Financing for private deal
- Thread starter jwood99
- Start date
UkeeDreamin
Well-Known Member
Would think it’d be hard to beat a home line of credit interest rate?
Cheers!
Ukee
Cheers!
Ukee
Buckethead905
Well-Known Member
Second on the home equity line of credit.
Home equity or loc is better.
Private sale needs a survey and usually a banker who is actually smart with loans not just some flunky at the branch.
There are a few companies that are specific to recreational toys lending just have to seek them out.
Another option is approach a dealer and run it through them. They'll want to take it and have a look and will want a peice of the pie but then could use their lenders. They wouldnt bother for an older boat but something newer 50k plus would probably be in their wheelhouse.
Private sale needs a survey and usually a banker who is actually smart with loans not just some flunky at the branch.
There are a few companies that are specific to recreational toys lending just have to seek them out.
Another option is approach a dealer and run it through them. They'll want to take it and have a look and will want a peice of the pie but then could use their lenders. They wouldnt bother for an older boat but something newer 50k plus would probably be in their wheelhouse.
Cheapest money you’re going to be able to find these days is most likely a LOC secured against your home.
depending your credit rating, banks will go prime plus .5% or even at bank prime depending on your relationship.
if you can hold off until the economy getting a moving again banks will be easier with the purse strings and the BOC could drop rates to 0% to kickstart things up.
depending your credit rating, banks will go prime plus .5% or even at bank prime depending on your relationship.
if you can hold off until the economy getting a moving again banks will be easier with the purse strings and the BOC could drop rates to 0% to kickstart things up.
Last edited:
EZZ70
Well-Known Member
I don't believe it will go 0% that would be disastrous and have opposite effect on economy, as much as I would like to see 0%. Home line credit, dido...
Foxsea
Well-Known Member
At any time I would avoid private financing, especially on a depreciating asset. Due to the fact that private lenders are willing to assume a much higher risk than traditional lenders, they typically require substantially higher loan rates. There are a variety of contributing factors that will affect this rate, such as: your credit rating and history, down-payment amount, net worth, loan-to-value ratio, the type of collateral securing your purchase, and so on. In addition to the nominal interest rate, private lenders usually work with brokers that will add on several charges, fees and bonuses that make the effective interest rate much higher than that stated. As others have mentioned here, there are much better and cheaper options available. In this economic climate, especially, seeking out private financing for a boat is not advisable.
gon fishin
Active Member
did you mean 2.1% and not 21%
Rain City
Crew Member
No. It was a joke.
