What would you do? <what boat to buy>

[veedubtek]

Well, the correct answer was pretty obvious. Using my petty cash to pay off my higher interest discover card and financing the boat.

Got the loan approved already through USAA pending collateral value, which shouldn't be an issue. The boat I'm looking at ironically enough still has a lien held by them anyway.

Question for the more educated in the finance world - is it worth it to get a second quote on the loan? I was gonna try lightstream as well, but didn't want all kinds of inquiries showing up on my credit. It would actually be the 3rd time in a week since I also got approved for a new Yammy last week, but god only knows if that was shotgunned out to 15 different banks also, as I know dealers love to do.

 

[JC6275]

If you were approved by yamaha, at a yamaha dealer I would not think they shotgunned you credit out, they tend to do that when the main lender denied an applicant. I still would not want many more than the inquiries you have now, with that said your rate will depend on the year of the boat, and your score. And boat rates are always higher than most anything else you would finance, most mainstream boat lenders have close to the same rated, if you feel the rate is to high you can contact another lender and they will tell you their rates for the different credit tiers without another inquiry.

 

[veedubtek]

I'm gonna choke someone.

Called USAA this morning to give them the details on the boat. They won't finance it. It's not a boat, it's a PWC. Are you freaking kidding me? Oh, but they'd be glad to give me a personal loan at 17.99%.

brb, gonna go buy a canoe.

 

[0627Devildog]

I'm gonna choke someone.

Called USAA this morning to give them the details on the boat. They won't finance it. It's not a boat, it's a PWC. Are you freaking kidding me? Oh, but they'd be glad to give me a personal loan at 17.99%.

brb, gonna go buy a canoe.

If you're looking at USAA, then it would stand to reason you might be prior military. If that is the case I would highly recommend Pentagon Federal Credit Union. They also service non-military federal employees too. I used them for vehicle financing and they were EXCELLENT. I almost used them for a mortgage when we were considering a move recently, but we decided to stay put and cancelled the application after being pre-approved by them. They were fantastic through the entire process both the times I worked with them.

 

[JC6275]

Wait!!! Am I missing something??? Didn't you say above that USAA already held a lien on the "boat" you were looking to buy??? If they don't finance PWC'S how do they hold a lien on it?? Sounds like you need to talk to someone there who knows what the hell they are talking about...I'M JUST SAYIN!!!

 

[Wayloncle]

I went through USAA as well (love them) but I had to explain every detail to the person, at first he thoght I just wanted to insure a Yamaha Engine, then the jet drive threw him off, that's when he thought I was talking about a PWC as well. Yep, it's a 23 foot PWC....

 

[Julian]

Yeah....a 7 seater personal watercraft! I had the same issue 11 years ago when I bought my first jet boat - an LX210....just a LS2000 with more storage doors and a swim platform - State Farm thought it was a PWC....but they relented.

 

[Geiger41]

If you're looking at USAA, then it would stand to reason you might be prior military. If that is the case I would highly recommend Pentagon Federal Credit Union. They also service non-military federal employees too. I used them for vehicle financing and they were EXCELLENT. I almost used them for a mortgage when we were considering a move recently, but we decided to stay put and cancelled the application after being pre-approved by them. They were fantastic through the entire process both the times I worked with them.

X2 www.penfed.org

 

[veedubtek]

Hah. Ok, so after I calmed down a bit I called back this afternoon. After being placed on hold 3 different times to talk with 2 other people, they finally figured out I'm not buying an 8 passenger PWC. :screwy:

So, this evening shook hands on a deal for a 2007 Challenger 180SE with only 47 hours. Should be on the water by the weekend, thanks everyone!

 

[Geiger41]

Post some picture's when you get a chance !!!!!

 

[veedubtek]

All I got so far. Will post a new thread once she's in my driveway!

 

[MikeyL]

My experience is every time I settle for something I'm disappointed down the road. Do it right the first time.

Truer words were never written. You only get a few chances in Life ........ Don't Waste them. Regrets is a terrible place to visit !

Good Luck in your choice. I applaud you for opening up and asking for advice.. More people would be happier, we feel, many times, if they did what you just did more often !
Can't wait to learn what your final choice is !
Playing in 84 degree SUNNY weather (OK ...... I AM bragggin' ! ....... LOL !) - Mikey Lulejian - Lake Oconee, GA