You could always refinance your house....... Just a thought..
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| Paying for a new Mud Boat - Apparently I'm out of my League https://www.mudmotortalk.com/mmt_v2/viewtopic.php?f=2&t=7495 |
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| Author: | petrel [ Mon Feb 01, 2010 9:59 am ] |
| Post subject: | Paying for a new Mud Boat - Apparently I'm out of my League |
You gentlemen helped steer me to my selection and the quotes are in. The prices, although high considering the current economic climate, are close to what I expected. What I did not expect, however, is that I would have to pay CASH for the rig! I guess I need to grow a pair to run in this crowd, because I just don't keep almost $30k laying around. I can not find a bank, local (Northern Virginia) or internet that will touch a mud boat rig. The re-occurring theme seems to be that the rig I have selected has no NADA listing for the boat or the motor. The only rig that I have found that does have a NADA listing is Go-Devil, and that is not what I selected. I don't want a personal loan (rates too high, term too short). I don't want a home equity loan (refuse to hock my house for a boat.) I want a plain old boat loan. Did you guys all pay cash, or could you recommend a bank that might help? Lenders approached so far: SunTrust, Bank of America, Essex Credit, Chesapeake Financial, PNC Bank, Union Bank and Trust, Regions Bank, Stellar One. Thanks in advance for your advice and assistance. |
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| Author: | DeuceChunker [ Mon Feb 01, 2010 10:14 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
I got my loan through Texas National Bank locally. I'm not sure, but I doubt they'd loan to someone out of state. I had trouble with the NADA thing when I was looking for a used boat, as that's how banks judge the value of a used boat. When I decided to go with a new boat, KP built it, sent me an invoice, and I picked it up directly from ProDrive. The invoice is how my bank determined the value of the boat. You might check your local banks and see if they'd do the same thing. Just my $.02. |
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| Author: | slambin [ Mon Feb 01, 2010 10:18 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | petrel [ Mon Feb 01, 2010 10:20 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Yes, that is what the builder told me to do too, but none of these banks would accept it. |
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| Author: | coastal [ Mon Feb 01, 2010 11:05 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
I used my Credit Union...Both my vehicles and my boats. Just needed a Bill of sale and serial numbers. |
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| Author: | POKER1 [ Mon Feb 01, 2010 11:45 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Cash.........what you getting for 30,000????????? |
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| Author: | EasTexDux88 [ Mon Feb 01, 2010 1:25 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | WestEndAngler [ Mon Feb 01, 2010 1:30 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
X2 most brand new rigs with bells & whistles around around 13-18 depending upon mods and add ons accessories etc. Try a credit union as mentioned above. There are still some banks lending. |
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| Author: | stumpgrinder [ Mon Feb 01, 2010 1:43 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
a dual rig can hit da $30K mark easy |
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| Author: | UNCLE-J [ Mon Feb 01, 2010 1:46 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
You could always refinance your house....... Just a thought..
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| Author: | grrifles [ Mon Feb 01, 2010 2:03 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
I got mine thru Bank of America. I bought a used gator trax and used mud buddy from 2 different people and had no problem. Chris |
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| Author: | coondik [ Mon Feb 01, 2010 2:11 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
come on down to crazy coondiks! i can put ya in a brand new, used, custom mud motor rig for around 10K! |
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| Author: | petrel [ Mon Feb 01, 2010 3:04 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Just tried Bank of America again, no deal without an NADA listing. |
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| Author: | BradS [ Mon Feb 01, 2010 3:14 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Mine is financed thru State Farm Bank I bought it used and they called Pro Drive and talked to em, Prodrive faxed over what it would be worth new and they gave me the loan no problems |
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| Author: | petrel [ Mon Feb 01, 2010 3:23 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Wells Fargo Bank- not chartered in VA, Wells Fargo Financial doesn't offer a boat loan for that amount, Scott Financial - no NADA no loan, US Bank-not chartered in VA. Boat US no NADA no loan. Will try state farm bank next. Thanks |
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| Author: | PaulDarensbourg [ Mon Feb 01, 2010 5:06 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Your looking in all the wrong places. Go to the smallest banks in your area or go to the local credit unions if you have them in your state. BOA, Cap One, US Bank, Wells, and any of the other larger banks are just going to tell you no. Even if they do boat loans this one is not going to fit within there parameters. You have to find the bank with and underwriting department that has some common sense and can think outside the box for a minute. Of course if your credit isn't perfect then you should just hang it up right now. |
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| Author: | PaulDarensbourg [ Mon Feb 01, 2010 5:10 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Also, don't offer then info about it not being in NADA, it is not a used rig so there is no reason for them to look. Just tell them you can supply a buyers order or invoice from the manufacturer if they need it. Don't offer info unless they ask for it. Sometimes that can confuse the Phillipino on the other end of the line. |
