New boat down payment?

[Swerve-n-Protect]

Just another question about my new boat order and it may also help someone else that is wondering... I put a $1k down when I ordered my boat... I got to have another nearly $4k for sales tax when I register my boat, separate from the boat purchase. So my cash flow is low right now... do most banks that RecLending deals with do the 100% financing or close to it? LMK thanks!

[KenLamain]

I can answer this for you. As I mentioned in my PM to you, I retired from RecLending but do not know who is answering these messages.
You have your purchase price from the dealer. No matter what state he is in, sales tax is an expense of buying the boat. Your state sales tax would be added to the purchase price to get to a total bottom line number. Also any state title and registration fees would also be added to the number to get a final total. Whether you pay it in the deal or at the State office, it is part of the deal. Anything you pay towards the total would count as down payment. Does not matter who collects and pays it, anything paid would count towards the deal.
Let me know if this helps.
Thank you,
Ken Lamain

[Swerve-n-Protect]

Thanks, Ken.... I emailed Todd and then got an email from Dustin at RecLending and apparently you all can't offer the 100% financing anymore like was done in the past to get a decent interest rate. He said if u wanted a rate around 5 you would need 15% down or if not it would be around 8%... My sales tax will be around $4k plus the $1k I put down, didn't get me to a 15% down payment. Didn't want to swing that, but did find a credit union in my area that could do the 100% financing and an interest rate where I wanted to be. thanks though!!

[Crestliner16]

Let me ask? If I were to put down 5k for the list price, would that reduce the financial cost? Or would it be easier to get the loan and pay the 5k on the principal? Thanks

[ThomasD]

Bought my last boat 4 years ago with zero down. Salesman told me it wasn't possible and that all lenders required 10% down. He took my credit all and kind of dismissed me like I was a tire kicker. I wasn't 2 blocks away when he called me to tell me they got me approved. It was through Bank of the West and got 4.99 for 72 months but you have to have stout credit and a low debt to income ratio.

[Swerve-n-Protect]

Yep, I'm getting mine financed thru a local credit union on March 1, cuz that's when their rate drops from 4.25% to 3.25% for up to 84 months!! I put a grand down on the boat and they said they would finance 100% if necessary....

[reclending.com]

Thanks for the question. There are lenders that will do a no money down loan. They usually charge a premium rate for it though. However, if you put $1,000.00 down and are paying 4k out of pocket for taxes and fees, that is $5,000.00 down in the banks eyes. What state are you in?