Refinance
Is your interest rate to high? You may be able to lower your payments with a lower interest rate! Rates as low as 3.99%*
Interest rates have dropped over the past several months. Most that have purchased or refinanced a year or two ago are likely paying more than they should. Here are the basics you will need to know about refinancing.
1. Lenders will refinance up to 80% - 90% of the NADA or BUC value.
2. NADA or BUC are the only two companies lenders use to determine the value, and generally use "low" value. Options may or may not be added, depending on lender. We encourage you to list out all of your options on your boat when applying to refinance. Click on the following links to find your value: NADA, click Here. BUC, click Here. For NADA, no sign in is required. For BUC, you may obtain three free values, however you must register. Boats not listed in BUC or NADA will likely not qualify for refinancing. Exceptions may be a custom Yacht or Sportfish that a lender is familiar with.
3. Depending on the loan amount and type of boat, the lender may ask for an inspection report or survey. If you have a survey under 12 months old, the lender may accept this. An Inspection report, if required must be completed by a qualified technician or company of the lender's choosing; but - you pay the cost of such inspection.
4. Other closing cost may include USCG documentation and state registration (lien holder must be changed, so new USCG, & preferred ship's mortgage or registration is required).
5. Age of boat and credit score will play a role in the rate you are able to obtain and the loan to value allowed to refinance.
6. Cash Out Refinance - No lender at this time is allowing a cash out refinance.
* 3.99% - $250k or higher, northeast region, credit score 760 plus, 80% max ltv. Boats over 2 years old, add .50% other restrictions may apply.
Interest rates have dropped over the past several months. Most that have purchased or refinanced a year or two ago are likely paying more than they should. Here are the basics you will need to know about refinancing.
1. Lenders will refinance up to 80% - 90% of the NADA or BUC value.
2. NADA or BUC are the only two companies lenders use to determine the value, and generally use "low" value. Options may or may not be added, depending on lender. We encourage you to list out all of your options on your boat when applying to refinance. Click on the following links to find your value: NADA, click Here. BUC, click Here. For NADA, no sign in is required. For BUC, you may obtain three free values, however you must register. Boats not listed in BUC or NADA will likely not qualify for refinancing. Exceptions may be a custom Yacht or Sportfish that a lender is familiar with.
3. Depending on the loan amount and type of boat, the lender may ask for an inspection report or survey. If you have a survey under 12 months old, the lender may accept this. An Inspection report, if required must be completed by a qualified technician or company of the lender's choosing; but - you pay the cost of such inspection.
4. Other closing cost may include USCG documentation and state registration (lien holder must be changed, so new USCG, & preferred ship's mortgage or registration is required).
5. Age of boat and credit score will play a role in the rate you are able to obtain and the loan to value allowed to refinance.
6. Cash Out Refinance - No lender at this time is allowing a cash out refinance.
* 3.99% - $250k or higher, northeast region, credit score 760 plus, 80% max ltv. Boats over 2 years old, add .50% other restrictions may apply.
Quick Quote
