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New Bennington finance rate

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Dev75

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NYS Finger Lakes Region - Skaneateles Lake
We have just put together our new Bennington with the dealer and are very excited.  The dealer is preparing to put the order in to Bennington to have the boat built.  We ended up financing the boat through a local credit union as we got a good rate.  We have been told by the dealer that the boat should be ready by mid April which is fine with us.  When we told the credit union they responded by advising that the rate was only good for 30 days.  This seems illogical and from my limited experience I don't see how any boat can be manufactured within 30 days.  We know the rates are going up and do not want to lose this rate.  Has anyone else had this happen and if so any advice on how to work with the credit union to get them to hold this rate for us?  
 
If you have a 401 ,can you take a loan from that ?

Mine was 3.25% ,good thing is the interest is paid back to me and no costs .
 
I would ask to discuss with the loan manager or the branch manager. Explain how it works. My CU has strict loan rules, but due to my excellent credit they've broken those rules numerous times.
 
I am surprised they honor a rate for 30 days, the market swings faster than that, Most loans I have checked on over the years are good for 1 week only.

I have a whole life ins account so I borrow from myself for free unlike paying fees and penalties by borrowing from a 401K or paying some slick banker interest. I pay myself back, I am my own banker so to speak.
 
I never paid fees or penalties  when I borrow from my 401 .Anything paid back goes right back into my account .

While working ,retired or before or after 59 1/2 

If you have a 401 ,check with your plan administrator .
 
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Thanks for the feedback everyone.  I'm going to try to reach out to the manager of the credit union tomorrow and see what we can do.  I have excellent credit and have been banking with them for 20 years to include a mortgage that they certainly made some money on so I figure the least they could do is work with me for a few months until this thing is manufactured.  
 
You can fulfill paperwork and start paying on the loan before the boat is built. All the bank needs is a HIN number. Understand that it's not typical but that is probably going to be your best option.
 
Semperfi, I took your advice and the credit union is holding the rate until April 15th which should be fine according to the dealer.   Thanks again for the advice everyone.  
 
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Excellent!! Remember, as soon as you get it, PICS are REQUIRED !!!
 
Wild and Free said:
I am surprised they honor a rate for 30 days, the market swings faster than that, Most loans I have checked on over the years are good for 1 week only.

I have a whole life ins account so I borrow from myself for free unlike paying fees and penalties by borrowing from a 401K or paying some slick banker interest. I pay myself back, I am my own banker so to speak.
Click to expand...
We did one step further. We paid ourselves a monthly payment for a few years past, and when I went to pick my boat, I wrote them a check. Thank you, Dave Ramsey!  No loans, no interest, no payments, no sharing the boat with a load company.

It only runs about 27MPH, but I'm thinking it would go much slower, dragging payments behind it.

Congrats on the new purchase NewBoat175. I hope all goes just like you need for it to.
 
That is were whole life shines over a savings account, a savings account does you no good what so ever where if that money was in whole life it is earning value via compound interest and dividends and you can let it work for you unlike having cash on hand sitting stagnant or at risk in the markets.

It is the "Infinite Banking system" I am referring to.

Read several books on it and researched the heck out of it before diving in and wished I had done it many years sooner.

http://investorcentric.blogs.nuwireinvestor.com/2008/02/is-infinite-banking-concept-scam.html

http://reviewopedia.com/workathome/infinite-banking-concept-reviews-legit-or-scam/

http://infinitebanking.org/
 
We'll have to agree to disagree on the on the whole life policies. You're borrowing your own money. You have to pay back interest on your own money, and when you die, all your beneficiaries get, is the face value of the policy. The interest stays with the insurance company. So unless you know when you're going to die and borrow the whole amount of it, then it's not worth it. Thanks again, Dave Ramsey. I have investments accounts that are managed by my financial planner, but we also have a money market account that is our backup savings account. Our first hit savings account is for easy to transfer, emergencies or in this last case, a boat, but we're going to leave money in the savings account this summer, and get a little out of the money market to pay for an SUV that my wife wants.

Not trying to rain on your parade, but many people have different opinions about whole life policies. We took out 20 year term life policies, to allow us to save enough to be able to afford to allow those to expire and still be ok.
 
Then who ever explained it to you was wrong in a lot of ways from your post above and doesn't know how they can truly be used. Not all Whole life or universal whole life companies are the same either and most insurance agents or investment brokers and financial avisors do not have a clue the difference nor how to use them to ones advantage.

Sorry back on track now time for a rum. :p
 
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Surely not arguing about something as crooked as insurance companies. You were told one thing. I was told something else. I'm ok with that. Hope the rum was good!   :p

:D     ;)
 
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