Thread: Loan options?

Results 1 to 10 of 10
  1. #1
    Member
    Join Date
    Sep 2017
    Location
    St Louis
    Posts
    493

    Loan options?

    I have a new boat on order and am interested in what kind of rates/loans are available. The boat is a 2020, my credit score is low 800s, and I'm going to be looking for a 120 month loan for $40k. I can put down 10%, but do any lenders do 100% loans? Does that 10% generally bring the interest rate down much, if any? I just want to get as much info ahead of time as possible so I have my options covered when the boat arrives.

  2. BBC SPONSOR
    Join Date
    Dec 2009
    Location
    Michigan
    Posts
    1,876
    #2
    Quote Originally Posted by MidwestBoater View Post
    I have a new boat on order and am interested in what kind of rates/loans are available. The boat is a 2020, my credit score is low 800s, and I'm going to be looking for a 120 month loan for $40k. I can put down 10%, but do any lenders do 100% loans? Does that 10% generally bring the interest rate down much, if any? I just want to get as much info ahead of time as possible so I have my options covered when the boat arrives.
    Good morning,
    Down payment is always a good thing. Some lenders have a requirement of 15%, some 10$ and there are some options with zero down. From what we see, the lower rates are generally tied to less risk for the lender. That would mean that more down make banks have less risk. We are seeing rates right now in that term and score category in the "mid to upper 5%'s. The rate would slide up slightly for more term. In that dollar amount you could have options all the way out to 180 months.
    Let me know how we can help.
    Thank you,
    Ken
    (517) 543-6921 - Office
    Last edited by reclending.com; 12-30-2019 at 08:00 AM.

  3. Member
    Join Date
    Dec 2017
    Location
    Cato MO
    Posts
    2,874
    #3
    You ordered a new boat without having the financing in place?

  4. Member
    Join Date
    Sep 2017
    Location
    St Louis
    Posts
    493
    #4
    Thanks for the info Ken. When I get an estimated completion date on the boat I may be in contact.

  5. Member
    Join Date
    Sep 2017
    Location
    St Louis
    Posts
    493
    #5
    Quote Originally Posted by Ben Danbleume View Post
    You ordered a new boat without having the financing in place?
    Yes, and I also haven't sold my existing boat yet (which also has a loan on it). I like to live dangerously.

  6. BBC SPONSOR
    Join Date
    Dec 2009
    Location
    Michigan
    Posts
    1,876
    #6
    Ordering without some sort of approval is not unheard of. If the ordered unit is something the dealer could use or sell easily, that's not a huge deal. Most dealers need to order units to meet programs anyway. Having one of the early orders have a home is a bonus. If for some reason the deal falls through, its just stock and is sold to someone else.
    It probably also helps if you have a relationship with the dealer.
    Ken

  7. Member
    Join Date
    Sep 2010
    Location
    Vidalia
    Posts
    76
    #7
    i am looking at a 2004 zx250 with a 2011 250 sho . I am looking for best options for getting a loan on a boat that old. what are my best options ? thanks for any help.

  8. BBC SPONSOR
    Join Date
    Dec 2009
    Location
    Michigan
    Posts
    1,876
    #8
    Quote Originally Posted by buck36 View Post
    i am looking at a 2004 zx250 with a 2011 250 sho . I am looking for best options for getting a loan on a boat that old. what are my best options ? thanks for any help.

    I would say your best option is to work with RecLending (I may be a bit bias).
    Let me know how we can help.
    Thank you,
    Ken
    (517) 543-6921 - Office

  9. Member
    Join Date
    Feb 2011
    Location
    surprise
    Posts
    17
    #9
    looking at a used ranger 2018 RT198P $26,600.00. Excellent credit and 3k down. Can anybody tell me what lending terms I can get on this possible purchase?

    thanks

  10. BBC SPONSOR
    Join Date
    Dec 2009
    Location
    Michigan
    Posts
    1,876
    #10
    Quote Originally Posted by quantum1 View Post
    looking at a used ranger 2018 RT198P $26,600.00. Excellent credit and 3k down. Can anybody tell me what lending terms I can get on this possible purchase?

    thanks
    Each lender will have terms and they are MOSTLY based on amount financed. Generally the maximum terms are offered with finance amounts over $25,000. That could be 120, 144 or 180. Generally good credit gets the best options so that would mean 180 months IF finance amount ends up over the $25,000 amount. You can always write it for a shorter term or pay additional.
    Let me know how we can help.
    Thsnk you.
    Ken