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| Author: | petrel [ Mon Feb 01, 2010 5:29 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Paul, thank you for the advice. I have been mentioning the NADA thing up front in hopes of avoiding hassles later. I've only got one more small bank in town to try, then it is back to the second page of internet lenders. |
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| Author: | DeuceChunker [ Mon Feb 01, 2010 5:32 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Yeah, definitely don't mention the NADA thing up front. I had the invoice in hand, went to the bank, told them that was what I needed financed, and walked out financed. Have you tried the bank that handles your checking? |
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| Author: | JIMMY W [ Mon Feb 01, 2010 5:59 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | deltaduckmaster [ Mon Feb 01, 2010 7:20 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Yep it don't take much to get it up their my boat with all the options and mods on the motor was a 22 grand boat!! |
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| Author: | T-mac [ Mon Feb 01, 2010 7:35 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
I'm definitely in the wrong business 
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| Author: | Gigafowl [ Mon Feb 01, 2010 7:36 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Well you might try an 80 / 20 finance deal with at least 60 payments...... The only snag I ran into was on a shorter term note - they just didn't want to do a 36 month note - but I payed it off in 24 months anyway with no penalties.... Where you pay 20 percent and only finance 80 percent - with the boat and trailer as colateral... They usually insist on you gettin Replacement Value Insurance for the original purchase cost including TT&L and fees... I have bought 3 boats and have always done it that way - never even heard of the NADA thing - but we are in Texas - might be a regional deal... My last loan was thru Amegy - they do online loans too I think.... |
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| Author: | craig [ Mon Feb 01, 2010 7:37 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | POKER1 [ Mon Feb 01, 2010 7:40 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Not disputing the fact you could keep adding things to run up the price. Maybe you need to consider a lower priced rig if they won't give you the 30 grand. Plenty of great rigs for 10-12 floating around right now. |
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| Author: | DeuceChunker [ Mon Feb 01, 2010 7:52 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
80/20 is what I did, for 60 months. I'll pay it off before then, but have no penalties. If you put enough down and have collateral, any local bank should finance it. With me, the NADA thing only mattered on a used boat. |
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| Author: | whackem [ Mon Feb 01, 2010 9:49 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Seriously ya'll finance your boats? Not telling ya'll how to run your lifes, but financing toys is a very bad idea. Save you money and pay cash. The shit is already expensive enough without having to pay the bank too. |
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| Author: | dpd [ Mon Feb 01, 2010 9:55 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | JpEater [ Mon Feb 01, 2010 9:58 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | Hizzoner [ Mon Feb 01, 2010 10:02 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Sanders loaned me the money. I got a better rate than he gave River for his ranch because I didn't need credit life |
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| Author: | POKER1 [ Mon Feb 01, 2010 10:34 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | Wilson [ Tue Feb 02, 2010 4:15 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | dog walker [ Tue Feb 02, 2010 6:23 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
X2 on what Wilson said about State Farm. They have always topped any bank on car and boat loans for me. I had no problem getting the loan for the boat. I just had gator tail send me an invoice and it was done. |
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| Author: | petrel [ Tue Feb 02, 2010 7:34 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
I will give State Farm a call today. Thanks! |
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| Author: | UNCLE-J [ Tue Feb 02, 2010 8:37 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
If that dont go through, then come fill out a Application at UNCLE-J's Bank & Trust My new 2010 Rates have just been published. 5yr fixed 22%APR 7yr fixed 28%APR Hope this Helps... Uncle-J President/CEO UNCLE-J Bank & Trust |
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| Author: | forever draggin [ Tue Feb 02, 2010 7:43 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
i used teche federal bank, one for my new rig, and when i bought a gt rig used. they r a lil hard to deal with, but they will finance whatever u want |
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| Author: | Brinkleydog [ Tue Feb 02, 2010 8:10 pm ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
Wilson i hope you are joking. If not thats the stupid coment of 2010......and the year is just started. will never finace anything except my house. Soon i hope to not have that problem. I had to wait almost all of duckseason to save enough money for a new powerhead to make sure my kids and wife got everything they needed. Finacing ing a money pit is not good judgment. Later |
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| Author: | BROOKS [ Wed Feb 03, 2010 6:01 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
| Author: | coastal [ Wed Feb 03, 2010 8:25 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
  Not all of us are rich...Bitach!!!!! |
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| Author: | PaulDarensbourg [ Wed Feb 03, 2010 9:23 am ] |
| Post subject: | Re: Paying for a new Mud Boat - Apparently I'm out of my League |
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