NY/OBX NC newbie with boat loan app questions

[txav8r]

Credit Unions provide excellent deals compared to Banks. The promotional rate at Yamaha is a good deal but it is bought down and part of their marketing. That is why they draw such strict guidelines, they don't intend to sell everyone a boat at that rate. I bought my first boat with the going great rate Yamaha offered just because my credit union couldn't match it, but we paid that 15 year note off in two years making much bigger payments. There is not a prepayment penalty. However, my credit union rate I got last March, and it is still the same, was 1.49% for 60 months on a motorhome we bought. Their normal rate is 1.79%, but if you have direct deposit of your paycheck, they give you .25% discount too. On any big ticket item like a boat or motorhome, 60 months is a big payment. But we chose to stretch it out over 5 years vs using that much cash at this juncture. With your credit, I would be on a first name basis with the best CU in NY! Congrats on the upcoming purchase and welcome to the forum!

 

[0627Devildog]

Have you tried purchasing a home lately?? It's worse than ever and you can thank the Chris-Dodd Act. It makes any financial business more difficult than ever both consumer and commercial. Auto loans are still easier because they are still more of a commodity and can easily be repossessed. Boats are luxury and subject to longer terms. Each loan is customized to the specific borrow, ergo more due diligence. My biggest fear is what happens to all this data once the loan is approved.

I thing you mean Dodd/Frank.....