When financing a used boat.........

[Nord]

What steps does one go through??
Jeremy, a new member here on the boards is going to buy a boat (used) and needs to know. I'd like to get educated on this topic as well!
As I said before, if there is anyone out there that finances, please contact me, I have a candidate for you...
Thanks
~NORD~

[mbrown2]

Get the 1-800 number for Key Bank and ask for the Marine department....
Have purchased three boats using them and they are an amazing outfit. After getting approved they turn you to a 3rd party closing outfit that hand holds the closing....getting all the docs to the buyer/seller, handling all registrations and payoff....once approved, it takes about a day to get the loan docs...they include their fed ex account so you can overnight it back....so now on day 3 they get the docs, and by day 4 or when you say I have performed a final inspection , they have the rest of the funds wired to the sellers account within another 24hrs.....and then you have a new boat to you...

[Nord]

Get the 1-800 number for Key Bank and ask for the Marine department....
Have purchased three boats using them and they are an amazing outfit. After getting approved they turn you to a 3rd party closing outfit that hand holds the closing....getting all the docs to the buyer/seller, handling all registrations and payoff....once approved, it takes about a day to get the loan docs...they include their fed ex account so you can overnight it back....so now on day 3 they get the docs, and by day 4 or when you say I have performed a final inspection , they have the rest of the funds wired to the sellers account within another 24hrs.....and then you have a new boat to you...
Do they send someone out to inspect the boat for value??

[mbrown2]

Do they send someone out to inspect the boat for value??
Nope...go off Nada...and I was normally putting a large amount down so loan to value was never an issue.

[Nord]

Thanks Brown!!! Good info.
I remember meeting a guy at one of the get togethers who is Boatloanguy or something here on the boards. But I can't find him. I thought I'd send the biz his way, however, I'm going to check out your key bank deal instead.
~NORD~

[Jordy]

I used Melissa at Essex. I did have a survey done by a 3rd party on my boat, which is just added piece of mind when buying a big ticket item. I had no problem paying the money to have someone who has a full time job looking over the boats and making sure everything is as it should be.

[ThongMagnet]

Finance your home not your boat.

[Nord]

nord, tell your bro (and you) just pay cash for it and quit your whinning :cry: financing just puts you behind the eight-ball and makes the banks (& loan co's.) richer ...... don't sell out to the "suits" ..... own your own s hit !!! :rollside: (d-no)
My boat is paid for and my truck is paid for Dean.. My house is financed though. Its the only thing I've ever financed actually.
Jeremy started a thread on here "first time boat buyer" and it sounds like he wants to finance one. Paying cash isn't an option for everyone.
Anyhow, I was just trying to get some info for him.
~NORD~

[redi4fun]

Thanks Brown!!! Good info.
I remember meeting a guy at one of the get togethers who is Boatloanguy or something here on the boards. But I can't find him. I thought I'd send the biz his way, however, I'm going to check out your key bank deal instead.
~NORD~
I think this is who you are looking for.
Let us know how your used boat loan experience goes. I know I am interested on people experience with the various routes out there.
http://www.***boat.com/forums/member.php?u=7962

[Cole Trickle]

My boat is paid for and my truck is paid for Dean.. My house is financed though. Its the only thing I've ever financed actually.
Jeremy started a thread on here "first time boat buyer" and it sounds like he wants to finance one. Paying cash isn't an option for everyone.
Anyhow, I was just trying to get some info for him.
~NORD~
Do a search for Mellissa at Essex she was very easy to talk to and had great rates.(I didn't go with her but I would have)
Also be advised that some brokers will charge you a fee for placing the loan.(Middleman)
I would go straigt to the source and save the point/$$ that the brokers get.
I say he buys your boat and you step up tp the 28XP!!! :crossx:

[Nord]

Do a search for Mellissa at Essex she was very easy to talk to and had great rates.(I didn't go with her but I would have)
Also be advised that some brokers will charge you a fee for placing the loan.(Middleman)
I would go straigt to the source and save the point/$$ that the brokers get.
I say he buys your boat and you step up tp the 28XP!!! :crossx:
lol

[Goad]

some good info here....i will be in the used boat market as well in a couple of months.
do they finance boats like cars or houses?
say if I get a $30k boat, will I have to finance it over 5 years, or can I go longer? the ammount i spend and the size of the boat will depend directly on my monthly payment and insurance payment.
Also, is there a minimum for boat loans? say if I just wanted to finance $13k....

