Reply With QuoteB of A Home Equity line.....free setup. Drive by appraisal....no fees......payments are whatever you want to pay over interest......tax deductible.....They just give you a checkbook.
OK.......
I go online to eboatloans.com and get pre-approved for a boat loan. I find the 1997 Stoker 20SST of my dreams, agree on a price with the seller, then call my man at eboatloans.con with the details............."no problem"......"I've done a Stoker before" I'm told.....I wait while they assemble the paperwork to submit to their lender....and I wait. No reply, so I call back....leave a message, send an e-mail. Finally a reply..."We can't find a third party appraisal i.e. NADA ...I send them a list of recent "Stoker" Boat Trader and Hot Boat classifieds, and an appraisal from Al Stoker himself. Things are looking pretty grim right now, and I'm tired of the BS......these online brokers are less than honest. Guess if it was a Bayliner I'd be "plowing" today.
Sorry for bitching....
Mike
B of A Home Equity line.....free setup. Drive by appraisal....no fees......payments are whatever you want to pay over interest......tax deductible.....They just give you a checkbook.
Are equity lines a good way to go? or can the intrest keep going up on them. Just curious because we are trying to find the best way to finance a new boat
Had one of those "Home Equity" lines years back.......that checkbook was just a bit too easy to use. I'd rather keep the boat loan separate from "incidentals"....
If anyone has questions about financing, money, investments, home loan, equity lines, etc... shoot me an email, that's what I do for a living.
If you don't mind placing the liability of the extra draw on your home's equity, then Equity Lines are a great alternative. Most of them are based on the Prime index so you'd be looking at 4% or higher. Typically variable rates are set up at Prime plus a certain percentage, Prime +1 would mean a 5% loan currently. Yes they do adjust with the prime rate, but the good thing is that Prime has never been adjusted bya large margin in one fell swoop. Plus you always have warning on when the Fed is going to meet to discuss rates.
Most Equity Lines (HELOCs) will allow partitioning. This will allow you to take a portion of your line and use it for a specific item/draw such as a boat, then lock the partition in at a certain rate (tyipcally whats printed on your monthly bill) This portion of the Equity Line then becomes a principal and iterest payment amortized over a fixed period like a conventional loan.
Lets say you open a HELOC for 100,000. Then you make a draw of 50,000 for your new boat. The 50k is locked in at a certain rate and amortized over the specified period. You still have the remaining unused 50k that is available at whatever the current prime rate happens to be. The up side is that you can probably lock in a partition on an equity line lower than current rates for a recreational loan. The down side is that should something happen and your financial situation starts to get weak, that boat loan is tied to your home. You would want to make sure you have a way to get out from under the boat to pay off the equity line and not jeopardize your home. The only other caveat to the HELOCs are the associated pre-payment penalties. Many of the lenders charge a pre-payment fee on certain programs. It's not the end of the world, but it is something to ask about and be aware of.
Now for the shameless plug...
I can help you with a no cost equity line, but the way my company is structured, you would have to open the equity line in conjunction with a new 1st mortgage.
If you just need the equity line and don't want to refi your 1st mortgage, I would talk to SpectraBrent as I'm sure he has a program that would fit your needs.
Good luck,
Chris
try a credit union!!! boats seem to be hard to finance, like motorcyles..... wink
It's a toy try 100% down and no payments. Best method I know of.
missboatnam1:
try a credit union!!! boats seem to be hard to finance, like motorcyles..... wink I would have to agree. Our primary credit union always gives a loan when we need it and it's based more on the loans we have with them, how well we pay the loans then credit score. Try LBC, Long Beach Credit Union they do many boat loans as does Arrowhead Credit Union. Good Luck. If you need more help, PM me and I have a contact.
yes, long beach cu, is one of the best!!!
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