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Conference unifix::sailing

Title:	SAILING
Notice:	Please read Note 2.* before participating in this conference
Moderator:	UNIFIX::BERENS

Created:	Wed Jul 01 1992
Last Modified:	Mon Jun 02 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	2299
Total number of notes:	20724

530.0. "Financing?" by GRAMPS::PARKER () Fri Apr 10 1987 15:43

    My husband and I are in the process of buying our first. We are
    looking for financing. Our problem is that my husband is self 
    employed, and most of the banks in our area (Northeast corner of
    Conn) tend to be VERY conservative. Can anyone tell me of a bank
    that (a) writes boat loans enough to be familiar with their value,
    and (b) are not ultra conservative (even though a "non-conservative
    bank" is a contradiction in terms). 
    
    Appreciate any input.

T.R	Title	User	Personal Name	Date	Lines
530.1	Don't bank on banks	CSSE::COUTURE		`Fri Apr 10 1987 16:55`	14
	You might try one of the financial institutions that specialize in boat loans. They have bank rates and often resell the paper to the banks. Three of the better ones are: Essex Credit Corp Yeagan Marine First Financial Corp It depends how much you're financing, for how many years and how much you're putting down. I recently financed with Yeagan at 8 3/4 per cent. Interest rates are on the rise again, though. Check your phone book for numbers of these in your area.
530.2		GRAMPS::WCLARK	Walt Clark	`Fri Apr 10 1987 18:05`	16
	I have taken loans with both Yegen and Essex and found both to be very good. The current loan was obtained thru Essex, and picked up by Connecticut National Bank. We went to a couple banks on our own and got turned down or unreasonable replies. The marine finance company seems to be a good bet. I see where Boats US is also offering preferred mortgages on boats. You have to join ($15/year) their association to get a loan, but I think the membership benefits are worthwhile. They also have member marine insurance. I do not have any firsthand experience with either loan or insurance programs but would guess they might be reasonable. Walt
530.3	Another Marine Finance Bank	ISBG::KIMBALL		`Fri Apr 10 1987 20:12`	4
	Fleet National Bank in Providence. They up'd the money for my 30-year old wood cutter so they're either non-conservative or just plain whacko.
530.4	Key Finance	NECVAX::RODENHISER		`Mon Apr 13 1987 11:40`	5
	Key Financial Services is another one with good rates. Generally I found that all the marine finance companies were within a 1/4 percent of each other and they're ALL much better than a regular bank.
530.5		IKE::HASKELL		`Mon Apr 13 1987 13:55`	5
	BOAT U.S. has a minimun of $25,000.00 required for a loan Many of the Boat Finance Companies have a minimun of $10,000.00
530.6	haggle	RDF::RDF	Rick Fricchione	`Wed Apr 15 1987 11:21`	9
	And don't think you cannot dicker with them. I got approved by Mystic Marine, Essex and Yegan, then played them off against each other. The rate miraculously dropped 3/4% from the lowest advertised rate of the three. God bless free enterprise. Rick