finance question

[bjw3470]

If a person finds a new boat, clearance, 2009 or 2010 model, how do the banks view that. Let's say the boat lists at 50K, but since it is a 2009, it's marked down to 40K. If I put 4K down, is that like a 10% down payment? Or would the banks look at it like 30% equity therefore a 30% down payment. Could this help insure that I get the best rate? Or is a 2009 model boat just worth what a used 2009 model boat would be? Thanks, Barry

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by bjw3470 &raquo;</td></tr><tr><td class="quote">If a person finds a new boat, clearance, 2009 or 2010 model, how do the banks view that. Let's say the boat lists at 50K, but since it is a 2009, it's marked down to 40K. If I put 4K down, is that like a 10% down payment? Or would the banks look at it like 30% equity therefore a 30% down payment. Could this help insure that I get the best rate? Or is a 2009 model boat just worth what a used 2009 model boat would be? Thanks, Barry

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Thanks for the question. The value VS selling price does make what can be called an "equity position". It all depends on how the dealer writes it up and how it is presented to the lender. We can handle this for you. Sounds like you are getting a good deal. There are not that many lenders in the boat business so make sure it gets presented correctly the first time. We are here to help. You will find an app at http://www.reclending.com. Once we see it we will call for your SS# and go to work. Call if you have any questions, my cell is 517-930-2721. Thanks, Ken