Forums59
Topics1,037,876
Posts13,935,915
Members144,150
|
Most Online39,925 Dec 30th, 2023
|
|
Boat loan on your paid off boat?
#13542716
05/02/20 04:06 PM
|
Joined: Feb 2014
Posts: 53
Hollywood1982
OP
Outdoorsman
|
OP
Outdoorsman
Joined: Feb 2014
Posts: 53 |
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
|
Joined: Jun 2011
Posts: 2,226
Jimfishes
Extreme Angler
|
Extreme Angler
Joined: Jun 2011
Posts: 2,226 |
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
|
Joined: Jun 2016
Posts: 917
C130
Pro Angler
|
Pro Angler
Joined: Jun 2016
Posts: 917 |
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.
Bass Cat Eyra
|
|
Re: Boat loan on your paid off boat?
[Re: Hollywood1982]
#13551413
05/09/20 01:08 PM
|
Joined: Oct 2010
Posts: 395
RecLending.com
Angler
|
Angler
Joined: Oct 2010
Posts: 395 |
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
RecLending Office (517) 543-6921 Email: Info@Reclending.com Todd's Cell: 517-294-0459
|
|
Re: Boat loan on your paid off boat?
[Re: Hollywood1982]
#13597828
06/17/20 11:23 AM
|
Joined: Jul 2009
Posts: 1,136
Skunked Again Fishing
Extreme Angler
|
Extreme Angler
Joined: Jul 2009
Posts: 1,136 |
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. Interesting concept. Let us know how that works out, and interest rate you're able to obtain. Tim
|
|
Re: Boat loan on your paid off boat?
[Re: Hollywood1982]
#13599744
06/18/20 05:14 PM
|
Joined: Oct 2006
Posts: 7,429
Hook'em79
TFF Celebrity
|
TFF Celebrity
Joined: Oct 2006
Posts: 7,429 |
Personal loan with this as collateral I would think it should get you some great rates.
|
|
Re: Boat loan on your paid off boat?
[Re: Hollywood1982]
#13613393
06/30/20 02:47 PM
|
Joined: Apr 2007
Posts: 326
skeeterusa
Angler
|
Angler
Joined: Apr 2007
Posts: 326 |
Hollywood
If you haven't done anything yet check out Sabine Federal Credit union down here in SETX. They have a special going on right now 2.5%@60mo, 3.5@72mo. That's good for new,used or refinanced boat loans. Call Heather Quibedeaux at 409-988-1366
|
|
Moderated by banker-always fishing, chickenman, Derek 🐝, Duck_Hunter, Fish Killer, J-2, Jacob, Jons3825, JustWingem, Nocona Brian, Toon-Troller, Uncle Zeek, Weekender1
|