PRIVATE PARTY FINANCING ?????

[zwillz]

Hello everyone, does anyone have any information, hookups, or suggestions on how to do a bigger term for financing on a used boat from a private party? My credit score is well above 800, and finding a lender is super hard at a decent rate. The best I could find was u.s. boats for about 7%. I really dont know anything about them and if I can avoid to stay away from an online site if possible I will. I thought I would check here before I went that route. I've checked with credit unions, local banks, and National Banks and the biggest term they would do was 5 or 6 years. I wanted to do at least a 15-year term. I see why a lot of people go to dealers, they are able to access many banks at bigger terms.
Thanks any information or suggestions are definitely appreciate it.

 

[2kwik4u]

Synchrony bank is the backer for Yamaha financial. Maybe reach out to them directly?

 

[zwillz]

Synchrony bank is the backer for Yamaha financial. Maybe reach out to them directly?

Ok sweet thanks. I'll try that!

 

[DieselCamel]

Bank of the west (Essex credit) does bigger boats and terms

 

[zwillz]

Bank of the west (Essex credit) does bigger boats and terms[/QUOTE
Called them. They were 7.1. Might just have to bite the bullet. Really dont want one that high. Thx !!

 

[DieselCamel]

Rates are definitely moving up the days of sub 5% are coming to end atleast for a while I believe.

 

[Cobra Jet Steering LLC]

Do it fast because interest rates are expected to be going to go up very soon.

 

[2kwik4u]

I concur. Low rates are gone for awhile. Was looking at refinancing the house to pull some equity out and finish a few rooms in the basement, but don't want to lose my 3.25% on it.

I used Synchrony through the dealership for the boat and feel pretty fortunate that I got 5.25% from them for 10yrs. With that said, I think that Synchrony's advertising is just this side of "bait and switch". I had a high 700 FICO, and was told that I didn't have good enough credit to be approved for the advertised special rates.

Be aware of any of the financial offers found HERE........I was told they require an 820 or better to qualify for the best rate. They advertise heavily on those rates IMO, and I think there are very few buyers that will actually qualify for them.

 

[Speedling]

I concur. Low rates are gone for awhile. Was looking at refinancing the house to pull some equity out and finish a few rooms in the basement, but don't want to lose my 3.25% on it.

I used Synchrony through the dealership for the boat and feel pretty fortunate that I got 5.25% from them for 10yrs. With that said, I think that Synchrony's advertising is just this side of "bait and switch". I had a high 700 FICO, and was told that I didn't have good enough credit to be approved for the advertised special rates.

Be aware of any of the financial offers found HERE........I was told they require an 820 or better to qualify for the best rate. They advertise heavily on those rates IMO, and I think there are very few buyers that will actually qualify for them.

820?!!! Wow, I remember when anything over 780 was like," yes, you can have whatever you want!" Now I'm over 800, but not over 820! That's just cruel! Next up will be you need 75% down too. Ok, I exaggerate.

 

[Cobra Jet Steering LLC]

Synchrony is one of the places you keep savings accounts with because they pay out nice interest rates and their short term cd rater are pretty good also. I think they sent me an add this week for around 2.85 on 13 month cd's over 2k but I can't find that paper to confirm the 2.85 rate.
I did locate one that says 2.65 but that was sitting around for a few weeks.

 

[Speedling]

Synchrony is one of the places you keep savings accounts with because they pay out nice interest rates and their short term cd rater are pretty good also. I think they sent me an add this week for around 2.85 on 13 month cd's over 2k but I can't find that paper to confirm the 2.85 rate.
I did locate one that says 2.65 but that was sitting around for a few weeks.

Cola is about 3%. Major index funds have averaged 8-10% every year with few exceptions. I am"young" and can take the risk of stocks. But those rates are pretty good and are a sure bet.

 

[Beachbummer]

LightStream had decent rates when I purchased almost 2 years ago. Check them out too

https://www.lightstream.com/boat-loan

 

[B0at1n]

LightStream had decent rates when I purchased almost 2 years ago. Check them out too

https://www.lightstream.com/boat-loan

Light stream only does 84months, I think he is looking for 180.
I used them for my last auto purchase 3 yrs ago, think it was 1.9%. Cool thing was it’s actually a personal loan and I got the title for the car instead of them holding it. They just sent me a check I could spend.

 

[robert843]

Light stream seemed like a good option. I agree with most though long term low rate financing maybe gone for a while. Two years ago synchrony was consistently offering 2.9% 180 month financing on Yamaha’s as a promo offer that seems to have been replaced by 4.9% so 2 points higher. Short term low rate is still around and is def the best way to go but only you can decide what’s best for you as I was informed by another forum member recently because I don’t own a 3 million dollar house a 21 ft Yamaha and a YZ450 I should not be giving financial advice.

 

[zwillz]

Thanks everyone so far for the info. Sent a few emails out. Will keep ya posted. Have a good one! Cheers

 

[2kwik4u]

820?!!! Wow, I remember when anything over 780 was like," yes, you can have whatever you want!" Now I'm over 800, but not over 820! That's just cruel! Next up will be you need 75% down too. Ok, I exaggerate.

I've never had above ~815 credit, and never had below ~720. Usually fluctuates with my percentage of used vs available. Never been turned down for the best possible rate, and never had to haggle to get a better rate. So walking in to buy a boat I expected the same results as walking in to buy a car. Agree to a final out the door number, call the finance company and sign the papers. Something that has taken me literally minutes in the past. This was an hour plus ordeal, and came back with a lower rate than prime..........And the thing that I find really interesting is that I have other loans and cards backed by Synchrony, and those have excellent rates associated with my good credit. Not sure why I would have expected anything different with this one.

At any rate, I didn't get the 2.99% promotional rate I expected, and the reason I was told I didn't get that rate was because of a "credit score lower than the eligible limit". at a near 800 at the time, that seemed odd, so I asked for clarification and was told 820 was the lower limit. Limiting the score to that height will get just under 20% of the general population qualified (reference). Just seems arbitrarily high to me.

Just thought that might be good information to pass along to others looking to get financed at the prime rate with good, but obviously not perfect credit.

 

[AboveTheBest]

I’m surprised the credit unions wouldn’t do it. I just got a 180 month @7% on a used boat from mine (USAA).
I plan to pay it off well before that though.

 

[Cobra Jet Steering LLC]

Cola is about 3%. Major index funds have averaged 8-10% every year with few exceptions. I am"young" and can take the risk of stocks. But those rates are pretty good and are a sure bet.

Yea I remember all the money I had invested and how crazy the returns were until 9-11 happened and I refused to even look at my reports when they came in the mail.
After that I limit my investments to no more than 250k in the stock market and mutual funds .
I hope that type of thing never happens again but I'm not willing to bet on it.

 

[Speedling]

Yea I remember all the money I had invested and how crazy the returns were until 9-11 happened and I even refused to even look at my reports when they came in the mail After that I limit my investments to no more than more than 250k in the stock market and mutual funds . I hope it never happens again but I'm not willing to bet on it.

I know a lot of construction guys i work with had big hits to pension and annuities.

 

[adrianp89]

High rates were part of the reason I went new. In the long-term, the total amount paid was much less for the new boat. I think it was in the 10k range of savings. 3% promo vs 7%