Go Back   TeamTalk > General MasterCraft Topics > General Discussion

Reply
 
Thread Tools Display Modes
  #41  
Old 01-13-2013, 12:34 PM
neil.anderson63's Avatar
neil.anderson63 neil.anderson63 is offline
MC Fanatic
 
Join Date: Dec 2011
Boat: 2007 X2
Location: Kansas City
Posts: 676
Quote:
Originally Posted by CantRepeat View Post
When I was looking to buy my 06 Bank of America want to charge me 13.75 APR on it. My beacon score has been in the high 700s to low 800s range and at one point was at 828 before I bought the boat. I could not believe a bank wanted to charge a home owner that kind of interest on an loan.

Called my credit union that I had not used in 15 years and they gave me 4.25 over the phone on a 7 year loan. After doing the paper work they gave me 4.0 and I went 5 years. Of course your mileage may very and I'm sure other members have plenty of info to share.
Watch out for those Bank of America programs!! In addition to their loan shark rates, they compute interest for the full term so there is not a financial benefit to pay the note early.
Reply With Quote
  #42  
Old 01-13-2013, 04:49 PM
east tx skier's Avatar
east tx skier east tx skier is offline
MC Hero
 
Join Date: Jul 2004
Boat: 1998 Ski Nautique
Location: End of my rope.
Posts: 25,302
After 20 years, I got away from BofA altogether. Patronize local banks and credit unions where you can. Good service is a valuable thing.
__________________
Previous: 1993 Prostar 205

Red 1998 Closed Bow Ski Boat, Ford 351, 310 hp, Acme 4 blade, Perfect Pass SG.

FAQ


Tyler Ski Club


To me, this forum is about love of inboard boats. It is about the sharing of information and, on a good day, some humor. It is not about post count, brand of boat, or any other superfluous labels that lend themselves to a false sense of superiority. Please, respect one another, try to pass on accurate information, and keep your eye on the ball.
Reply With Quote
  #43  
Old 01-14-2013, 11:59 AM
GoneBoatN's Avatar
GoneBoatN GoneBoatN is offline
MC Devotee
 
Join Date: Oct 2010
Boat: 2010 X-15 w/MCX
Location: Nor Cal
Posts: 1,822
Quote:
Originally Posted by neil.anderson63 View Post
Watch out for those Bank of America programs!! In addition to their loan shark rates, they compute interest for the full term so there is not a financial benefit to pay the note early.
Not my case with my BofA loan. No pay off penalty (other than paperwork fee of a small amount) and decent loan rate. Not that I'm recommending BofA, it just depends on rates and terms at the given time. I check around in my area and Credit Unions were not offering competitive rates for boat loans.
Reply With Quote
  #44  
Old 02-16-2013, 05:55 PM
neil.anderson63's Avatar
neil.anderson63 neil.anderson63 is offline
MC Fanatic
 
Join Date: Dec 2011
Boat: 2007 X2
Location: Kansas City
Posts: 676
Bof A does not penalize for paying early. There is no benefit of paying the note off early. Even if you pay the note ahead of schedule you still pay the full term total amount of interest.
So, if you pay your 10 year note off in 5 years - you're still gonna pay 10 years of interest to BofA.
Reply With Quote
  #45  
Old 02-16-2013, 06:04 PM
mikeg205's Avatar
mikeg205 mikeg205 is offline
Moderator
 
Join Date: Aug 2011
Boat: 1995 Pro Star 205 5.7 Liter
Location: Plainfield - Joliet, IL
Posts: 11,403
Send a message via Skype™ to mikeg205
Quote:
Originally Posted by neil.anderson63 View Post
Bof A does not penalize for paying early. There is no benefit of paying the note off early. Even if you pay the note ahead of schedule you still pay the full term total amount of interest.
So, if you pay your 10 year note off in 5 years - you're still gonna pay 10 years of interest to BofA.
Always look at amortization schedule to before signing if you think you might pay off early.
__________________
...A bad day water skiing still beats a good day at work...1995 Pro Star 205....
Reply With Quote
  #46  
Old 02-16-2013, 06:35 PM
StudLEE's Avatar
StudLEE StudLEE is offline
TT Regular
 
