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KG's Supra24
11-20-2012, 04:55 PM
Just wanted to give a heads up. Interest rates are pretty good with the economy down. I just walked into Credit Union B at lunch and moved my loan to them, from Credit Union A. It made a pretty big impact in rates and I'm now sitting at 3.75%.

Some institutions may even refi their own loans, mine would not.

Just wanted to give the heads up for anyone thinking about it.

chawk610
11-20-2012, 05:59 PM
Ours is through Credit Union as well... great rates

rdlangston13
11-20-2012, 07:26 PM
Just wanted to give a heads up. Interest rates are pretty good with the economy down. I just walked into Credit Union B at lunch and moved my loan to them, from Credit Union A. It made a pretty big impact in rates and I'm now sitting at 3.75%.

Some institutions may even refi their own loans, mine would not.

Just wanted to give the heads up for anyone thinking about it.

What was your rate with CU A?

KG's Supra24
11-20-2012, 09:41 PM
Oh man ... Too much. 7.7%.

Purchased the boat three years ago and that is what i snagged. It ended up being a rush deal bc i had a bank try to screw me on my way to Georgia to pick up the boat. (long story but a good one)

Embarrassingly, i was too lazy and never got around to shopping it until this week.

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kaneboats
11-21-2012, 08:52 AM
Thanks for the heads up. Might try to do something here. I think I'm around 7 or so.

mmandley
11-21-2012, 08:57 AM
Oh man ... Too much. 7.7%.

Purchased the boat three years ago and that is what i snagged. It ended up being a rush deal bc i had a bank try to screw me on my way to Georgia to pick up the boat. (long story but a good one)

Embarrassingly, i was too lazy and never got around to shopping it until this week.

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At that time that rate wasnt that bad bro. I know when i pulled mine on my 08 in 09 i had a score over 800 and my rate was 7.25 the absolute lowest my CU would give out. I think even now they dont give out much better but i havnt desided who to pull a loan with yet on the new boat.

I did just Refi my Diesel 3 months ago and got 3.3 shaved an entire year off the payments and the payemtn went down 20 bucks LOL. I still pay over anyhow to get her paid off faster.

bergermaister
11-21-2012, 10:52 AM
Wow - lowest my CU will offer is 5.74-6.24 on a new boat depending on the term. My bank (US Bank) actually beats them by offering down in the mid 4's.

Cigars n scotch
11-21-2012, 01:40 PM
Can someone please explain how you refi a boat loan? Are you just asking a different firm to take over your loan? How's this whole process work?

KG's Supra24
11-21-2012, 03:18 PM
I originally asked my lender to "refi", essentially asking for rate change. I asked bc the advertised prices are much lower than what i had. The response was policy this and policy that.

So i went to another credit union. Told them what i was working with (value, amount owed, years left, etc) and asked if they would want to take over the loan. They wrote a check to original credit union and i took it and paid off that note.
There was a $15 origination fee for the loan.

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saskyrider
11-22-2012, 05:56 PM
i threatened to do that same thing that you just did KG and my local Credit Union agreed to refinance my truck loan... I was at 6.45% and they are offering in the 3.75 range.. i walked in and asked my banker (sister in law) to refinance and she said they couldn't do it. So i went to the RBC in the next town (we only have a CU in Nokomis) and they were all over it. Even offered me a free Ipad if i was willing to switch my mortgage to. Interest rate on the mortgage was no better though. So i went back to CU to get loan payout info. and presto.... they were suddenly willing to match!! Sis in law was sour but that's not my problem!!!