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Refinancing
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Can I use a boat I already have paid off as equity to get a better rate for a new loan?
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It depends on the amount of the equity and the amount that you presently owe against the vessel. |
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| Q: |
I have attemtpted to refinance my Sea Ray boat loan several times and I am told that I do not have enough equity to refinance. I have perfect credit and pay my boat loan on time. Is there anything Beacon Marine Credit can do to help me refiance my boat loan to a lower rate? Sam Orange County, CA
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Sam, you raise a very good question. Many times consumers will find themselves upside down in their boat loan due to low down payments and extened term financing. While we have a boat loan product that will allow for 100 percent refinancing, in some cases you may have to pay down a portion of the the balance or take a much shorter term to improve your equity position. Please contact us for a free rate quote and boat loan refinance evaluation. |
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I recently financed my boat through my local credit union. I got a great interest rate on a $84,000 but they would only finance me for 84 months which make for a pretty steep monthly payment. Is it possible to refinance my loan now for a longer term?
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Yes, we have lenders that will refinance loans over $50,000 for any term up to 240 months. |
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I purchased my boat two years ago with a loan that has a floating rate tied to LIBOR. I would like to refinance now but I don't want to get another survey and I don't want to pay a lot of money. Can you help me?
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Absolutely, given that your purchase is only two years old we will not need an updated survey. If you purchased the boat used and had a survey done at that time, we can use it. If you purchased the boat new, we will use the BUC guide book to make our decision. You can expect to pay the cost to document the boat with the new lender and a modest clsoing fee. |
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| Q: |
Looking to refinance my boat. 2005 SeaRay 185 Sport. Need $21,500. Please advise if this is possible. Thank you.
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Yes we can handle the refinance of your SeaRay. You may either apply on line or contact us at 888-656-9400 and let one of our marine finance specialists assit you. Thank you for contacting Beacon Marine credit and the opportunity to help you with refinancing your boat loan. Beacon Marine Credit specializes in boat refinancing. |
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| Q: |
I have a 2000 chaparral 245 ssi excellent shape. It is payed for in full. I need to repower. I figured its going to cost me around 10,000 to do so. Can I refinance that amount . CredIt is fair. Income is great.
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Thomas, while Beacon Marine Credit makes boat loans to repower used boats we have a minimum boat loan requirment of $20,000. I would suggest contacting the dealer you purchased your boat from to see if they can provide the name of a direct boat loan lender that can offer used boat refinancing loans under $20,000. I wish Beacon Marine Credit could e of service to you at this time but our lenders set our boat loan lending limits. Please think of Beacon Marine Credit for all of your future new or used boat financing. |
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| Q: |
I purchased a boat from Marine Max and I would like to refinance my loan at better rates. What is your boat finance rate for Sea Rays?
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Refinancing your Sea Ray that you purchased from Marine Max is easy with Beacon Marine Credit. Our marine finance specialists will handle all aspects of your boat loan refinance. |
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| Q: |
Where do you suggest I go to refinance my boat. It was purchased at the Miami Boat Show. HMY is the dealer. I purchased a Viking from them. The boat was used and I financed for 20 years.
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You have come to the right place to refinance the boat loan you have on your Viking motor yacht. As a matter of fact interest rates have come down sinc the Miami Boat SHow and our marine finance specialists are standing by to help you today. |
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I wanted to purchase a 2007 Sea Ray (approx $30000). The only way I was approved for financing was to have someone else put it in their name and I would be the co-borrower. Now I want to refinance the boat in my name alone. I have been the only person to make payments yet I have not had any previous loans. Is this possible? I have good credit (around 715)
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Tara,
You may certainly apply to refinance this boat loan. Please visit our web site and apply on line at our secure site. Thanks. |
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Dear BMC,
I have a 1998 Sea ray which NADA values at around $18,000. I owe $9,950, unfortunately my personal credit is poor at the moment due to funding my company.
Could you offer a program of refinance that would allow me to take out a little of the equity?
Darren
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Darren,
Thank you for you inquiry, however, our minimum loan amount is $20,000. I would check with you local bank or credit union. |
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