[Mrs. Bordsmnj]

We used Chris, BoatLoanGuy here on the boards because Essex couldn't do it. We had to have a marine survey done because Stoker is not in the Nada guides.
I am pretty sure you can go longer than 5 years.

[LAFD]

some good info here....i will be in the used boat market as well in a couple of months.
do they finance boats like cars or houses?
say if I get a $30k boat, will I have to finance it over 5 years, or can I go longer? the ammount i spend and the size of the boat will depend directly on my monthly payment and insurance payment.
Also, is there a minimum for boat loans? say if I just wanted to finance $13k....
i think at 13k you'll be alright but it depends on the year of the boat. i beleive anything older than 10 years they wont loan you. i think.

[centerhill condor]

paying cash isn't an option??? reads as if the priorities are out of order as will the rest of your life will soon be...
If you can't afford it now how will you be able to afford it with interest?
maybe its a stupid question...can't you get a woman to buy it for you?

[riverbound]

I talked to Chris (boatloanguy) a while ago when i was looking at boats and he seemed pretty cool. ended up not needing fianacing though, so didnt actually use him.
Here is his#951-906-6300

[Mrs. Bordsmnj]

i think at 13k you'll be alright but it depends on the year of the boat. i beleive anything older than 10 years they wont loan you. i think.
I was just going to post the same thing....I am pretty sure you cannot finance if 10 years older or more.

[superdave013]

nord, tell your bro (and you) just pay cash for it and quit your whinning :cry: financing just puts you behind the eight-ball and makes the banks (& loan co's.) richer ...... don't sell out to the "suits" ..... own your own s hit !!! :rollside: (d-no)
well god damn, I thought I was the only one who feels this way about toys.

[Goad]

I was just going to post the same thing....I am pretty sure you cannot finance if 10 years older or more.
Thats good to know....I've been looking at boats well over 10 years old.
Looks like I better start counting my pennies.

[Mrs. Bordsmnj]

paying cash isn't an option??? reads as if the priorities are out of order as will the rest of your life will soon be...
If you can't afford it now how will you be able to afford it with interest?
maybe its a stupid question...can't you get a woman to buy it for you?
I think its pretty presumptuos (sp?) to assume his life is in disarray if he chooses to finance a boat. :rolleyes:

[Singleton]

some good info here....i will be in the used boat market as well in a couple of months.
do they finance boats like cars or houses?
say if I get a $30k boat, will I have to finance it over 5 years, or can I go longer? the ammount i spend and the size of the boat will depend directly on my monthly payment and insurance payment.
Also, is there a minimum for boat loans? say if I just wanted to finance $13k....
You can finance boat loans longer, depends on the amount of the loan. Just make sure you have no early payoff fee. For the new boat I am getting, I am financing over a longer period of time since the rate is 1.5 points lower, but then going to pay opff early.

[axkiker]

All I can say is never go through JOSH at Eboatloans. totally a pain in the arse. Ended up taking over 3 weeks to complete. Rate went up a full point over a weekend supposedly because the market changed. HAHHA He actually had to do the paperwork 2 times because he f'ed it up the first. Total waste. The only reason I kept it through him was because they did get the best rate by far. The note ended up with regions bank. so you might bypass him and see if regions will work with you directly. I went 10 years on a 10 year old boat.

[riverbound]

paying cash isn't an option??? reads as if the priorities are out of order as will the rest of your life will soon be...
If you can't afford it now how will you be able to afford it with interest?
maybe its a stupid question...can't you get a woman to buy it for you?
And who the F are you to judge someones life based on them financing something??
I think he was asking for recomendations on fianacing companies, not people's two bit opinions.
By the way I know people who have plenty of cash and still finance boats cars etc... because the money is being used to make them more $ than the interest is costing them.

