Financing special order Benny

[Walter Kurtz]

Hi all
Just finalized the ordering of our 2nd Benny. We are very excited. I was wondering if anyone had any advice or info on the locking of interests rates while waiting for a build. We don’t mind even paying for the boat while it is being built. But having to renegotiate a new rate after 30 days while waiting doesn’t settle well with us. According to our bank they can only finalize a rate once the boat has been delivered and has hull ID # etc.
thanks in advance

 

[VitiminJ]

I can’t imagine the rate will change much, if any, month to month. Credit score impacts the rate the most.

 

[SEMPERFI8387]

As for lenders, State Farm spanked everyones rates when we bought ours, including both my credit unions.

 

[Sld331]

We took delivery of our special order 2nd Benny in May, when the boat was ordered the dealer got a pre approval from our credit union, when the boat was delivered the interest rate went down a little.

 

[Marantzer]

As for lenders, State Farm spanked everyones rates when we bought ours, including both my credit unions.

State Farm has taken a hiatus from consumer lending it seems. I recently looked at them for both boat and car financing and their website says they aren’t taking applications currently.

 

[Vikingstaff]

With rates currently, and the markets currently, you are likley to not see any variation. You should be fine until the boat is ready for pick up, and at that time you can sign off on the newly adjusted rate. I wouldn’t worry about it.

 

[Walter Kurtz]

Thanks for the replies we were lucky enough to get 4.79 directly from Bank of the West. At first we had a broker (middle-man) recommended by our dealer and he was quoting us rates at 6.99 & 6.74. I didn’t trust the numbers from him as our credit is in the 799 -860 range. Hence the original concern of rate change after 30 days while we waited for the boat. We feel pretty comfortable now even if there was a slight jump in rate.