Captains Cat
New member
And might I respectfully recommend the new life insurance policies where they give you the money now and when you die, your kids have to pay it back!! :shock: :lol: :thup
charlie
charlie
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Boat Loans
- Thread starter Mike...
- Start date
patrick and linda
New member
charlie, from wefim's marine inc. makes valid points concerning both in house and outsourcing of loans. i'd add one additional point regarding prepayment penalties, and that would be never accept a loan that contains a prepayment penalty clause. sometimes convenience cost a lot of money. like many about have stated, shop for the best rates and terms.
good luck,
pat
good luck,
pat
patrick and linda":1jpiog25 said:charlie, from wefim's marine inc. makes valid points concerning both in house and outsourcing of loans. i'd add one additional point regarding prepayment penalties, and that would be never accept a loan that contains a prepayment penalty clause. sometimes convenience cost a lot of money. like many about have stated, shop for the best rates and terms.
good luck,
pat
To find a loan that does not have a prepayment penalty would be really tough to find. Most have a two year penalty clause. That is because they pay boat loan companies fees to write the paper.
Bank of America's web site states it will make boat loans direct, but their rates are a couple points higher than everyone else. Yet they will buy boat paper from these companies that write in the upper 6%. Commercial Credit is a good example. They have it sold before they write it. And you won't know it until after it is done.
I guess thats life.
captd
patrick and linda
New member
hello captd
i agree that prepayment penalties are part of the dealerships income generating system. i suppose, if a person is not interested in paying off the balance premature, then having a prepayment hit would be of no consequence. i , personally have negotiated on many occasions, no prepayment, so that, 1. i could sell or 2. pay off the loan and not suffer that additional hit.
borrowed money is the easiest to spend and the hardest to repay.
the economy today indicates that the buyer should insist on the best price and terms. a boat, new car, motorhome and the like are fun to have but not necessary and thus, puts the buyer in the drivers seat, at least to some extent. bottom line is, unless you ask, they will not offer.
as always, best regards
pat
i agree that prepayment penalties are part of the dealerships income generating system. i suppose, if a person is not interested in paying off the balance premature, then having a prepayment hit would be of no consequence. i , personally have negotiated on many occasions, no prepayment, so that, 1. i could sell or 2. pay off the loan and not suffer that additional hit.
borrowed money is the easiest to spend and the hardest to repay.
the economy today indicates that the buyer should insist on the best price and terms. a boat, new car, motorhome and the like are fun to have but not necessary and thus, puts the buyer in the drivers seat, at least to some extent. bottom line is, unless you ask, they will not offer.
as always, best regards
pat