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5.25% on new loans!...

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Reckless32

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Discussion starter · #1 ·
I was just speaking with Susan from Extreme Offshore Marine (Jeff you know them well) in Havre-De-Grace, MD (super people & dealership) and we wondered off discussing a new boat and current interest rates. Bank of The West (primarily dealers only) has been quoting 5.25% with 25K, 75K, and 100K being the magic marks to hit for the rock bottom quotes with good credit. This does not include the recent rate drop which takes a few weeks to hit the market place. Fella's if you've been contemplating the jump from used to new or a step up, the next several months will the cheapest time ever....

Yep, I'm already pricing my list of options.... :winker:
 
#3 ·
Just talked to my bank....Getting a "HomeEquity Line" at 3.5%....plus its tax ded (2nd home) if youv'e got a galley and potty.........so "new to me" boat here I come...I'm gonna lock the rate......and find a deal on a boat..........and its 15 year amort...once I take the $$$$
 
#4 ·
didnt know you could get a fixed rate on home equity line

HOT H2O said:
Just talked to my bank....Getting a "HomeEquity Line" at 3.5%....plus its tax ded (2nd home) if youv'e got a galley and potty.........so "new to me" boat here I come...I'm gonna lock the rate......and find a deal on a boat..........and its 15 year amort...once I take the $$$$
Click to expand...
 
#6 ·
Yea ...they fix the rate when you tell them youve maxed your borrowing....so if I buy a 30K boat and spend 5k on tricks for the boat...I can then tell then I am done borrowing and they put it on a 15 year amort.......I still have whatevers left on the equity line to borrow but it would be on a new "loan".....
 
#7 ·
mirageman said:
I know! I know! and it is just killing me!!!!!!!!

I got the boat picked out and everything!



Just need to save up for a down payment!!
Click to expand...
Dealer should be able to adjust the MSO to make up for the down payment....

We got in under 6% four weeks ago!
 
#10 ·
Rick,
You want me to negociate for you. Should be more like 25 to 30% off in the CURRENT economy. I believe dealers are chomping to move product and generate some cash flow.
 
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#12 ·
ps: expect the fed to cut another 1/4 point in the next three week - I got that from a very good source in washington - I think we can expect even lower rates soon - or at least hope for them.

ps: gas has hit a real low around me..... regular is now $1.34 gallon!
 
Discussion starter · #14 ·
Jeff that's what I think as well. August is when they meet next and I think they'll drop that other .25% expected last time.

Bill, yes 25-30% is a hard bargain and the target. But 20-25% off MSRP would be the minimum range one "should" expect to bag...
 
#15 ·
Rick,
I just heard the good news. Having the old lake boat gone must be a relief. I am very happy for you.
 
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#19 ·
Here is who I will recommend:

Sean Rogan at Sterling Acceptance in Boston

Great guy and his staff is very responsive:

800.286.8073 (if he's not available ask for someone else to help - because they're all very helpful and work togther)
 
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mirageman
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