Used Boat Financing During Virus Situation.....

[HubbaHubbaLife]

Thought I'd share my current situation as I sell my 2006 Magic Wizard with 496HO power. I have a deposit from an interested party.... I called my bank [USAA] that holds title for payoff amount. New buyer has good credit. USAA loan department informed me that most banking institutions are staying away from marine financing as result of corona virus epidemic. USAA can only authorize 35K even with great credit. Told me they are getting many calls from prospective boat owners regarding loans up to 200K and can only authorize 35K at present. My prospect says he will do cash if needs to. Anyone else running into this banking scenario? I figure with all the supposed boat transactions in play folks on RDP might have some informational feedback...... I know, I know we all pay cash.... ha, heard that a lot on here. Thanks fellas.

 

[Bigbore500r]

Thought I'd share my current situation as I sell my 2006 Magic Wizard with 496HO power. I have a deposit from an interested party.... I called my bank [USAA] that holds title for payoff amount. New buyer has good credit. USAA loan department informed me that most banking institutions are staying away from marine financing as result of corona virus epidemic. USAA can only authorize 35K even with great credit. Told me they are getting many calls from prospective boat owners regarding loans up to 200K and can only authorize 35K at present. My prospect says he will do cash if needs to. Anyone else running into this banking scenario? I figure with all the supposed boat transactions in play folks on RDP might have some informational feedback...... I know, I know we all pay cash.... ha, heard that a lot on here. Thanks fellas.

Boat sales are breaking records, sounds like USAA is lame.
Have them try some credit unions

 

[Javajoe]

Yea I call bullshit also. Been trying for months to buy a Magic Deck. They all get a deposit the same day so someone is either paying cash or financing. Most financing I imagine. And yes, I am actually paying cash and still can’t find one. Someone is loaning on them

 

[HubbaHubbaLife]

Boat sales are breaking records, sounds like USAA is lame.
Have them try some credit unions

Thinking you're correct after just speaking to a yacht broker friend... he says marine financing is going strong.

 

[Bigbore500r]

Thinking you're correct after just speaking to a yacht broker friend... he says marine financing is going strong.

Either the marine financing game is strong, or the home equity game is strong! Lol
Lets hope it's marine financing, we know how the other route ends.....

 

[SKIDMARC]

My BIL bought a boat a few months ago. Its took about two weeks for the credit union to finalize the loan. They said it was because of COVID and limited staff.

 

[Ladsm]

I tried to get a loan with 50% down on a Tri-toon last month and the brand Weeres which is the oldest pontoon boat mfg wasnt listed in Nada for 2017. The 2015 Nada value was more than the sale price on the 2017 model but they were not taking any chances.

 

[D19]

Yea I call bullshit also. Been trying for months to buy a Magic Deck. They all get a deposit the same day so someone is either paying cash or financing. Most financing I imagine. And yes, I am actually paying cash and still can’t find one. Someone is loaning on them

My friend has an open bow scepter with Illmor for sale if you're interested.

 

[HubbaHubbaLife]

My BIL bought a boat a few months ago. Its took about two weeks for the credit union to finalize the loan. They said it was because of COVID and limited staff.

Appreciated

 

[HubbaHubbaLife]

I tried to get a loan with 50% down on a Tri-toon last month and the brand Weeres which is the oldest pontoon boat mfg wasnt listed in Nada for 2017. The 2015 Nada value was more than the sale price on the 2017 model but they were not taking any chances.

Appreciated ... there's been some threads on RDP regarding boat financing.... I'll look for them. There's a couple boat sales guys on here too, they might see this and chime in.

 

[MK1MOD0]

USAA is a good company. But, they are very conservative as one. So not really surprising that they are pulling back with loans right now. Not sure of Location, but Mission Fed in SD county is a great credit union to deal with.

 

[HubbaHubbaLife]

USAA is a good company. But, they are very conservative as one. So not really surprising that they are pulling back with loans right now. Not sure of Location, but Mission Fed in SD county is a great credit union to deal with.

Good point... this boat is located in SoCal. Thanks for tip on Mission Federal

 

[Minimatt]

Appreciated

It's not just boat loans. My folks inquired about an RV loan from USAA this week, and were told no on a $70k 5th wheel, with 50% down. My brother is trying to finance a couple of new semis and trailers right now with the same institution he has used for years on several other semis, and they are telling him it may not happen right now, with any amount down. Both are citing "COVID-19" as the reason, but nothing more specific.

