less expensive.
Regardless, good luck on the addition. That should be exciting.

 

[dingbat]

Re: Refinance boat loan

The problem was that the local credit union that they literally just built this last summer had all the same fees and interest rates. Like why would anyone use them? Their loans must be less expensive.

The two credit unions we belong to are closed to the general public. You must be a County Teacher or Federal employee to join.
No monthly fees. No ATM fees. Interest checking on both my personal and business accounts. New Vehicle and boat loans are 1/2 to 1% lower than the bank.

 

[roscoe]

Re: Refinance boat loan

Great insight there I'm sure the OP will find that helpful. At least you upped your post count.

I'll never get why people that "pay cash for toys" always feel the need to tout it in any post about financing.

Great insight there I'm sure the OP will find that helpful. At least you upped your post count.

ditto.




?? So you want to refi the boat to pull cash out, to spend on the house?

You may have better luck and find better rates getting a home improvement loan.

 

[bonz_d]

Re: Refinance boat loan

Great insight there I'm sure the OP will find that helpful. At least you upped your post count.

I'll never get why people that "pay cash for toys" always feel the need to tout it in any post about financing.

Ditto to ya.

Not in debt over my head either for toys. 2 car payments, mortgage and $?0000.00 in medical bills is way more than I need to owe anyone.

 

[Fleetwin]

Re: Refinance boat loan

Some insurance companies are now offering loans. State Farm, to name one.

If you've been a long time customer, the loan process is completely painless.

I have used their service, recently, to make a purchase and paid it off within two months. Just needed a "float".

No issues at all. Easy.

 

[bonz_d]

Re: Refinance boat loan

A short while back we needed to borrow to pay off some medical bills. Wife has a 401k she can borrow against. Cheapest rate I've ever seen and most of the interest goes back to her account. A real win, win.

 

[dan02gt]

Re: Refinance boat loan

I've talked to State Farm about their boat loans and the rates are not bad but their terms are about like auto loans.

Are you just trying to lower your payments or adjust the length of the loan?

 

[agallant80]

Re: Refinance boat loan

Well I learned something today. Essex credit which is one of the larger boat finance companies owns a bunch of smaller banks that they put their boat loans through. I tried to refinance through Essex only to discover that they own The Bank of The West which has my note now. I think I will give good old BOA a shot.

 

[bruceb58]

Re: Refinance boat loan

A short while back we needed to borrow to pay off some medical bills. Wife has a 401k she can borrow against. Cheapest rate I've ever seen and most of the interest goes back to her account. A real win, win.

Worst thing you could possibly do. This so called "interest" that you put back into the 401K is taxed money. Guess what! It gets taxed on the way out again as they don't segregate before and after tax money in a 401k account.

 

[bonz_d]

Re: Refinance boat loan

Worst thing you could possibly do. This so called "interest" that you put back into the 401K is taxed money. Guess what! It gets taxed on the way out again as they don't segregate before and after tax money in a 401k account.

How do you figure? There was no tax or penalty on the money borrowed coming out. Income earned after 401 deduction would be taxed with or w/o this loan. Then because of DTIR this loan rate was 9% lower than I could have gotten from my bank. Plus most of this interest paid is being paid back into the 401k account. So basically you are paying interest to yourself.