Cash out/refi options for boat?

[veedubtek]

So. I thought I had everything lined up to pickup my new Scout this weekend (2011 282XSF), and then the finance company comes back with "ok, just need a survey now". ****. Shoulda known. Never paid this much for a boat before, ignorance not so bliss. Soonest I can get a survey is almost a month out, seller is a snowbird that is headed home in 3 weeks and needs the deal done sooner than later.

With that said, I can pay cash for the boat. I'd rather not. Interest rates and terms were good, and I could do alot more with that cash other places. Or maybe I just don't like letting that much cash go. I'm also working on buying another commercial building, and they like to see that cash in there as well. Current finance I'm working with is Trident. They won't do a cash out loan on a boat, and I'm not having any luck with anyone else either.

Anyone smarter than me have any ideas/input? And by smarter - I already know the smart move is to not buy the boat when I have a perfectly good one still, but I work too hard not to play just as hard.

 

[djetok]

So. I thought I had everything lined up to pickup my new Scout this weekend (2011 282XSF), and then the finance company comes back with "ok, just need a survey now". ****. Shoulda known. Never paid this much for a boat before, ignorance not so bliss. Soonest I can get a survey is almost a month out, seller is a snowbird that is headed home in 3 weeks and needs the deal done sooner than later.

With that said, I can pay cash for the boat. I'd rather not. Interest rates and terms were good, and I could do alot more with that cash other places. Or maybe I just don't like letting that much cash go. I'm also working on buying another commercial building, and they like to see that cash in there as well. Current finance I'm working with is Trident. They won't do a cash out loan on a boat, and I'm not having any luck with anyone else either.

Anyone smarter than me have any ideas/input? And by smarter - I already know the smart move is to not buy the boat when I have a perfectly good one still, but I work too hard not to play just as hard.


View attachment 146282

You could always pay cash, and then add the loan after the survey is complete and the financing is all completed.

 

[BlkGS]

Check out lightstream. They do loans on boats as unsecured loans, so they don't give a crap about the survey.

Alternatively, does the bank really care who they make the loan out to? You could have a family member buy it with your money, then take a loan out to buy it from them?

 

[zipper]

Really nice boat, my parents down your way have a 22' Scout. If you don't have enough to do...register a side business for your self as a marine surveyor. You can download a surveyors checklist on the web and write it up and do your own. You are a Veedubtek for crying out loud, This is easy for you on such an uncomplicated boat. But it most likely would not be that easy or as quickly as you need. Again, nice boat.

 

[FSH 210 Sport]

Okay, my ignorance here, what the heck is a survey on a boat?

 

[FSH 210 Sport]

So. I thought I had everything lined up to pickup my new Scout this weekend (2011 282XSF), and then the finance company comes back with "ok, just need a survey now". ****. Shoulda known. Never paid this much for a boat before, ignorance not so bliss. Soonest I can get a survey is almost a month out, seller is a snowbird that is headed home in 3 weeks and needs the deal done sooner than later.

With that said, I can pay cash for the boat. I'd rather not. Interest rates and terms were good, and I could do alot more with that cash other places. Or maybe I just don't like letting that much cash go. I'm also working on buying another commercial building, and they like to see that cash in there as well. Current finance I'm working with is Trident. They won't do a cash out loan on a boat, and I'm not having any luck with anyone else either.

Anyone smarter than me have any ideas/input? And by smarter - I already know the smart move is to not buy the boat when I have a perfectly good one still, but I work too hard not to play just as hard.


View attachment 146282

Dude! That is an awesome boat!!! Does it have twin 150’s or twin 250’s on it?

May I ask what the purchase price is?

 

[veedubtek]

Twin 250's, 109K

Not sure I could double-buy it (from family or whatever) just due to taxes. Lightstream is an option, but it looks like their rates suck. I may float em a call anyway, and just finance half.

Survey has to be SAMS certified, otherwise I did think of that lol.

Survey is basically just a super in depth inspection. It's really a great idea when purchasing a used boat, especially this much. It's like $1200, but they inspect/sample/test every surface and every system and, well, everything on a boat.

 

[2kwik4u]

Not sure I could double-buy it (from family or whatever) just due to taxes. Lightstream is an option, but it looks like their rates suck. I may float em a call anyway, and just finance half.

If you have cash in hand, get the loan with the crappy rate, and hold it just long enough to make the commercial building deal go through, then pay off the boat. It'll cost a bit in interest for the 4-6mo you have to hold, but it makes the deal happen on the timeline you need.

 

[zipper]

Okay, my ignorance here, what the heck is a survey on a boat?

When we bought the Beneteau, we had a survey done by an accredited SAMS surveyor. He gave us a 43 page report on the boat. This is a general run down on what he checked.



One page from the survey.