 

[HubbaHubbaLife]

It's not just boat loans. My folks inquired about an RV loan from USAA this week, and were told no on a $70k 5th wheel, with 50% down. My brother is trying to finance a couple of new semis and trailers right now with the same institution he has used for years on several other semis, and they are telling him it may not happen right now, with any amount down. Both are citing "COVID-19" as the reason, but nothing more specific.

Fascinating intel guys..... I've Pm'd both dealer guys on RDP for assistance.... see if they share who they are using. Might be a closed loop.

 

[oldschool]

Try First American Credit Union.

 

[HubbaHubbaLife]

Try First American Credit Union.

Appreciated.

 

[Slick]

Appreciated.

X2 on America First Credit Union. Easy to work with and can close quickly.

 

[HALLETT BOY]

Everybody is probably afraid of the pending recession / depression looming .

 

[spark2678]

Jody Hamilton or Ken Barr at Diverse Offerings Finance will do it. They are great, just finished mine. Good rates with 15%-20% down. Takes about a week to complete once you've been approved. They have been mentioned on this board before.

 

[HubbaHubbaLife]

Jody Hamilton or Ken Barr at Diverse Offerings Finance will do it. They are great, just finished mine. Good rates with 15%-20% down. They have been mentioned on this board before.

Appreciated thanks!

 

[spark2678]

Ken Barr Vice President | Diverse Offerings Finance | Marine/Aircraft/RV phone: 404-915-4325 site: www.diverseofferingsfinance.com email: [email protected]

 

[HubbaHubbaLife]

Ken Barr Vice President | Diverse Offerings Finance | Marine/Aircraft/RV phone: 404-915-4325 site: www.diverseofferingsfinance.com email: [email protected]

That's what I'm talking about.... nice work... and appreciated.

 

[Bigbore500r]

Ive had great luck with Unify Federal Credit union (formerly Western Federal Credit Union). They let YOU fill out the NADA sheet for options and tell them what the value is....you can see where im going with this

 

[spectracular]

What are the going rates with 800+ credit? Term? Just looking for ballpark numbers

 

[LBZRCKS]

I recently sold my Magic Scepter and the buyer paid cash. Had another potential buyer that was trying to use US Bank and they wanted all kinds of info that didn't even pertain to my boat from the coast guard.

Wozencraft is also financing too. They're in the high 5% range and terms up to 20 years, also nothing older than 20 years old.

 

[HocusPocus]

I have used USAA many times and still have a house and auto loan with them. I know they are very conservative and use NADA values on boat loans what does NADA show for your boat value?

 

[gqchris]

Maybe the banks can see thru the cloud of PPP money and experts predict the house of cards to fall soon. In 2008, an indicator was when banks started pulling back lines of credit!

 

[HubbaHubbaLife]

Nada shows ~$40K value wholesale... retails it at $80K ha... agreed upon price of $54K. He's getting new trailer built cause mine is original Magic/ NAS issued tube trailer and I destroyed it on last 4 years of salt launches. That trailer looked new in 2016 and its a 2006 model but past owner was a Ca Delta fresh water only user.... didn't take long to tear this trailer down. New owners a Havazooer so needs a pretty trailer.

 

[HubbaHubbaLife]

Maybe the banks can see thru the cloud of PPP money and experts predict the house of cards to fall soon. In 2008, an indicator was when banks started pulling back lines of credit!

I'm no doom & gloom guy but if I was a banker I'd pull off these boat loans that are all secured against their algorithms of payment history, debt to income ratios and all that against a depreciating asset. [old friggin boat] But then again I see some of you river guys claiming to sell boats on appreciation recently. Thats really a story, right... talk about a supply/ demand scenario. Who would have ever have believed anyone would sell a boat for more than we paid for them?

 

[Javajoe]

My friend has an open bow scepter with Illmor for sale if you're interested.

Sorry, but am looking for a deck not a scepter. Sure is a lot of those for sale right now.

 

[cuz_im_CR]

America’s first credit union is who we used. Had the deal done in 2 days. We purchased a 2003 magic deck.


Sent from my iPhone using Tapatalk

 

[glamis0812]

When I sold my sleekcraft last year the buyer used bank of the west, it took forever but we got it done.

 

[Haulett_270]

Just financed with AlaskaUsa FCU and can’t say enough about their customer service.

 

[gqchris]

Sorry, but am looking for a deck not a scepter. Sure is a lot of those for sale right now.

When I worked at LBYS, noone wanted Scepters until all the decks ran out. I always liked the Scepters. I think we were selling them for 28-30 if I remember.

 

[HubbaHubbaLife]

Thanks to all for the informative thread postings. I just spoke with my buyer and he got approved through First American Credit Union in case anyone here wants to give them a shout.

Much appreciated fellas.