Boat Loan APR? - Page 3

Boracay · 27-10-2007, 19:09

I've found that my personal antennae are better tunned to the ether than the media.

It's just that I'm not getting a clear signal at the moment...

chankya · 02-01-2008, 03:49

I dont have the Boat so does not know what kind of the loans are to be paid or that are being offered by the different companies, i like the water sports and like to have a small boat so think to get some idea from you people.

Connemara · 02-01-2008, 11:52

When we bought Connemara, we had cash to spare, so we put down half the price and paid the rest with a line of credit that costs us 6.75% a year. The LOC is grandfathered from a time when I had lot of investments with the bank as well as a mortgage, so it's cheap.

And then I paid the LOC off aggressively.

The nice thing about an LOC is you can pay it off as quickly or as slowly as you like.

Connemara

**GordMay** · 02-01-2008, 12:56

Quote:

Originally Posted by Connemara

When we bought Connemara, we had cash to spare, so we put down half the price and paid the rest with a line of credit that costs us 6.75% a year. The LOC is grandfathered from a time when I had lot of investments with the bank as well as a mortgage, so it's cheap.
And then I paid the LOC off aggressively.
The nice thing about an LOC is you can pay it off as quickly or as slowly as you like.
Connemara

Today's BoatUS loan Rates Are:
*6.75%APR for loans over $100,000

www.boatus.com/boatloans/

Connemara · 02-01-2008, 15:13

But that's a fixed repayment schedule, right?

Connemara

rtbates · 02-01-2008, 16:21

what's a boat loan..haha

IF you buy your boat with cash, you own it.
IF you finance your boat, IT owns you...

little boat · 03-03-2008, 10:31

Quote:

Originally Posted by rtbates

what's a boat loan..haha
IF you buy your boat with cash, you own it.
IF you finance your boat, IT owns you...

In a conversation admiring a boat a pal and I had been invited aboard, he responded: "Ah, but we own our boats. They don't own that boat; the bank does."

Lightfin · 03-03-2008, 16:19

For the person asking where to invest their money, this week Citi Financial (Citicorp) is offering two pretty good bonds:

7.25% for four year bond (interest paid every six months)

and

7.9% for five year bond.

Not FDIC insured, but 'A" rated, and probably not much risk.

Charlie · 03-03-2008, 16:37

Be careful on that one. I put some money in a "liquid bond" account with Citigroup and a month later they told me it was no longer liquid. I still get paid the interest but I can't get my cash out. Right now FIDC insured money is the way to go in my opinion. It's better to lose a little on the rate now till things settle down than to lose your principle.

**Pblais** · 03-03-2008, 17:42

Financial advice gained from Internet posts is not always worth what you paid for it. Crusiers Forums suggests nothing you read about financial advice on this site is validated in any way.

hugosalt · 09-03-2008, 14:06

Have good fortune of no loan on boat or anything else, was'nt always the case.
Under the heading...for what it's worth...My son was applying for a auto loan, rate around 8%...I suggested he check if his college had a credit union? They did and he
now has a loan for 5%...Don't know if they do boat loans?
Besides colleges many organizations may have credit unions: labor unions, large employers, social org. etc....just a thought.

sv-Mystique · 09-03-2008, 14:41

2006 Hunter 41

5.58%

CharlieCobra · 12-03-2008, 17:19

Paid cash for my boat. Both are free and clear.

gettinthere · 13-04-2008, 13:44

mystique
where did you get 5.58%?
I'm getting ready to buy and I have 5.75% offered.
Were you over $100,000 loan? that seems to create a break.

sv-Mystique · 14-04-2008, 19:00

Key Bank, last June -

Yes, we were on the other side of $100k

View Poll Results: What is the APR on your Boat Loan?
1%	1	1.72%
2%	0	0%
3%	0	0%
4%	0	0%
5%	6	10.34%
6%	17	29.31%
7%	11	18.97%
8%	8	13.79%
9%	1	1.72%
10%	2	3.45%
11%	0	0%
12%	0	0%
13%	0	0%
14%	0	0%
I got my loan from Tony Soprano!	12	20.69%
Voters: 58. You may not vote on this poll

27-10-2007, 19:09	#31
Boracay Registered User Join Date: Feb 2004 Location: nr Blackwattle Bay,Sydney, NSW, Australia Boat: Steel Roberts Offshore 44 Posts: 1,233 Images: 12	Personal Antennae... I've found that my personal antennae are better tunned to the ether than the media. It's just that I'm not getting a clear signal at the moment... __________________ Rust never sleeps Boracay Blog.

