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Grouper
 
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we are looking to move up to a larger class boat in the next month or so. i am kicking around some options for financing. with the economy the way it is i have heard that credit unions have changed some of their qualifying rules for loans due to the amount of repo's. has anybody ever done business with the Marker 7 Group or Fishboatloans.com before? i have several options available to me but wanted some honest feedback from anyone that has ever used them or know someone that has. thanks in advance.
Team Hit Man (crew)/ 31 Cape Horn
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Grouper
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ok. 54 views and no responses is a resounding NO. that answers my question.
Team Hit Man (crew)/ 31 Cape Horn
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Snapper
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Sorry bro. Cant say that I have dealt with them.
-Tight Lines and Roll Tide-
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White Marlin
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credit unions are still the best place rate wise......"A" paper rates are 5.8% at my credit union...
   
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Grouper
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| I used Key Boat Loans for my last 2 purchases (over last five years) and have been very please..they handle the complete transaction and your vessel will properly be registered license etc..you make a call and sign papers via mail and return with prepaid envelop...not sure what the going rate is for credit score above 750 which I believe best rate platform. Good luck on your purchase! Jimmy
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Grouper
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bluffman2 (8/21/2008)
credit unions are still the best place rate wise......"A" paper rates are 5.8% at my credit union...What constitutes A
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White Marlin
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most people say having a 750+ score but being in the buisness i know you can have a 700 score and be A paper.......A paper is what the lender considers their "minimal or no risk" customer.....if you have a 700+ score and no derogs with low DTI (debt to income) then you should fall in that category...i had a 680 score today contract at "A" paper rate.....because his score didnt reflect his credit or situation.....
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Trigger
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I have never used them, seems like I always end up going with Bank of the West. They usually have the best rates.
Red FlyLife isn't about waiting for the storms to pass.
It's about learning to dance in the rain!!
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Ruby Red Lip
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Last year when we bought our new boat we used The Bank of the West. They had the best rates. We check around with our local lenders and they couldn't beat them.
Bluewater Cowboy Fishing Team
36ft Cape Horn
Rope the Big Blue
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Ruby Red Lip
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| We got our boat loan at Pen Air @ 6 1/2% (lowest they offer right now) with an "A" paper. Best of luck to you !!
2007 TROPHY Pro  2152 walkaround 190 merc i/o NIGHTWOLF
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Snapper
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I used Pen Air 6.0% fixed rate for my boat...They even took care of documentation and registration, also helped to find insurance.
33' Bertram"CELTIC" Frank Hoskins
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Grouper
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i do all of my banking with them. i have always been pleased with Pen Air. my current boat is financed with them @ 6%. i don't know what they require for down payment on a used boat though. i know it is 10% down on a new boat but i heard its 20% down on a used boat. i also heard that the credit unions have gotten a little whacky due to the economy and because of the amount of reposessions right now. i am going to call them anyway but was looking into other options as well. thanks for everyones feed back.
Team Hit Man (crew)/ 31 Cape Horn
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Ruby Red Lip
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What boat are you thinking about buying.
Bluewater Cowboy Fishing Team
36ft Cape Horn
Rope the Big Blue
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Grouper
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23T with twins. i am looking at a couple right now. of course it all hinges on me being able to sell my boat. hopefully my buddy will be able to get financed. he wants my boat really bad.
Team Hit Man (crew)/ 31 Cape Horn
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Blue Marlin
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Strictly Bizness (8/22/2008)
i do all of my banking with them. i have always been pleased with Pen Air. my current boat is financed with them @ 6%. i don't know what they require for down payment on a used boat though. i know it is 10% down on a new boat but i heard its 20% down on a used boat. i also heard that the credit unions have gotten a little whacky due to the economy and because of the amount of reposessions right now. i am going to call them anyway but was looking into other options as well. thanks for everyones feed back. I have never had to put a percentage down per se with Pen Air. I always walk in with info on what I want to buy and the NADA of the boat, motor, and trailer. It is usually a couple grand more than I want to borrow. Then they cut me a check no questions asked. They asked questions on my first boat purchase and I said, I'll take my money elsewhere. They quickly cut me a check and have never given me any grief since then. I have finance multiple boats, and cars through them and they like my money.  I have purchased 3 boats through them and they have not had to look at any of them before purchase. If you can use the Pen Air on NAS Pensacola, they are much nicer and much easier to deal with when it comes to loans. Right now, banks are scrutinizing more, but they are looking for the good ones with great credit that they know will not fall behind.
------------------------------------------------------------------------------------------------------------- "H2O: 2 parts hydrogen 1 part obsession." Jon
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