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Jan 23rd, 2013
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Boat loan on your paid off boat? #13542716 05/02/20 04:06 PM
Joined: Feb 2014
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Hollywood1982 Offline OP
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Okay so I have a 2018 Falcon F215 with a Evinrude G2 250H.O. with all the bells and whistle on it. I paid it off November of last year. The question is can I get a loan for my own boat? I am mid way through building a shop at my house and with all that is going on I don't want to dip into my savings. I can go the personal loan rout, but interest rates are better on a boat purchase.

Re: Boat loan on your paid off boat? [Re: Hollywood1982] #13542873 05/02/20 06:57 PM
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River Man Offline
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Yes, you can do that on a boat or vehicle. Call your local bank or credit union for the details!

Re: Boat loan on your paid off boat? [Re: Hollywood1982] #13546619 05/05/20 10:13 PM
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This may not be an option at all or maybe it's not a good option but due to the Corona virus and the CARES act you might have the option to take out funds from your 401K, zero penalties (no 10% penalty), three years to pay the taxes on it or three years to refund the amount and pay no taxes.


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Re: Boat loan on your paid off boat? [Re: Hollywood1982] #13551413 05/09/20 01:08 PM
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reclending.com Offline
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We talked about this on the phone. I did some checking around and do have an answer.
These fall under what most lenders call a re-finance. There are times and years when lenders really look for this business. In the last couple years those opportunities have been limited. MY THEORY - is that the economy has been good enough and lenders are getting enough business that is fresh without looking for these.
With that said, we do have a couple lenders that have programs for this BUT..... with the world in a tizzy right now, most lenders have tightened up a bit. The options we had are on hold until the dust settles.
We look forward to re-finance options coming back. There were years when we did 30 - 40 in the fall and over the winter. Nice little piece of business.
Thank you,
Ken


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Ken Lamain
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