boat financing - refinance

[Bruce Yeaton]

Need some help from you guys... I'm looking to refinance the boat and add the new motor to the bill. Who do you folks recommend for a bank? Preferably someone online...

 

[Marke Cicero]

oops, I posted in the wrong thread....LOL

 

[Mark Weichold]

I posted a link below from a great site that I have been a part of for about six years know!!! They can take care of you.



If I was in your situation I would look at refinancing your home with the great rates out there right now. Wells Fargo has a either secured or unsecured home equity line of credit that the wife and I did for home improvements and it has some great perks that make it affordable and very user friendly!!



Mark

 

[Bruce Yeaton]

We'd refinance the home if we weren't planning on moving soon. Hate to add another $10k to the mortgage payoff....

 

[Jim B]

Bruce, do you have access to a credit union? If you do go talk to them. Credit unions generally offer the best intrest rates you can get on loans of this type. When i got my current boat i did some shopping around for rates and in the end my credit union had the best rate by a large margin. The dealer wanted me to finance thru them at something like 10.5% and as usual they wanted me to go 10+ years. i checked local banks and my credit union for rates and the choise was clear. The best i could do from a regular bank was 8%( i have very good credit) my credit union came in at 5.25%. keep in mind this is an unsecured boat loan nothing to do with a home loan. because the intrest rate was so low i took a 5 year note on the boat and plan to have it paid off quicker.

 

[Bruce Yeaton]

Thanks guys. I'll check out my credit union. The trickiest part is going to be getting the extra money for the new motor....