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  1. #1
    Join Date
    Mar 2010
    Location
    Arkansas
    Posts
    2,524

    Default Boat Refinancing

    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.
    2006 Supra 24SSV

  2. #2
    Join Date
    May 2011
    Location
    Fort Worth
    Posts
    1,415

    Default

    Ours is through Credit Union as well... great rates
    '08 Mobius LS

  3. #3
    Join Date
    Nov 2010
    Location
    Katy, TX
    Posts
    4,214

    Default

    Quote Originally Posted by KG's Supra24 View Post
    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?
    David

    2008 Mobius LSV, Gravity III , Wake Plate, Z5, Exile SX65c's, Exile XM9s, Exile XI12D, Exile Harpoon, Exile SM600.1 , Exile Xi800.4.

  4. #4
    Join Date
    Mar 2010
    Location
    Arkansas
    Posts
    2,524

    Default

    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.

    Sent from my DROID RAZR using Tapatalk 2
    2006 Supra 24SSV

  5. #5
    Join Date
    Jan 2008
    Location
    Tallahassee, FL
    Posts
    11,329

    Default

    Thanks for the heads up. Might try to do something here. I think I'm around 7 or so.
    My Mom said I'm not allowed to get wet!
    2008 LSV
    2000 Outback LS (sold)
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  6. #6
    Join Date
    May 2009
    Location
    Carlton Oregon
    Posts
    6,041

    Default

    Quote Originally Posted by KG's Supra24 View Post
    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.

    Sent from my DROID RAZR using Tapatalk 2
    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.
    Malo <--- Means--Evil or Mean One. This explains a lot.
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  7. #7
    Join Date
    Jun 2007
    Location
    Vancouver, WA
    Posts
    4,183

    Default

    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.
    Old enough to know better, young enough to do it anyway.

    2001 MobiusV

  8. #8
    Join Date
    Mar 2012
    Location
    South Carolina
    Posts
    787

    Default

    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?
    2008 Supra 21V
    2,600 lbs., Gravity III
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    Stereo: Pair of Wetsounds Pro 80's, Rockford Fosgate P500-2, Kicker ZX200.4, Exile ZLD, stock Kicker in-cabins, stock Kenwood HU
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  9. #9
    Join Date
    Mar 2010
    Location
    Arkansas
    Posts
    2,524

    Default

    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.

    Sent from my DROID RAZR using Tapatalk 2
    2006 Supra 24SSV

  10. #10
    Join Date
    Aug 2010
    Location
    Nokomis, Saskatchewan
    Posts
    621

    Default

    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!!!
    2014 Mondo with da flow!!! Exile towers, stock everything else.... for now!

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