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Discussion Starter · #1 ·
OK. So I was doing a pre-qualification online and found out that the state of Oregon requires the borrowers to get a loan of 20k or above :shrug: ?

So the big question is besides my bank who else can you go with in Oregon to finance a boat less than 20K? Are there other finance companies that handle loans in the state and if so can you please send me some information.

Thanks for all that can help.
 

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I have never heard of such a rule. I have in fact got financing for less than $20k. You should actually talk to a loan oficer at the bank you want to work with.
 

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Try another lender. Sounds like a company rule rather than a state rule. How could the state possibly require a minimum loan amount? Doesn't sound reasonable to me.
 

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Are you a member of a credit union? They have some sweet deals right now on financing. Like others have said I think the 20k minimum is bogus.
 

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Jim~ There is no way/law that could make you have a minimum amount to finance. There are sooo many banks out there starving for business..you should easily be able to find something. I know where you work...you guys have a credit union available to you..if they are the ones who have that rediculious rule...you should look into another credit union or straight out finance company. I knew my years in the finance business would come in handy someday...keeping my friends out of bad scenarios with banks...good luck...and get a big enough one for both of us to fit in it!! :laugh:
 

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ok here it goes
I'm a finance manager at a Chevrolet dealership and the 20,000.00 is just a bank rule.

It has already been sugested that you try a credit union and if you don't want to do that I know Key bank used to do boat loans..

if you have any questions about what credit union then give me a call at 503-454-2000 ask for bill
 

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Discussion Starter · #9 ·
Thanks for all the replies.. I agree that it sounded a little off with the 20k rule.. This is why I made a post and ask some questions. Thanks Willie for clearing up the air on the rule.. Now it makes a little more sense.

I am planning on going with my bank but when I got the email about the 20K it confused the heck out of me..

Jeff yes I am getting one big enough for both of us.. This winter we will have a ball. Heck we will be able to invite Chris with us also and still float on down the river fine.. 18' DB from Smithrock River Boats is what I am ordering. http://www.smithrockriverboats.com
 

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I would say a credit union is your best bet. My New Boat as of January 15th is financed at 4.75 percent interest. Previously I had a boat financed through them at 6.00 percent but for far less money and for a shorter time period.
 

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Would anyone like to share the credit union info?? Mine wont do used boats older than 1996. And the interest is 11% to boot!!
 

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Portland Teachers C.U is at 8% with 20 or 25% down payment. I think they are at 12.99 with less down.

They are usually real good about selling money for cars and houses and such. But they do not appear to be real competitive here.

I am glued to this thread, cause we are looking for a new used sled.

Mark and the expensive dog.

[ 07-12-2003, 03:29 PM: Message edited by: Flatfish ]
 

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A lot of Banks/lenders have a 20K rule to get a loan with terms of 10 or more years at less than 8 percent interest. They tend to jack up the interest rate or require more of a downpayment if you finance a smaller amount.
 

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Key Bank has been very agressive on boat loans with low intrest rates. Check them. out
 

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Willie17.... Chevy eh?? Mmmm I've been looking at one of them pickup's yall make...might have to contact one of your sales guys....send me a pm if you care to disclose which dealership you work for. I sold and financed Honda's for 7 years...Thomason Honda, Dick Hannah and Lamphere's Beaverton Honda....what a crazy racket that is...good luck to you...and I hope you don't get to many OSF deals this weekend, kills the per car average!!
 

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I've waited so long for my BoiceJet to be built, the darn interest rate went from 5.5 down to 4.75, up to 12yrs, through my credit union.

I knew there had to be a good reason I was still waiting :wink: :wink:

TR
 
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