I have been calling around regarding used boat loans and my local Wachovia quoted me the best rate (5.99%). Today we went over to see what kind of money they would lend us on a few boats I am interested in. After over an hour they quote me a rate of 9% and will only loan us $23k. Then she says there are almost $500 in fees for "closing". Ive had boat loans before and never had any closing fees. Is this a Florida thing? I told her she was pretty much nuts as we have credit in the high 770's and enough money in the bank to buy any of the boats I submitted 3 times over. The only reason I want to borrow is becuae I am interested in another condo I want to flip. All I accoplished today was taking a hit on my credit when she pulled my score :hothead:
Boat loan...doc stamps and closing fees...r u kidding me?
Mr. Demeanor
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I have been calling around regarding used boat loans and my local Wachovia quoted me the best rate (5.99%). Today we went over to see what kind of money they would lend us on a few boats I am interested in. After over an hour they quote me a rate of 9% and will only loan us $23k. Then she says there are almost $500 in fees for "closing". Ive had boat loans before and never had any closing fees. Is this a Florida thing? I told her she was pretty much nuts as we have credit in the high 770's and enough money in the bank to buy any of the boats I submitted 3 times over. The only reason I want to borrow is becuae I am interested in another condo I want to flip. All I accoplished today was taking a hit on my credit when she pulled my score :hothead:
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that sucks
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Feel your pain Demeanor, but a very small consolation is that they're finding that it takes a fair number of inquiries before your score is affected in any way.
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Dave Patnaude at Essex Credit handled my most recent boat purchase. Quick, easy and competitive rates. He also handled the financing on the boat I sold for the new owner. 
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Check with Lake Michigan Credit Union, They are into boat loans, great rates and real good people to deal with. ( but as with all banks I have dealt with in the past that could change over night)KSFLYER1 said:
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I'm in the money business, rates are moving upward rapidly. If you're serious and find a rate you like, snap it up. Most banks went up 50 basis points since Monday 10-31!
Prime is at 7% currently, I know of no source at 5.99% for anything used!
Prime is at 7% currently, I know of no source at 5.99% for anything used!
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I work with peoples credit everyday inquires only will lower you score a lot if you have a bunch of inquires. 1 or 2 pulls won't hurt it too much(maybe 3 points). i also have never heard of a closing cost on a boat loan either. KS- lake michigan or 5th/3rd are good banks to go to on a boat loan.
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The closing cost thing was a complete scam and they said nothing abut it until after I wasted two hours....yes two hours..while they dicked around. Were going next week to look at the boat and im just going to pay cash if it works out. Ill make the condo work another way. I'll only own it for a few months hopefully so the rate on that isnt as important.
The boat ia a 23' Concept. A little smaller than I wanted but I can launch it from our small private ramp down the street. It gets me back on the water after two years. Im selling my Hayabusa since I f'd up my eye and cant (shouldnt) ride any more.
The boat ia a 23' Concept. A little smaller than I wanted but I can launch it from our small private ramp down the street. It gets me back on the water after two years. Im selling my Hayabusa since I f'd up my eye and cant (shouldnt) ride any more.
Re: Financing
:laugher: :laugher: :laugher: :laugher:
Glad you hooked up with Dave - he took good care of me!
please send the .4% amortized over the life of the loan to me.... certified check please. I'll pm my addressNot Right said:Dave at Essex hooked me up, approved in 2 hrs, beat Eboat loans by .4 %
looks like all my hrs wasted at Speedwake have paid off, Thanks Speedwake
:laugher: :laugher: :laugher: :laugher:
Glad you hooked up with Dave - he took good care of me!
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If you need financing on the condo,don't hesitate to give me a call or send me a PM if there is any other way I can help. :winker:Mr. Demeanor said:
517-281-1567
Scott
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Thanks Move'n Up. Doc Stamps are a tax on loans imposed on any loan closed in the State of Florida. It is $.35 per $100 financed and you pay this on mortgages, boat/cars loans, etc... If you have any specific questions you can reach me at kyle@newcoastfinancial.com or on my cel at 727-741-8150Move'n Up said:
Kyle
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There are 10 states that charge these taxes on mortgages/home equities. I'm assuming that most of these states are like FL and charge a similar tax. States are: AL, FL, GA, KS, MD, MN, NY, OK, VA, and TNLoan Ranger said:
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