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Discussion Starter · #1 ·
For those of you with boat loans, you might take a look at refinancing. I bought my boat in November of 01' and the interest rate at the time was 9.49% through Key Bank NA. I saw an ad online about a 6.5% refinance so I called Key to get my payoff. Turns out Key Bank NA (not to be confused with Key Bank USA) has a refinance rate of 5.99% with auto deduction from your checking account.

The refinance saved me $108 a month on my payment. I have the phone number at work for those of you interested and will post it tomorrow. I applied this morning over the phone and was approved 4 hours later. Hope this helps some of you out!

Joe

Oh yeah - in case any of you were wondering, I have no connection whatsoever with Key Bank - just happenned that they had a great rate. I'm sure other banks have similar rates with interest rates as low as they are.

[ 08-20-2003, 07:44 PM: Message edited by: Killertraylor ]
 

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Joe, I think with gas getting to be $2 a gallon, you might not end up with anything more in your wallet at the end of the month but at least might be the same. Let's hope it goes down after labor day. My 115 2-stroke is bad enough, I can only imagine what a V-6 might gulp. Well, the flip side is, if it stays high, maybe I can convince my wife that the payments on a new Suzuki 140 4-stroke will pay for itself!

Biederboat
 

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yeah when it cost 150.00 dollars two fill my truck and boat something is way wrong :sick:
 

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I just refinaced my boat today!! down to 5.99% with oregon federal credit union!!
d
 

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Bank of America. Good credit=5.75%

Mark and the 14 year adjustable better have the chechbook ready dog.
 

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Lepper,

Did mine back in February with Oregon Federal Cedit Union, 5.49%. The cool part was there was no extension of the term. :grin:
 

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Discussion Starter · #8 ·
The Key Bank phone number is 800-539-2968. They took my application over the phone. You'll need to know the payoff of your current loan. After 4 hours, they had me call 800-539-3253 to confirm whether the loan was approved. The 5.99% rate includes a .25% discount for automatic withdrawal from your checking account. Also, you get to skip a boat payment! Once you are approved, they have you go to a Key Bank branch to sign the paperwork.

Good Luck!

Joe
 

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Another option, open a HELOC (home equity line of credit) on your home. Alot of them are offering teaser rates right now that are about .5 below prime, and then fix at prime for life. With prime being at 4.00% right now, your rate will be excellent. Also, most HELOCs are tax deductable so you can write off the interest portion of your payment (the majority). Even if prime went up 3% over the next few years, your effective rate would still be excellent with the tax deductibility feature. ALso, if there is something you wanted to buy for your boat or whatever, the line may be big enough to allow for that purchase.

PD
 

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45-year-old boat = no payment. Just ... expenses :smile:
 
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