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Speedin' Ian
04-12-2005, 02:57 PM
So I think I will be getting a different boat, who has the best financing? Not sure if I will be buying new or used, but it would be nice to be preapproved.

dicudmore
04-12-2005, 03:05 PM
Melissa
Marine Finance Specialist
Essex Credit Corporation ~newport Beach, Ca
866-377-3948 Ext.7204

Brian Ray
04-12-2005, 03:13 PM
I think rates have gone up a little...Melissa was quoting 7.5% fixed for 15yrs. if your credit's good. That was a few weeks ago.....

Roxysnow
04-12-2005, 03:27 PM
Damn! Rates have gone up over 2% on the 15yr! :squiggle: Better do it quick! But Melissa is awsome! :D

Blacksheep
04-12-2005, 03:31 PM
Yep... Both boat and auto loans are going up. I was shocked this morning when I checked for rates for a new vehicle. They are all going up and rather quickly.

Speedin' Ian
04-12-2005, 03:33 PM
Well as soon as I get her number I will give her a call

Brian Ray
04-12-2005, 03:45 PM
Yeah, just a few years ago 5.5% was not uncommon on 15yrs.
My credit union is offering 4.2% 100% financing but will only go 84 months....I'm leaning this way even though the monthly payment would be $150 more a month but I would save $17K over the life of the loan going with the 84 month CU offer.

Jrocket
04-12-2005, 03:53 PM
Melissa
Marine Finance Specialist
Essex Credit Corporation ~newport Beach, Ca
866-377-3948 Ext.7204
Yep,just amazing!

Totally IncapASSitated
04-12-2005, 03:53 PM
What's financing???!!!...I thought everyone paid cash!!!! :D :messedup: :p

dicudmore
04-12-2005, 04:06 PM
Well as soon as I get her number I will give her a call
Melissa
Marine Finance Specialist
Essex Credit Corporation ~newport Beach, Ca
866-377-3948 Ext.7204
that #??

Outnumbered
04-12-2005, 04:28 PM
What's financing???!!!...I thought everyone paid cash!!!! :D :messedup: :p
Cash = Equity Line :idea:

KACHINA KEN
04-12-2005, 05:41 PM
Melissa
Marine Finance Specialist
Essex Credit Corporation ~newport Beach, Ca
866-377-3948 Ext.7204
ditto

Phat Matt
04-12-2005, 05:43 PM
ditto
ditto on his ditto. :D

GHTRIM
04-12-2005, 05:49 PM
ditto on his ditto. :D
ditto on his ditto which is on his (Ken) ditto... :D

Speedin' Ian
04-12-2005, 06:19 PM
Thanks dicudmore I will call her tommorow and crunch some numbers. I really don't want to do a 15 year loan, I am hoping for something between 60-84 months. Been looking at new and used boats, found a couple nice used cats with mild power in the low 40's. Also liked that nice 28 Eagle that was on the boards a couple weeks ago. Then again I would love a new boat, just not sure about the huge investment.

INSman
04-12-2005, 06:35 PM
I am going on my second loan through Beacon Credit who uses a variety of lenders, and looks like I am going through them again with National City.
Rates are going up like every week almost like gas prices because they know it's prime season and we are getting gouged, but I checked in with Melissa at Essex and she could not even touch my deal, she sounded very nice though.

Essex502
04-13-2005, 06:02 AM
Yeah, just a few years ago 5.5% was not uncommon on 15yrs.
My credit union is offering 4.2% 100% financing but will only go 84 months....I'm leaning this way even though the monthly payment would be $150 more a month but I would save $17K over the life of the loan going with the 84 month CU offer.
That would apply if you keep the boat for the life of the loan. Think about when you will be selling it and work backwards. Then decide is you can make more money on the difference saved.

Cole Trickle
04-13-2005, 06:29 AM
Melissa at Essex was very easy to work with and quite knowlegeable. :cool:
I got my loan about 3 weeks ago and the interest rate jumped up a whole point within a matter of days.
I got 7.1% through E trade and they allowed 100% finnancing (Better on my bank account until I sell the other boat)
Melissa was able to score me 6.9% with 10% down.
I ended up going with E-Trade but would have used Essex had they offered 100% finnancing.
Brandin

diggler
04-13-2005, 06:34 AM
I was given 7.25% last September when I purchase my boat. E-Boat loans did it for me.

gmocnik
04-13-2005, 07:24 AM
i just did a refi thru melissa at essex..
maybe there are better rates by a few fractions of a percent but the customer service at essex is uncomparable...one call, one week later all docs complete, all of the title and az reg stuff done, one visit for signatures and voila...the bank lets me pay them to use my boat...
call melissa

ChumpChange
04-13-2005, 07:29 AM
This makes me glad I bought my boat last year with a 5.5% rate. Can't remember who I used though.

Brian Ray
04-13-2005, 07:45 AM
That would apply if you keep the boat for the life of the loan. Think about when you will be selling it and work backwards. Then decide is you can make more money on the difference saved.
I plan on keeping the boat I'm buying so 84 months would be better for me....but If I was going to sell within a 5 yr. period then maybe the 15yr. deal would be better as long as you but down 10%.....which I'm actually putting down 24%.
I like to keep my interest exposure to a minimum on depreciable assets like boats, car, etc.....

OutCole'd
04-13-2005, 07:49 AM
Thanks dicudmore I will call her tommorow and crunch some numbers. I really don't want to do a 15 year loan, I am hoping for something between 60-84 months. Been looking at new and used boats, found a couple nice used cats with mild power in the low 40's. Also liked that nice 28 Eagle that was on the boards a couple weeks ago. Then again I would love a new boat, just not sure about the huge investment.
Take the 15 year loan. There is nothing that says you cant pay it off in 7-8 years, or whenever you want as long as it's not over 15 years.

boxscore
04-17-2005, 06:14 AM
Just got a quote from Essex for 6.25% for 15 yrs. Thought it would be higher.

SJRS1
04-17-2005, 07:20 AM
I got my loan thru bofa last may 15 years @ 5.25%