Boat financing dos and donts?

[jonathanfaith2]

hey guys I am looking at a used boat and wanted to get some feed back on who you recomend financing with. any information will help. I am looking at a boat that is a 2005 and is less than 8000 emoConfused

 

[oggism]

I got mine through a local community bank, got a 3000 loan to get boat and had it paid in a year payments were like 180 a month but paid it off early

My suggestion would be try to stay local as much as possible if able, besides that just see what interest rates you can get

 

[Guest]

I would go with your local bank if you have had an account there for quite a bit, red tape is shortened since they have all of your info in front of them. You might take out a home equity loan on your house, Cheap interest and you can knock this interest off your income tax.

 

[nickajack-smack]

Comtrust has the best intrest on boat loans I have seen that is who I have my boat with I think the intrest on mine was four and a half percent

 

[jonathanfaith2]

thanks guys for the insight

 

[dragfish]

Check with Fishin'Junkie, he's a loan officer at FSG.

 

[TheMacDaddy]

I'll be honest with, right is tough to get financing. Boat sales are down because of new bank lending practices. If your credit is not almost perfect it can be tough. Best advice, find banks online and see if you can get pre aproval.

 

[jonathanfaith2]

Getting a loan is not a problem Mac but thanks for the helpful guidence.

 

[Pointer 78]

Put as much down as you can afford. Sometimes that can affect the interest rate.

 

[TheMacDaddy]

Use to banks would send credit card checks through the mail with low interest... Paying 5% interest vs 10% can save quite bit of money per month... Well, I'm glad you've been pre aproved for loan... Shop around for the very best interest because some banks try to jack up the rate couple of %, to make as much money as possible off of you....

 

[Squirrel Monkey]

Tennessee valley has real good interest rates i have my truck with them

 

[TheMacDaddy]

You will find some of the local banks like Tennessee Valley will give you the best interest.... The local banks need business more than the bigger banks, but it is always good to shop around on the internet to establish interest rate before you walk in to bank, that way you know around the ball park what the interest rate will be... Believe me, banks will try to get as much out of you as possible, it is an business too.... You can also negotiate rates with banks, i've done it with car loans....

 

[elwestb]

... do like Doc1 said! A home equity loan. If you file a "itemized tax return", it's the only way you can deduct the interest! I've always thought I'd pay a little higher rate if I could take it off my tax filings! Go see Danny at FSG on Hwy 58 branch!

 

[TheMacDaddy]

Yea, you can deduct it from you taxes, but your going to be paying interest for the rest of your morgage loan... If you do the calculations you will pay more interest than you will get back on taxes.... Plus, you have to have enough equity built on your home before you can get one of those loans... Right now, home values have plunged in most areas and aren't the value they once was, which banks will give you less equity in the home....

 

[elwestb]

No, when the equity loan is paid it's paid, has nothing to do with your mortgage loan!

 

[TheMacDaddy]

Equity loans, aren't they suppose to be for home???? Would it be illegal to put boat or car on equity loan, I know no one would find out unless IRS did audit.... You want cheap way to get a loan and pay back yourself take a loan out on your 401K, you pay interest back to your self and not to the bank....

 

[TheMacDaddy]

Equity loans, aren't they suppose to be for home???? Would it be illegal to put boat or car on equity loan, I know no one would find out unless IRS did audit.... You want cheap way to get a loan and pay back yourself take a loan out on your 401K, you pay interest back to your self and not to the bank....

 

[TheMacDaddy]

Equity loans, aren't they suppose to be for home???? Would it be illegal to put boat or car on equity loan, I know no one would find out unless IRS did audit.... You want cheap way to get a loan and pay back yourself take a loan out on your 401K, you pay interest back to your self and not to the bank....

 

[elwestb]

An equity loan is against your home "equity", but has nothing to do with your first mortgage. It is not a second mortgage either! Don't bust a 401k for a loan! Yes you pay yourself the interest, but your contributions must stop and so does any matching money from your employer until the loan is paid! Bad mistake! And if your loose your job take another elsewhere, the total balance is due immediately upon termination! Take a home equity and deduct the interest just like your first mortgage! It's not illegal to use the equity loan for autos, boats, motorcycles, college expenses or anything else! It's the only way to get the interest deduction!

 

[Guest]

You can get a home equity loan for anything, kids braces, vacation home, new or used car, boat, motorcycle, gambling debts, etc. The home equity loan becomes a second loan on your house, now you have two house payments, one big one, one small one.House interest is about the only thing you can count off your income taxes.