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  1. #1
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    Question Pre-approval period when ordering a new boat?

    Hey Ken, I plan on ordering a new boat in November or December.... At what point do I need to get my loan approved? Do I wait til the boat is built and right before delivery? How long can a guy get an interest rate lock for? I know lots of variables in interest rates, what's the rates running for 780 plus credit score, no credit card debt. etc...? LMK thanks!!
    Last edited by Swerve-n-Protect; 09-15-2020 at 11:37 AM.
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    #2
    Quote Originally Posted by Swerve-n-Protect View Post
    Hey Ken, I plan on ordering a new boat in November or December.... At what point do I need to get my loan approved? Do I wait til the boat is built and right before delivery? How long can a guy get an interest rate lock for? I know lots of variables in interest rates, what's the rates running for 780 plus credit score, no credit card debt. etc...? LMK thanks!!
    Thank you for the note. Most lenders will hold an approval for 30 days. Some dealers like to hear something before ordering that the buyer is qualified. Rates right now are mid to upper 5'%'s and up from there. Rates have been steady for the last couple months. On ordered boats, the approval often expires. We then get a fresh one when the boat is built. Lenders need the actual physical boat, motor and trailer to be complete before any money moves.
    Let me know how we can help.
    Thank you,
    Ken
    (517) 543-6921 - Office
    Last edited by reclending.com; 09-17-2020 at 07:55 AM.

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    #3
    Great info, Ken!!! I'll be giving u all a call when it gets closer!! thanks!!!
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  4. #4
    good info. Thanks

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    #5
    Hey Ken, just ordered my boat last week... probably be done in 8-10 weeks... are you seeing the rates in the 4's yet?
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    #6
    Quote Originally Posted by Swerve-n-Protect View Post
    Hey Ken, just ordered my boat last week... probably be done in 8-10 weeks... are you seeing the rates in the 4's yet?
    I thought I answered this but must not have sent.
    Not seeing 4%'s too often unless the term gets shorter. Credit needs to be really clean as well. Mostly numbers in the mid 5%'s and up from there for long term and strength of buyer. Rates are mostly stable right now. Remember, approvals GENERALLY last for 30 days. Some lenders extend approvals for ordered units but not all. If the original expires, you would generally get current rates. Not common to lock in like the mortgage business.
    Thank you,
    Ken
    Let us know how we can help.
    Thank you,
    Ken

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    #7
    Ya, I'm looking for 4's for 84 months.... ok, I reach out again when it gets closer.. thanks!
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    #8
    Quote Originally Posted by Swerve-n-Protect View Post
    Ya, I'm looking for 4's for 84 months.... ok, I reach out again when it gets closer.. thanks!
    There are some lenders (we work with one) that does give some rate discounts for shorter terms. If you can take the payment in the 60 to 84 month area, rates can get into the upper 4%'s. Some of that de[pends on score as well.
    We are ready when you are.
    Thank you,
    Ken
    (517) 543-6921 - Office
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    #9
    Got excellent credit, ok thanks....
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    #10
    Hello. Some good info here, and hopefully it will be OK if I join in. In late Jan early Feb 2021 I will be looking to repower my 1999 TR18 to a new 150 hp 4S Mercury. As I consider a loan, are there any loan pitfalls associated with repowering an older boat? (I like my boat, and it is in excellent condition. I have excellent credit, but have no desire to replace the boat and motor. At 68 years old, I am confident the boat will go the distance.)

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    #11
    Quote Originally Posted by Obin View Post
    Hello. Some good info here, and hopefully it will be OK if I join in. In late Jan early Feb 2021 I will be looking to repower my 1999 TR18 to a new 150 hp 4S Mercury. As I consider a loan, are there any loan pitfalls associated with repowering an older boat? (I like my boat, and it is in excellent condition. I have excellent credit, but have no desire to replace the boat and motor. At 68 years old, I am confident the boat will go the distance.)
    Thank you for the question. There are limited sources for a straight re-power. The ones out there and not the best lending rates. The other hurdle you have is the age of the boat. No matter how new the engine is, everything is based on the model your of the hull. The 1999 part will cause another limit on options. That age will be older that most will go. IF a lender would look, you would be high double digit interest rate just because of the age. Most lenders that look at a repower will want all 3 items on the contract, that's why the age thing comes in. If this is the boat you want to be buried in (kidding) you might want to look at a local personal loan. Rates should be OK and could be cleaner than all the hoops and limits the other way.
    The other pitfall is your values get out of balance. If you ever look at selling, you still have a 21 year old boat and all the value on the transom.
    Thank you,
    Ken

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    #12
    Thank you Ken. Lot to think about. Just the kind of info I needed.

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    #13
    I bought a boat in October and used RecLending very easy process and good people to work with.