This page let me know that I needed to replace the heating element and anode in the hot water heater, as well as the rudder bushings needed to be replaced. We recieved a quote for the rudder fix and the PO paid half.

 

[adrianp89]

I went with VyStar - rates as low as 4% at 20 years. I think anything over 25ft they asked for survey though.

 

[seanmclean]

Nothing constructive to add except that's a beautiful boat. Scout is on my short list for our next vessel.

 

[FSH 210 Sport]

Twin 250's, 109K

Not sure I could double-buy it (from family or whatever) just due to taxes. Lightstream is an option, but it looks like their rates suck. I may float em a call anyway, and just finance half.

Survey has to be SAMS certified, otherwise I did think of that lol.

Survey is basically just a super in depth inspection. It's really a great idea when purchasing a used boat, especially this much. It's like $1200, but they inspect/sample/test every surface and every system and, well, everything on a boat.

Thanks for the info!!!!! Looks like a great price! Just a dandy of a boat!

 

[veedubtek]

Absolutely. I was hunting a 25-30' Sea Hunt Gamefish. When the Scout popped up for near the same price, I rushed over and put a deposit on it almost immediately.

 

[FSH 210 Sport]

Absolutely. I was hunting a 25-30' Sea Hunt Gamefish. When the Scout popped up for near the same price, I rushed over and put a deposit on it almost immediately.

What an awesome story!!! I hope we will get a float report from you on the maiden voyage!

 

[ifly4fun]

Twin 250's, 109K

Not sure I could double-buy it (from family or whatever) just due to taxes. Lightstream is an option, but it looks like their rates suck. I may float em a call anyway, and just finance half.

Survey has to be SAMS certified, otherwise I did think of that lol.

Survey is basically just a super in depth inspection. It's really a great idea when purchasing a used boat, especially this much. It's like $1200, but they inspect/sample/test every surface and every system and, well, everything on a boat.

I second lightstream... and be sure to try their other loan 'purposes'.. I think a boat was like 5% for me... a vehicle refi was 2.6%... they all treat them equally as unsecured and its all 'on your honor' for what you do with the money... lets just say i financed a pool recently when a loan program from them at 2.6%. (My car is paid off, so technically if they ever asked sure I refi'd my car..)

 

[AZMark]

Not sure if it’s an option for you but I ran into the same timing issue and ended up using a 401k loan.

I know this wouldn’t be recommended by anyone but it has worked out well for us. The interest is 100% going back to me and if I really had to pay it off or refi it I could.

 

[swatski]

So. I thought I had everything lined up to pickup my new Scout this weekend (2011 282XSF), and then the finance company comes back with "ok, just need a survey now". ****. Shoulda known. Never paid this much for a boat before, ignorance not so bliss. Soonest I can get a survey is almost a month out, seller is a snowbird that is headed home in 3 weeks and needs the deal done sooner than later.

With that said, I can pay cash for the boat. I'd rather not. Interest rates and terms were good, and I could do alot more with that cash other places. Or maybe I just don't like letting that much cash go. I'm also working on buying another commercial building, and they like to see that cash in there as well. Current finance I'm working with is Trident. They won't do a cash out loan on a boat, and I'm not having any luck with anyone else either.

Anyone smarter than me have any ideas/input? And by smarter - I already know the smart move is to not buy the boat when I have a perfectly good one still, but I work too hard not to play just as hard.


View attachment 146282

Oh no! You must get this Scout! It's AWESOME.
If these are the 4.2 250 Yamis, that is an amazing find.

Here is a thought: have @DieselCamel buy the thing and give you the keys!


--

 

[veedubtek]

They are the 4.2's, w/ digital controls. Absolutely love em. So smooth and torquey.

I'm liking the lightstream idea more and more. Think I'm just gonna pay cash this weekend and then finance 50K or so with lightstream.

 

[elcue]

Okay, my ignorance here, what the heck is a survey on a boat?

Like getting a home inspection on a house. They go over everything to make sure it’s good buy

 

[Eriejetboater]

Not sure if it’s an option for you but I ran into the same timing issue and ended up using a 401k loan.

I know this wouldn’t be recommended by anyone but it has worked out well for us. The interest is 100% going back to me and if I really had to pay it off or refi it I could.

Nice option for short-term; just so everyone out there knows, these have pretty quick amortization schedules and max out at 50% of your balance up to a max of $50k.

An alternate strategy: I recently used a line of credit (3% interest, variable - sort of like a HELOC) that I have on my life insurance cash value to buy a lake condo and boat. When rates bottomed out, I re-fI’d the lake condo (2.75% fixed) and paid back the line of credit. That way, the already low interest rate is deductible. Have done that on rentals in the past and it works fabulously.

Also: BEAUTIFUL boat veedubtek!