02-01-2008, 03:49	#32
chankya Registered User Join Date: Jan 2008 Posts: 1	I dont have the Boat so does not know what kind of the loans are to be paid or that are being offered by the different companies, i like the water sports and like to have a small boat so think to get some idea from you people. __________________ My Blog Debt Elimination

02-01-2008, 16:21	#36
rtbates Registered User Join Date: Mar 2006 Posts: 476	what's a boat loan..haha IF you buy your boat with cash, you own it. IF you finance your boat, IT owns you... __________________ Randy Cape Dory 25D Seraph

03-03-2008, 16:37	#39
Charlie Registered User Join Date: Mar 2006 Location: Nevada City. CA Boat: Sceptre 41 Ohana Posts: 1,504 Images: 2	Be careful on that one. I put some money in a "liquid bond" account with Citigroup and a month later they told me it was no longer liquid. I still get paid the interest but I can't get my cash out. Right now FIDC insured money is the way to go in my opinion. It's better to lose a little on the rate now till things settle down than to lose your principle. __________________ Fair Winds, Charlie Between us there was, as I have already said somewhere, the bond of the sea. Besides holding our hearts together through long periods of separation, it had the effect of making us tolerant of each other's yarns -- and even convictions. Heart of Darkness Joseph Conrad

02-01-2008, 11:52	#33
Connemara Registered User Join Date: Oct 2006 Location: Toronto, Canada Boat: Mirage 27 Connemara Posts: 229 Images: 2	When we bought Connemara, we had cash to spare, so we put down half the price and paid the rest with a line of credit that costs us 6.75% a year. The LOC is grandfathered from a time when I had lot of investments with the bank as well as a mortgage, so it's cheap. And then I paid the LOC off aggressively. The nice thing about an LOC is you can pay it off as quickly or as slowly as you like. Connemara

02-01-2008, 15:13	#35
Connemara Registered User Join Date: Oct 2006 Location: Toronto, Canada Boat: Mirage 27 Connemara Posts: 229 Images: 2	But that's a fixed repayment schedule, right? Connemara

03-03-2008, 16:19	#38
Lightfin Registered User Join Date: Feb 2003 Location: Kentucky Boat: Ensenada 20 Posts: 172 Images: 1	For the person asking where to invest their money, this week Citi Financial (Citicorp) is offering two pretty good bonds: 7.25% for four year bond (interest paid every six months) and 7.9% for five year bond. Not FDIC insured, but 'A" rated, and probably not much risk.

03-03-2008, 17:42	#40
Pblais Moderator Site Helper Join Date: Mar 2003 Location: Hayes, VA Boat: Gozzard 36 - Bright Eyes Posts: 4,517 Images: 7	Financial advice gained from Internet posts is not always worth what you paid for it. Crusiers Forums suggests nothing you read about financial advice on this site is validated in any way. __________________ Paul Blais s/v Bright Eyes Gozzard 36 37 15.7 N 76 28.9 W

09-03-2008, 14:06	#41
hugosalt Registered User Join Date: Feb 2007 Location: Great Neck, N.Y. Boat: Lancer 30, Little Jumps Posts: 56	Have good fortune of no loan on boat or anything else, was'nt always the case. Under the heading...for what it's worth...My son was applying for a auto loan, rate around 8%...I suggested he check if his college had a credit union? They did and he now has a loan for 5%...Don't know if they do boat loans? Besides colleges many organizations may have credit unions: labor unions, large employers, social org. etc....just a thought. __________________ hugosalt s/v Little Jumps Lancer 30

09-03-2008, 14:41	#42
sv-Mystique Registered User Join Date: Jan 2008 Location: Lake Texoma Boat: 2006 Hunter 41 Mystique Posts: 16	2006 Hunter 41 5.58%

12-03-2008, 17:19	#43
CharlieCobra Registered User Join Date: Jun 2006 Posts: 171	Paid cash for my boat. Both are free and clear. __________________ 1961 Knutson K-35 Yawl Oh Joy

13-04-2008, 13:44	#44
gettinthere Registered User Join Date: Oct 2007 Posts: 100	mystique where did you get 5.58%? I'm getting ready to buy and I have 5.75% offered. Were you over $100,000 loan? that seems to create a break.

14-04-2008, 19:00	#45
sv-Mystique Registered User Join Date: Jan 2008 Location: Lake Texoma Boat: 2006 Hunter 41 Mystique Posts: 16	Key Bank, last June - Yes, we were on the other side of $100k

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