Looking to get quotes for purchase finance, suggestions?

[ian ashton]

I work for a big bank, but we don't really cater to boats, and I don't really want my finances with the company I work for. Anyway...

Does anyone have any suggestions for where I should look for financing? I've just been calling around to local banks, I can't seem to get any definitive answers, which frustrates me (especially being in the finance industry, I get put on the spot every day and always give my customers the most complete answers possible.)

Basically I want to be able to tell the financier what my exact credit score is (I have all 3 beaureu's scores), what my current liabilities are, and my income/assets, and know what rate they can offer me. I only want the bank that I go with to pull my credit.

Any/All suggestions appreciated, and thanks in advance!\

(Or did all of the big ballers on here pay cash? )

[ian ashton]

Err, I meant to post this in the Sales/Info section, derrr I don't know how it ended up in Pride & Joy. Please move if possible...

[04OUTBACK]

Ian,
There are several online banks that roll decent rates on boats. I looked into one, but found my local banker could treat me just as well. Statewide bank that banks off of relationships and credit... look around boattrader.com , onlyinboards.com etc. and there are ads for online banks that will finance.. BUT, they all are gonna pull a credit bureau on you.. they'll need SS# to get anywhere.
I can't imagine any financial institution not running their own credit research....
Most boat specific lenders will finance 15years on a boat.. not necessarily the best idea on a depreciating asset.. My local bank tailored my payment to my needs and was Great to work with.. matter of fact, I have done 2 boat loans and Sea Doo loan with them...

If you are buying new boat, you'll probably get a great rate from a direct lender of the boat dealer...

B

[ian ashton]

I know that the bank will need to pull my credit to do the loan, but I think they should be able to tell me the rate and terms of the loan without pulling, especially since I can give them a copy of the 3 file merged report. I give people mortgage refinance quotes (thats my job) every day without pulling their credit.

I talked briefly with the dealer about financing, it is my understanding that they just shop it to several local banks, which is basically what I'm doing as well.

Thansk for the tips, I checked out onlyinboards and there seems to be a good referral on there as well.

[04OUTBACK]

I found the co. I shopped online..www.boatfinance.com They show a 6.9% on 15 year.. Not bad.. I applied online and they called / emailed within a couple of days.

I have done a couple of online auto finance with Capitalone that was pretty good.. I don't think they do boats though..

[deerfield]

ian - Like you, I work for a bank. It has a retail line of business that offers a wide variety of loans. However, instead of the bank route I borrowed from a credit union. I have a history with the credit union and it was an easy application. The purchase price of my '07 Outback was about $37,000. I had $20,000 saved up so borrowed $17,000. Interest rate is okay. It was a new boat, loan to value was strong, term was on the short side, and credit unions have a regulatory environment that generally allows them to offer cheaper rates than banks. I probably could have done better had I shopped around. If you are comfortable, seems like the internet is a great way to comparison shop. When figuring your cash flow and budget, keep in mind that a lender may require you to pay a full year of boat insurance for the first year of the loan, then let you go to a monthly, quarterly, or semi annual premium schedule. - Deerfield

[zegm]

Ian,

I went online and visited several banks and still my dealer beat them. I agree that capital one is great for cars and if you call them you CAN get a boat loan from them it is more difficult than the auto loans which are great. My problem was I had already accepted the dealers quote.

[smokedog2]

Get a fixed rate at 12-15 years.

With the coming inflation according to Greenspan’s book (a great read) you'll be glad you did.


SD2

Oh, I went wtih Deerfields bank - that's funny right there.

[jmvotto]

Ian,

Go with a Home equity if you can the interest is deductible. If not go with someone you know small local bank, credit union, etc. The big firms are tightening credit fast with this Sub prime Mess even though rates for banks to borrow are going down ( not getting passed on to new moomba owners though)

Deerfield, did Greensapn talk about that in his book? I saw him speak two years ago, thought maybe he'd give a heads up

[ian ashton]

The Home Equity loan is a great idea (especially since that is what I do for a living, lol) but unfortunately in the state of Michigan with our declining home values and the fact that I purchased my home 2 years ago, I don't have quite the equity position to be able to get a 2nd to cover the purchase of a boat (we are capped at 85% LTV on 2nd mortgages!)

I ended up going with MSU credit union, of which I have been a member for several years. I'm glad I called them, very friendly, super fast/easy approval process. Now I just need to decide on which darn boat I want!

After this weekend's boat show I am pretty dead-set on the Outback DD, just need to decide if we want to special order, or take the one from dealer stock...