Boat loan interest rates
Submitted by t bone on Thu, 2014-05-29 11:28
Gday all.
I understand that there are a lot of people that don't like the idea of discussing these kinds of things, but for those select few that dont mind.
When fighting the loan mobs against each other for the best interest rates. What did you manage to get who down to? And what sort of terms did you encounter in the process?
Feel free to PM me if need be :)
Thanks in advance...
Iceman
Posts: 745
Date Joined: 17/03/09
Equity Mate
Do you own a property that could be used a security instead of the boat. Banks will lend against your property if there is enough equity. THat's how I funded my boat purchase and was able to do as a separate loan over 10 years. That way you will get a rate around 5%.
Smartline Personal Mortgage Advisers - Level 1, 11 Hobsons Gate Currambine
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t bone
Posts: 351
Date Joined: 20/04/14
Interesting point
Cheers for that mate.
I dont "own" my property as such, but i own half of my few acres, so that might count for something. i was looking at a loan only around 3-5 years, and have managed down to 8.5% so far.
scotto
Posts: 2470
Date Joined: 21/04/08
some
some of the in-house finance rates going at boat/outboard shops, are actually very competitive. some are only a few %, you just have to be wary of the extra fees and charges.
Doooma
Posts: 791
Date Joined: 05/12/09
I'm paying 10.99 with Yamaha
I'm paying 10.99 with Yamaha finance
Terry
Posts: 458
Date Joined: 04/12/05
house loan
I borrowed the money for our boat and put it on the house loan......interest rate being cheaper that anything else going at the time. We paid the borrowed amount off in the same period as if it was a seperate loan. No extra fees or monthly fees etc as well.
The_Wanderer
Posts: 735
Date Joined: 24/09/08
Speak to a broker they
Speak to a broker they should beable to assist . I can PM a guys details if you like, I just did my mortgage with him and he was really good.
cheers
Ben
crasny1
Posts: 6986
Date Joined: 16/10/08
Im not certain
But Im sure Andy Mac one of our modurators is into finance. PM him, and if Im wrong, well I will wear it.
Otherwise "equity mate" is the cheapist rate youl ever get. Better still I saved up for mine and paid cash. Cash talks so no interest and got a lower price for the folding stuff.
"I would like to die on Mars. Just not on impact!!" _ Elon Musk
Brock O
Posts: 3166
Date Joined: 11/01/08
Its a Funny one
Someone told me the other day Car finance was now interest free in some cases! not sure how true that is but should be the same for Boats.
Otherwise Equity as mentioned above...always best if you in good position!, just allow extra in your repayments to cover it.
DTrain
Posts: 486
Date Joined: 10/02/12
From what I heard the 0%
From what I heard the 0% finance on cars is only available if you pay the full RRP price of the car and they put the RRP price up to cover the cost of the loan.
If you don't get the 0% finance then you can barter the dealers down from their asking price. Usually by a lot.
Rob H
Posts: 5745
Date Joined: 18/01/12
as my old man loved saying,
as my old man loved saying, "aint no such thing as a free lunch"
Give a man a mask, and he'll show you his true face...
The older you get the more you realize that no one has a f++king clue what they're doing.
Everyone's just winging it.
Alan James
Posts: 2208
Date Joined: 30/06/09
He was a wise man Rob
an expression I find myself using regularly is 'if you are getting something for nothing, you have already paid for it.'
t bone
Posts: 351
Date Joined: 20/04/14
Decisions :-/
Some very good points there lads. Ive got the equity, but as worked overseas for a few years now, thought it may be a wise idea too try and build up the credit rating a touch. But then again- the cash idea could work, but they would def need to come to the table with a bloody good deal :-)
YMF had my old loan @ a hair over 11%, just with a few emails, apparently its easy to talk them down to &, without breaking a sweat.
Cheers for the pm.. Ill flick ya a mail when im back to the computer mate :)