ReFi Advice?

[Tom.B]

So, we're 15 months into our financing of Skinny Dippin'. We bought at a time when banks were dropping like flies and there were only a few banks here in NC that were doing "Yacht Loans". Needless to say, our rate in not ideal. And at 8+% with SunTrust, I'd like to explore the idea of a re-fi on our loan.

Any tips or ideas?

 

[Woodsong]

There are multiple options out there. Try getting in touch with Trident Funding, www.tridentfunding.com. They are like mortgage brokers for boats- good success with them in the past. I had another company I used to use a bunch for clients but then they took to screwing people and going back on their word so I don't recommend them anymore. Trident is good though.

 

[JMYSS]

I also refer people to Trident for brokerage deals...some others also Bluewater Marine Finance here in Wilmington, don't have there number handy but you should be able to google it or I will email it to you tommorrow...

 

[Daddyo]

As you may know I'm a broker now, I could hook you up with our finance people. PM me your contact info and I'll conect you guys.

 

[FF]

IF you have a dirt house , the lowest rates , about 4% can be done on a 12 or so year mortgage.

 

[Tom.B]

FF wrote:

IF you have a dirt house , the lowest rates , about 4% can be done on a 12 or so year mortgage.

My house is made of starw and this damn wolf keeps blowing it down.

*

As-is typical of Eastern NC businesses (Capt. Tim being the only exception), I have contacted the noted companies in this thread and they have either been slow to reply, or just haven't replied at all. *sigh* I'll be more assertive I guess and try again.


-- Edited by GonzoF1 on Wednesday 20th of October 2010 04:50:38 AM

-- Edited by GonzoF1 on Wednesday 20th of October 2010 06:00:02 AM

 

[Baker]

They relaxed the rules of what it is to be a "Credit Union" here in Texas so they have proliferated around here. If you have access to a credit union, I would suggest that. The problem with "Legacy banks"(I am including the marine lenders in that pile as well) is that they generally have a blueprint formula that comes up with a rate for a boat. And you are stuck with that rate...THE END! Credit Unions(at least around here) work very similarly to the way bakes used to work....on a case by case basis approved by a human being. IOW, if it sounds reasonable to them and you have good credit worthiness, then they loan you the money...based on human common sense. So walk into a credit union if you have access to one and sit down and talk to a human. Let me put it to you this way....my credit union loaned the money on my boat with 0% down and in the 6s for 15 years!!! You show me a "marine lender" that will do anything like that....they would laugh in your face if you asked them to do something like that. I have a friend that was buying a $180k boat and was going to put $100k down and finance $90k. He had over twice the amount of the boat in the bank in liquid cash. He had good credit. He ended up getting financed just fine but not before 2 marine lenders turned him down....obviously something in their little boiler plate formula threw up a red flag of some sort.

With all of that said, don't think you will get anywhere near the rates you would get on a house. If you get into the 6's, you have done well especially on a boat over 20 years old(one of those boilerplate hurdles...age of boat). People can default on boat loans very easily...just walk away. So they are factoring in their risk into that rate.

-- Edited by Baker on Wednesday 20th of October 2010 10:30:22 AM

 

[Phil Fill]

*
They are quire a full survey, in and out of water, to refinance.* We are planning on pulling next June and will have a survey done in order to Refi.* *I during the summer and interest rate are still up there around 6+ % with shorter term years.** If you do call it would be interest to post the interest rate the term years.

 

[Baker]

Phil, they will usually accept a survey that is X years or less.....usually 3 years I think...which Gonzo would fall into that range.

 

[Tom.B]

So far, after finally getting in touch with a couple of them, it doesn't look too good. And, as John mentioned, they are all overly concerned with Skinny Dippin's age. It appears that we are looking at about 7 1/4% to re-fi for another 15 years. No exactly ideal terms IMHO. I would like to have 6 with a 10-year loan length. Also, closing costs are about $250. We are currently at about 8.5% and the loan amount is only about $50k. We are 16-18 payment per year paying down principle... Is it worth doing? I almost think it isn't for just a $30/mo savings. Still, the people I talked to said to wait and see what the FLL Boat Show brings to the table. Some may offer some "specials"... I ain't holdin' my breath.

 

[Phil Fill]

They were ask for 6 months or less?**

Anyway the reduced rate/payments*did not out wiegh the cost of the survey, hull out and the refi costs.* Every haul out I have the hull surveyed, rap and taped just for peace of mind in case I over look something.* I send that to our insurance company*to make sure they do not cancel the insurance.* There is a very limited market for a 30 year old, off brand trawler.* May be I should be thankfull we have financing and insurance?* Don't rock the boat!******