[Goad]

And who the F are you to judge someones life based on them financing something??
I think he was asking for recomendations on fianacing companies, not people's two bit opinions.
By the way I know people who have plenty of cash and still finance boats cars etc... because the money is being used to make them more $ than the interest is costing them.
yeah, i second that....id rather play now, pay later....i cant wait 12-18 months to save up to buy a $15k boat.
not all of us have cash coming out of our ears.

[Beer-30]

I have heard great things about Key bank and also Essex.
On a different note (no pun intended) I checked with the bank I do my checking/savings with. They had a 2nd Mort line of credit at 5.3% I just got that line capped at $60K. They automatically draw the interest out of checking, but I add principal at whatever amount I want. No set duration on the loan. Works for me, and they already had all of my info. Made it easy.

[mondorally]

I have heard great things about Key bank and also Essex.
On a different note (no pun intended) I checked with the bank I do my checking/savings with. They had a 2nd Mort line of credit at 5.3% I just got that line capped at $60K. They automatically draw the interest out of checking, but I add principal at whatever amount I want. No set duration on the loan. Works for me, and they already had all of my info. Made it easy.
You probably already know this but (assuming its adjustable) check how often it can adjust, how much per adjustment, and the interest rate cap. Mine started at a pretty 4.5% and now sits at 8% .... and is due to go to 8.25% with the next quarterly adjustment.
Justin

[Kiddunot]

yeah i agree i think it is jacked up that people are judging what you can afford, based off if you can finance or buy a boat outright. I would have to say that 70% of the people out there financed there boat. Especially if you are rolling in a magic or conquest elminator etc. The other percentage of people either received there funds from a business, or selling a home or refinancing there home. Boats are very expensive. I highly doubt these people have 80,000 sitting in there bank account and then on a sunday afternoon decide to roll out and buy a boat. Give these people a break, they just want to have fun as well. It is alot easier to spend 300-500/month for a boat then it is to fork out 80,000 in one day.

[Nord]

How the hell did this thread end up like this.........?????
I try to find out info for a friend and now I get the whole rigamarou of you should pay cash for something!!!
I don't think an opinion was asked for, just basic info on the steps of financing a boat.
I myself, would never finance a boat. But, that has nothing to do with the topic of the thread.
Some times I think some of you guys are just born backwards!!!!!
For those of you who replied with answers and direction towards a company
thanks.
~NORD~

[centerhill condor]

http://:www2.***boat.com/forums/attachment.php?attachmentid=17128&stc=1
Many people are like this fish trying to swim with a basketball in his mouth...living with debt and doomed to failure.
borrowing money for a boat is a symptom of a life out of balance...Unless he's gonna boat for a living its a losing proposition. If you can justify borrowing money for a toy... good for you! An entire industry depends on you...don't stop now or bankers, lawyers, and repo guys will have to find other employment.
If you know people that can beat the spread (borrow for less than they can lend) good for them! Most can't. Ask if they borrowed their way to financial success??
I can look people in the eye and advise them not to borrow for a boat. Can you look yourself in the eye after advising someone to borrow for a boat? buddy old pal
What do you think boat prices would do if people quit borrowing? they'd sink like a stone. same for bikes, sport cars, and all that fancy jewelry.
the cash crew beats the credit crowd every day of the week...is it time to change sides or do you want to live the lie another day? you can rant and rave all you want but you're pushing a losing position. Kinda like this fish.
Folks never have cash coming out of their ears untill they stop sending money to the loan dept. Ask Dad what he thinks.
If my 2 bits keeps someone from making a $30k plus interest mistake its an incredible investment.
deal with it or die broke! far easier to keep out of trouble than to get out!
http://www2.***boat.com/forums/attachment.php?attachmentid=17136&stc=1

[Beer-30]

You probably already know this but (assuming its adjustable) check how often it can adjust, how much per adjustment, and the interest rate cap. Mine started at a pretty 4.5% and now sits at 8% .... and is due to go to 8.25% with the next quarterly adjustment.
Justin
They offered both. Started adjustable, at 5.00. As I saw it creeping up, they had told me I could call and for no-charge, change it to fixed. So, at 5.3, I made the call and locked it. :)