Joining in as a most of the time lurker...til I find my boat

M

Mark Lund

New member
Greetings from the Mid-West! My name is Mark Lund. I have been reading through the site and gazing with great admiration and awe at the photos. Have found a C Dory locally that may be in my future. I'm trying to get information on boat loans, price, etc figured out.

Unfortunately the midwest (Omaha area) has taken a beating river wise the last two years. It will be difficult to find a marina. The water from our record flooding is expected to recede in the next few months, but I think what it will leave behind will be as bad if not worse that what is there now.

I have been enjoying immensely reading about your boats and exploits. Reading technical and helpful tips thrown out there by all of you. There is a lot of material for reading. That's a good thing!

I have already discovered finance rates for boats are higher. I have just started looking for sources, so the battle will continue, learning as I go along! I wasn't sure with the present economy how difficult it would be to find a lender for a used boat.
 
Welcome to the group

Most of us have started the same way, lurking for a bit, then joining the discussions

Financing, yes boat loans are at a higher rate and the number of companies making boat loans are fewer these days and require higher down payments. Mine is through Bank of America. You can check Boatus, they will also finance in certain areas of the country and have partner companies in other areas.

Good hunting
 
Welcome!

Part of the beauty of this boat is that you don't need a marina. They're easily trailerable and simple to launch and recover, get gas while on the trailer at gas stations where gas is cheaper and of course the cult following I'm sure you've already discovered.

Rick
 
Wow...lots of help already. Much appreciated! I forget who's post it was, but noticed somebody went zooming with their C-Dory down the interstate right past Omaha. I believe they said they spent the night at Grand Island. I'll have to lurk on the Interstate so that I don't miss any more opportunities to see your vessels! :lol: Opportunities are somewhat limited here in Nebraska.
 
Mark ("Nebraska"),

You might consider taking a run over to Guttenburg, Iowa for the CBGT there beginning September 9th.

CBGT's are the sort of thing where it's nice to have a boat, but not critical. My first one was at Lake Powell, and we arrived in a motorhome! Every body was super friendly, and you can look at boat's to your heart's content. ...probably get a ride on one as well.

If you haven't been to Guttenburg, give it a try. It's a homey little town right on the River. If you get over there try to stay in the "button factory." I don't remember the official name, but it's one of the neatest places we've Ever stayed (and decent prices too).

In any case, welcome to the C-Brat "family!"

Casey
 
Essex is a loan broker , they exist to make money from your financing .They are nothing special and just have a few relationships with the few remaining marine lenders .We beat them on new boats almost every time. Your used C Dory will book very low and you will need a substantial down payment for financing with a broker or traditional bank.
Federal Credit unions buy their money cheaper [= better rates] and sometimes are open to survey based values , as opposed to NADA values. Usually a better outcome than brokers .Most have an 84 month max term , but we see more 120 month terms lately .
A new boat can be financed for 180 Mos.at a good rate with good credit and a 10-20% down payment . Monthly can actually be cheaper than a used boat loan with a shorter term .No penalty for early pay. Plus warranty is there on new product .
Honda has good rates on new boats equipped with [you guessed it ] Honda power. Just a couple of things to think about .
Marc
 
I like the Guttenburg idea. We are on vacation over Labor Day, so getting away that soon (the 9th) may be tough, but I'll see what we can workout.

Hadn't thought much about new....I think the nearest dealer is in St. Louis? or Wisconsin? The financing part of buying new sounds tempting, but I'm thinking the cost is going to double...not sure about new prices. Also there is that matter of getting it from there to here! More cost.

Our credit union here said on used boats the rate would start at 9.1% and on a 2007 the max length would be 48 months. Our car loan was through the same place and the rate was MUCH, MUCH lower!
 
Mark

I would figure out what model you want, but certainly give Marc at Wefings a call and look at the options available, he really gets creative. transporting to nebraska is not nearly as difficult as it seems, there are many options for this also. I bought my 2007 used in 2009 through B of A 8.5 at 15 years, 20% Dn and they certainly were harder than any boat I had previously purchased. credit and lenders are much harder on boats for sure and the number of lenders as Marc says is down. I had looked at the Honda deal and it was pretty tempting.
 
wow...again...thanks...that opened a lot of avenues. Talked to Marc, who was very impartial, but very helpful. Again, the help is invaluable. Getting more things figured out in a week than several months had taken!


P.S. appreciated the P.M.'s I recieved, also another avenue open!
 
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