Is It Time To Refinance?

[Stray Cat]

I never thought I would ever see the Fed cut interest rates to where it is after today....and he claims to have even more up his sleeve. With an above average credit score, are banks more likely to give a better rate on a purchase or a refinance? I realize the amount financed and length of term may have a lot to do with it.

I'm planning to go rate shopping, just curious if anyone has tested the waters lately with any boat financing. I just have to believe there are deals out there....if banks aint lending to good risks, they aint makin money.

 

[Newbie]

If your looking to refi your boat, I'm not sure. Your home or second home mortgage on the other hand, near historic lows. As of last night, 4.75% with no points with good LTV and mid-upper 7's credit score.
SB

 

[Tonka Boater]

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[Boatdave]

If anyone finds some decent rates let me know. My credit score is in the 800's and I'm at 6.99 for 15 years.... Would love to get that lowered

 

[Weave]

I was interested in the same topic......currently @ 5.98/ 20 years with plenty of equity

 

[witchhouse]

I would check credit unions. they have the best rates and fast turnarounds.

I walked in with P&S walked out with 110% in less than a half hour. @ 6% was called last week to lower my rate to 5.50% Credit unions will work with you and you only have to open a savings account and keep a $25 balance

Witch

 

[Four Suns]

110%? What is that?

 

[Chris R]

110%? What is that?

Assuming appraised value- which most banks are going to have to do to move any of this loan money on a re-fi.

 

[Four Suns]

So people are borrowing 110% of the boat's "value"?

 

[fwebster]

The Fed rate is a short term funds rate made to member banks. If that affects boat loans at all, I wouldn't expect the impact to be felt in the market anytime soon.

 

[osd9]

So people are borrowing 110% of the boat's "value"?

Wasn't that one of the main routes that got the U.S. into the mess we are in now in the realestate sector......:smt013

 

[Chris R]

Wasn't that one of the main routes that got the U.S. into the mess we are in now in the realestate sector......:smt013

Yes indeed, but more of the problem is the zero, 3% down to people that could not afford to pay multiple payments in a row. Oh and the 40 year mortgages, interest only loans, etc....

 

[Larry&Leisa]

Most of our banks are putting floors on loans and either going with 2/1 arms or selling off fixed rate loans.

Interesting that we had an executive with the Boy Scouts moving into the area wanting a home loan. He started with one of the branches of a 'bailout' firm. We could do the loan a couple hundred bucks cheaper and he said it would be nice to do business local and with someone he knew. We sent him the paper work to fill out for his financials.Get a call wanting to know if he really had to do all that or not. When we told him 'yes', he stated he'd just go with the other bank since they didn't require it ..just his credit score. :wow: :smt009 I'm still shocked... guess I shouldn't be.. but man...... Credit scores are not an end all..

 

[tobnpr]

So people are borrowing 110% of the boat's "value"?

Not a boat, but...
Bought a new Acura a few months ago. I had never financed a vehicle before (in fact, this was the first brandy-new vehicle I've ever bought- never liked that "first hit" depreciation) so inquired as to terms- AHFS would lend up to 110% of the sales price- even in the current climate. I guess the idea was to cover taxes, extended warranty, reg., etc. so the buyer could basically get into the vehicle with little out of pocket cost.

Why would anyone- especially the lender- want the buyer to be upside-down from day one?

That could work only with appreciating assets like housing. Oops, did I say that?

 

[Tonka Boater]

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