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Equity Take Outs
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I recently paid cash for my boat through a HELOC. I would like to get my money back and pay down the HELOC. How long should I wait before doing this?
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| A: |
This can be done, however, it is better to do it sooner rather than later. Lenders are more willing to do a cash out equity loan closer to the time of purchase than if you wait more than 12 months or longer. This is a common product that we offer and be prepared to provide the original purhcase agreement. |
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| Q: |
i own free and clear a 1979 searay cabin cruiser is mint condition 26ft 3in. ready to fish on the big lakes with all the gear and equipment. 260 mercruiser engine, comes with a tandem axle steel tralior, very very well taking care of. I would like to try and get a equity loan using my boat. Can some one call me and talk to me about this. I am not sure on how to do this, only heard of home equity loans. thank you for your time. call me home 989-595-3557 or my cell 989-916-2577 sincerely kim gabrysiak
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| A: |
Kimberly, we are not able to offer an equity cash out loan on a boat of this age. I suggest contacting your local bank and see if they offer used boat loans for this purpose. Please consider Beacon Marine Credit in the future if you plan to purchase a new boat or used boat and need a boat loan. |
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| Q: |
would like to do an equity take out on boat.
The value of the boat is about $26000 I would like to take out around 15-20K to repower.
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| A: |
Ryan,
Thank you for your question regarding marine financing. We do offer cash out loans for repowering your boat, our minimum boat loan amount is $20,000. Please feel free to contact one of our marine finance specialists to get prequalified. We will discuss your individual situation to determine if you qualify befoer we pull your credit. |
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| Q: |
I own a 1998 Searay 34' free and clear and would like cash out, for about $40 000-00 can you do this?
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| A: |
Sharon, we offer cash out boat loans provided you have not owned the boat for more than 12 months and you will need to provide the original purchase agreement. If this is the case please feel free to apply for your boat loan with our secure online boat loan application. |
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| Q: |
1991 29' Ocean Yacht Super sport express model. Completely rebuilt in 2007 with new everything, 2007 pleasure craft 350 motors, new trransmission, all new electronics, canvass, interior & Paint. "Palm Beach Condition"
I have put about $90 k into her, and would like a equity cash out of $40K.
Is this possible? Do you have any suggestions?
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| A: |
Alfred,
We will have one of our marine finance specialsts contact you. |
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