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Medsailer 2017-07-03T23:06:42 https://medsailer.com/app.php/feed/forum/27 2017-07-03T23:06:42 2017-07-03T23:06:42 https://medsailer.com/viewtopic.php?t=216&p=460#p460 <![CDATA[Liens and Mortgages • Boat loan technicality hang-up]]>
Thanks

Statistics: Posted by Craig — Mon Jul 03, 2017 11:06 pm

]]> 2017-07-03T23:05:20 2017-07-03T23:05:20 https://medsailer.com/viewtopic.php?t=215&p=459#p459 <![CDATA[Liens and Mortgages • Negotiating Interest Rates On Your Next Boat]]>
I hope you can get some tips from what I'm sharing to help you get a lower interest rate on your next boat purchase. BTW, these tips also work for cars and trucks, RV's, etc.

Here's a link to this same thread on the other forum if you want to go over there to read all of the comments people have posted.....
http://www.boatingabc.com/forums/ubb...Rates_on_.html

Enjoy......
"I'm not sure how many boat buyers realize that the rates you get from a boat dealer are often negotiable. Here's how it works.....

The dealer will be set up through one or more banks to do "direct loans" for the bank. This means that you can do all of the paperwork at the dealership without having to go to the bank.

The dealer "buys" loan money from the bank at a discount to what he "sells" the loan to the customer. This is a HUGE profit center of any dealership...a dealer can make as much profit from the loan as he made on the sale of the boat. This profit is often used to offset a particulary good deal ("low ball price") on a boat he really wants to get rid of because it's been in inventory a long time.

The dealer's rate from the bank is called the "Buy Rate" and the rate he gives you has a variety of names such as "Retail Rate". The more loans the dealer does through a particular bank, the cheaper he gets the Buy Rate. Banks also frequently offer loan rate specials to dealers. This additional discount gives the dealer an incentive to place his loans through that bank rather than the competitor banks.

As an example of how much profit there could be for the dealer, take a loan amount of $40,000 at 6% for 15 years. That loan will have a payment of $337 and a total interest charge of $20,757 (assuming the loan is not paid early). If that dealer's Buy Rate for that loan is 4.5%, the total interest charge would be $15,079 or a difference of $5677. This difference is called "Finance Reserves" Of that Finance Reserves difference, the dealership might get to keep as much as 60%, or $3406.

If you're a boat buyer with very good credit (Credit score of 700 and up) and have a good down payment (10-20% or more plus the taxes and license fees) you very likely may be able to negotiate the rate you are charged for your loan as part of the total purchase package.

If you could talk the dealer down just 1/2% (to 5.5%) in my example above your payment would go from $337 to $326. That $11 bucks a month might as well stay in your pocket as go to the bank."
__________________

Statistics: Posted by Craig — Mon Jul 03, 2017 11:05 pm

]]> 2017-07-03T23:04:38 2017-07-03T23:04:38 https://medsailer.com/viewtopic.php?t=214&p=458#p458 <![CDATA[Liens and Mortgages • Older Boat Financing]]> Statistics: Posted by Craig — Mon Jul 03, 2017 11:04 pm

]]> 2017-07-03T22:58:56 2017-07-03T22:58:56 https://medsailer.com/viewtopic.php?t=212&p=456#p456 <![CDATA[Liens and Mortgages • Financing.....]]> __________________
Currently boatless but looking. Avatar is my first boat....Holland, 1965 ish.....

Statistics: Posted by Craig — Mon Jul 03, 2017 10:58 pm

]]> 2017-07-03T22:57:22 2017-07-03T22:57:22 https://medsailer.com/viewtopic.php?t=211&p=455#p455 <![CDATA[Liens and Mortgages • Re: USCG Documentation and State Registration Question]]>

https://uscgdocumentation.us/


Craig

Statistics: Posted by Craig — Mon Jul 03, 2017 10:57 pm

]]> 2017-07-03T22:56:23 2017-07-03T22:56:23 https://medsailer.com/viewtopic.php?t=211&p=454#p454 <![CDATA[Liens and Mortgages • USCG Documentation and State Registration Question]]>
I'm berthed near Galveston Texas, and I cruise my boat in Texas and Louisiana and that will not change for a while.

If I let my USCG Documentation lapse, what changes except I do not pay the $65 renewal every year?

Texas will make me put Texas numbers on the bow of the boat but the registration fee of $150 for two years stays the same.

So where is the downside to dropping USCG registration?

Thanks

Statistics: Posted by Bob Cofer — Mon Jul 03, 2017 10:56 pm

]]> 2017-07-03T22:54:53 2017-07-03T22:54:53 https://medsailer.com/viewtopic.php?t=210&p=453#p453 <![CDATA[Liens and Mortgages • Hull identification help please.]]>
Currently there are no hull numbers, call numbers, etc. on the boat. I did register it in Florida and have the registration sticker. (I know where that goes)

I am assuming I do need hull letters/numbers on the boat. Yes?

Statistics: Posted by Bob Cofer — Mon Jul 03, 2017 10:54 pm

]]> 2017-07-03T22:11:08 2017-07-03T22:11:08 https://medsailer.com/viewtopic.php?t=202&p=443#p443 <![CDATA[Liens and Mortgages • Problems with COD]]> I submitted paper work in January, 2017 for new document. I received a letter from Coast Guard in December saying that they were behind in getting the CODs done. As of today I have not received my papers. Called yesterday and recording said office closed because of inclement weather.

Statistics: Posted by Eric Benjamin — Mon Jul 03, 2017 10:11 pm

]]> 2017-06-30T20:58:19 2017-06-30T20:58:19 https://medsailer.com/viewtopic.php?t=169&p=401#p401 <![CDATA[Liens and Mortgages • documentation or if you are registering]]> Statistics: Posted by JesseBoater — Fri Jun 30, 2017 8:58 pm

]]> 2017-06-30T19:21:29 2017-06-30T19:21:29 https://medsailer.com/viewtopic.php?t=161&p=391#p391 <![CDATA[Liens and Mortgages • Ten Year Loan or Twenty Year Loan]]> Statistics: Posted by Mary Small — Fri Jun 30, 2017 7:21 pm

]]> 2017-06-30T18:58:11 2017-06-30T18:58:11 https://medsailer.com/viewtopic.php?t=89&p=387#p387 <![CDATA[Liens and Mortgages • Re: Boat Loans]]>

Statistics: Posted by Will Nesbit — Fri Jun 30, 2017 6:58 pm

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