Join Date: Jul 2012
Boat: Mastercraft Tristar 190
Location: Central Wisco!
Posts: 46
Wow.. what a small world.. I'm from Wisconsin Rapids! And were constantly up north at the cabin on lake thomahawk! We financed a 88 Tristar last yr.. credit union borrowed 5k an I paid the rest cash.. good luck on your purchase!
Reply With Quote
  #47  
Old 02-16-2013, 06:56 PM
51timber's Avatar
51timber 51timber is offline
TT Regular
 
Join Date: Feb 2011
Boat: 2003 X30
Location: Cape Cod Mass
Posts: 88
I had nothing but problems in trying to buy a house with BOA even with great credit since I owned a business (president of a corporation). They on every level are a nightmare to deal with. My Local bank financed me in a minute! No problems and I have a great relationship with them ever since.

I financed my MC with http://boatbanker.com great company great rates no pre pay penalty.
Ask for Chris Stevens. He was a huge help!
Reply With Quote
  #48  
Old 02-17-2013, 01:31 AM
GoneBoatN's Avatar
GoneBoatN GoneBoatN is offline
MC Devotee
 
Join Date: Oct 2010
Boat: 2010 X-15 w/MCX
Location: Nor Cal
Posts: 1,822
Quote:
Originally Posted by neil.anderson63 View Post
Bof A does not penalize for paying early. There is no benefit of paying the note off early. Even if you pay the note ahead of schedule you still pay the full term total amount of interest.
So, if you pay your 10 year note off in 5 years - you're still gonna pay 10 years of interest to BofA.
Not according to my paperwork - "You may prepay all or any of the unpaid principal balance at any time without any penalty which may reduce the number of payments you will make". It then describes how interest is calculated on the "outstanding balance...until the full amount of the principal has been paid". I've also contacted them and obtained a payoff amount from time to time each time I consider just paying off the boat loan; I assure you it is not the full value of the loan with interest but rather just the remaining principal. However, since I earn greater interest on having money in investments than the interest that I'm being charged on the boat loan, I continue to have the boat loan.
Reply With Quote
  #49  
Old 02-18-2013, 01:04 PM
neil.anderson63's Avatar
neil.anderson63 neil.anderson63 is offline
MC Fanatic
 
Join Date: Dec 2011
Boat: 2007 X2
Location: Kansas City
Posts: 676
GoneBoatN - That's good news for you - BofA is very tricky to deal with in any type of transaction. Is it spring yet???
Reply With Quote
  #50  
Old 02-18-2013, 01:54 PM
mikeg205's Avatar
mikeg205 mikeg205 is offline
Moderator
 
Join Date: Aug 2011
Boat: 1995 Pro Star 205 5.7 Liter
Location: Plainfield - Joliet, IL
Posts: 11,403
Send a message via Skype™ to mikeg205
Quote:
Originally Posted by GoneBoatN View Post
Not according to my paperwork - "You may prepay all or any of the unpaid principal balance at any time without any penalty which may reduce the number of payments you will make". It then describes how interest is calculated on the "outstanding balance...until the full amount of the principal has been paid". I've also contacted them and obtained a payoff amount from time to time each time I consider just paying off the boat loan; I assure you it is not the full value of the loan with interest but rather just the remaining principal. However, since I earn greater interest on having money in investments than the interest that I'm being charged on the boat loan, I continue to have the boat loan.

Great!! - then it's a simple interest note that calculate interest on the daily average balance...but it the maximum term is 120 payments...you're largest interest payments will still be front loaded. So paying off faster is still in your best interest.
__________________
...A bad day water skiing still beats a good day at work...1995 Pro Star 205....
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 07:27 AM.