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$450 to Re-Document? Why not $85!
I think the average, intelligent person could do the documentation themselves. And the charges are around $85, depending on documents that you must attach. The Coast Guard site is fairly well laid out, and you can get all of the forms on line. In addition, I have found that they are extremely helpful when you email a question, responding in a couple of hours, at most. I had a minor problem, and the Coast Guard representative designed a new credit card form, and then sent it to me in MS Word and .pdf format, in one day! So, unless there is some reason why your bank won't let you do it, try it yourself! Oh, and the address is: http://www.uscg.mil/hq/g-m/vdoc/nvdc.htm Ron Dague S/V Finesse, h34 Miami, FL www.ExploreScuba.com
I think the average, intelligent person could do the documentation themselves. And the charges are around $85, depending on documents that you must attach. The Coast Guard site is fairly well laid out, and you can get all of the forms on line. In addition, I have found that they are extremely helpful when you email a question, responding in a couple of hours, at most. I had a minor problem, and the Coast Guard representative designed a new credit card form, and then sent it to me in MS Word and .pdf format, in one day! So, unless there is some reason why your bank won't let you do it, try it yourself! Oh, and the address is: http://www.uscg.mil/hq/g-m/vdoc/nvdc.htm Ron Dague S/V Finesse, h34 Miami, FL www.ExploreScuba.com
Easier than refinancing:
If interest rates have dropped enough since you bought your boat to make it worthwhile to refinance, call your lender and give them the option to drop the interest rate, or, regretfully, you'll have to take your business elsewhere. They'll check your payment history and pull another credit report...and if it looks good, they'll do it..'cuz Your current lender would rather keep the loan at a lower rate than lose it altogether to another lender DON'T call the customer service number...those people don't have anything to do with it...call the main number for the lending institution and ask to speak to a loan officer. I did exactly this on a previous boat...at the time we bought it, 11.75 on a 15 yr loan with Sovreign Bank through BOAT/US was a VERY good rate...but a few years, it stank. One day I got an offer in the mail from a lender telling me I was pre-approved for the balance of my loan at 9.25. I called Sovreign Bank (NOT B/US!)...15 minutes later, they faxed me the paperwork to drop my interest rate on the remaining payments to 8.9--more than a 1/4 pt lower than the other offer.
No fees, no hassle...done deal. And btw...if you continue to make the same payments as before, you pay off your boat a lot faster--or have more equity to put down on the next one when you sell it--because more goes to principle.
If interest rates have dropped enough since you bought your boat to make it worthwhile to refinance, call your lender and give them the option to drop the interest rate, or, regretfully, you'll have to take your business elsewhere. They'll check your payment history and pull another credit report...and if it looks good, they'll do it..'cuz Your current lender would rather keep the loan at a lower rate than lose it altogether to another lender DON'T call the customer service number...those people don't have anything to do with it...call the main number for the lending institution and ask to speak to a loan officer. I did exactly this on a previous boat...at the time we bought it, 11.75 on a 15 yr loan with Sovreign Bank through BOAT/US was a VERY good rate...but a few years, it stank. One day I got an offer in the mail from a lender telling me I was pre-approved for the balance of my loan at 9.25. I called Sovreign Bank (NOT B/US!)...15 minutes later, they faxed me the paperwork to drop my interest rate on the remaining payments to 8.9--more than a 1/4 pt lower than the other offer.
No fees, no hassle...done deal. And btw...if you continue to make the same payments as before, you pay off your boat a lot faster--or have more equity to put down on the next one when you sell it--because more goes to principle.What that $450 fee really covers
Actual COAST GUARD documentation fee is only: $85. But then there are the LOAN documents--the cost of your credit check...title search to check for any liens against the boat..Fedex between lender and CG (both ways), fedex between lender and seller (both ways), fedex between lender and buyer (both ways)...and the "labor charge" to do all that and prepare both the CG application and the financing documents. Marine lenders call it a "documentation" fee...home lenders call it "closing costs," but they're essentially the same thing. If you can find a lender that doesn't charge about $450 to process a loan--or will even waive part of it, let us know.
Actual COAST GUARD documentation fee is only: $85. But then there are the LOAN documents--the cost of your credit check...title search to check for any liens against the boat..Fedex between lender and CG (both ways), fedex between lender and seller (both ways), fedex between lender and buyer (both ways)...and the "labor charge" to do all that and prepare both the CG application and the financing documents. Marine lenders call it a "documentation" fee...home lenders call it "closing costs," but they're essentially the same thing. If you can find a lender that doesn't charge about $450 to process a loan--or will even waive part of it, let us know.
money$$$$$$$$$
You have to talk to the "LOAN ARRANGER" if he is not there ask for "TONTO" and, nobody is there say this is for you and thats for your horse.
You have to talk to the "LOAN ARRANGER" if he is not there ask for "TONTO" and, nobody is there say this is for you and thats for your horse.
Hunter VS Catalina
I could start the Hunter / Catalina war all over by saying I paid cash for a Hunter, but then gladly borrowed some cash to get my Catalina. But I would never do that (joke)
I could start the Hunter / Catalina war all over by saying I paid cash for a Hunter, but then gladly borrowed some cash to get my Catalina. But I would never do that (joke)
More for Less
Marketing people love the John types. Getting people to pay more for less is their dream!!
Marketing people love the John types. Getting people to pay more for less is their dream!!
$450 for documentation
I just closed on a boat on Friday and the documentation cost were $450. Also closing on a boat is MUCH easier than closing on a home. It took 20 minutes and there were only my wife, myself and the Loan Officer. When we closed only our home 18 years ago there where 10 people in the room and 7 of those we Lawyers. It took forever!!!!!!!!!!!
I just closed on a boat on Friday and the documentation cost were $450. Also closing on a boat is MUCH easier than closing on a home. It took 20 minutes and there were only my wife, myself and the Loan Officer. When we closed only our home 18 years ago there where 10 people in the room and 7 of those we Lawyers. It took forever!!!!!!!!!!!
Peggy, I did the same thing!
My boat was financed with my credit union at 12% (years ago - we got rid of the mortage dockline some years ago). Interest rates were dropping and I heard that commercial boat lenders were getting 8.5%. I called the credit union, told them that there were lenders around that would give 8.5% now. She - on the spot - dropped my rate to 8%!! Saved thousands. $0.00 in refinancing fees. Nada! It's worth a call.
My boat was financed with my credit union at 12% (years ago - we got rid of the mortage dockline some years ago). Interest rates were dropping and I heard that commercial boat lenders were getting 8.5%. I called the credit union, told them that there were lenders around that would give 8.5% now. She - on the spot - dropped my rate to 8%!! Saved thousands. $0.00 in refinancing fees. Nada! It's worth a call.
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