Reply With QuoteLike anything else, the cost of money is negotiable.
We'll be financing part of our next boat purchase.
First we checked out Equity lines.
I've been with Countrywide since they were a "attractive big titty 21 year old shocking blond running the company from second hand shop worn Salvation Army thrift store card table in an bankrupt beer bar in a seedy part of town."
Honestly,, that's true.
I called Countrywide, and they told me if ya do the math, a simple boat loan with our good credit would be the better choice over an equity line.
Nice of them to save me the arithmetic, and be up front and honest,, but we were shocked that the equity line isn't the way to go at the moment.
After write off and fees, it's a near push.
At our boat dealer, we asked the owner to call the boat financing company and lean on them for a better rate, because we have super prime credit.
He gaves us the run-a-round of course. As RD says, a pimple on the ass of progress.
(Jay Photoglue wouldn't hesitate to lean on GMAC for a customer BTW)
Sooo,,,,
Alice got the boat loan companies number, called, and they knocked another 3/4 % off the rate.
At the moment, 7.2% is the best we can find with our good credit discount rate for 24 months.
Ya gotta shake a few trees hard to get the good fruit to drop.
OK,, be back as the financial picture develops furthur.
Like anything else, the cost of money is negotiable.
We'll be financing part of our next boat purchase.
First we checked out Equity lines.
I've been with Countrywide since they were a "attractive big titty 21 year old shocking blond running the company from second hand shop worn Salvation Army thrift store card table in an bankrupt beer bar in a seedy part of town."
Honestly,, that's true.
I called Countrywide, and they told me if ya do the math, a simple boat loan with our good credit would be the better choice over an equity line.
Nice of them to save me the arithmetic, and be up front and honest,, but we were shocked that the equity line isn't the way to go at the moment.
At our boat dealer, we asked the owner to call the boat financing company and lean on them for a better rate, because we have super prime credit.
He gaves us the run-a-round of course. As RD says, a pimple on the ass of progress.
(Jay Photoglue wouldn't hesitate to lean on GMAC for a customer BTW)
Sooo,,,,
Alice got the boat loan companies number, called, and they knocked another 3/4 % off the rate.
At the moment, 7.2% is the best we can find with our good credit discount rate for 24 months.
Ya gotta shake a few trees hard to get the good fruit to drop.
OK,, be back as the financial picture develops furthur.
that is actualy a very good rate for a boat loan..you wont see it go below 7%
The low down. The lending outfit gives the dealer a quote. Whatever he can get above that is money in his pocket. Say he gets 7.5 and charges you 8.5, thats 1 pecent for him after you pay it off.
Like anything else, the cost of money is negotiable.
With sales people and dealers make it seem like they have gone to bat for you. So they can guilt you into signing on the dotted line............
thats about where i'm at
I understand it's like an additional commission. Paid in a lump sum to the dealer after the purchaser keeps the loan for a set amount of days.
This is why going direct lender is best but its not always possible.
To bad Jay doesnt sell boats
TPC - I know you bought a ski boat of some kind. What is it?
Guess my 2004 boat at 5.75% will do, I was thinking about another boat not now.
So what are you getting?
Since I cannot afford a new boat right now I have to live vicariously through others!
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