Insurance/Finance Question

[RLJ676]

I've been tire kicking for a few years now, and am finally looking to buy by next spring. I've been looking on HB than PB/OSO etc trying to figure out the answers to these questions, but now that I'm "closer" to buying I need more definitive help.

Anyways, I'm interested in a 26 ft cat with a HO (do you know of any good ones?). I'm 27 years old and I have a clean record and good credit, but no cat or boat ownership experience. I've been boating since a kid, but not on a cat. Would you have a program to cover me?

I'm located in Detroit MI and would have a 6 month layup. Any ballpark numbers on what to expect?

Also, do you do any 0 down loans, and if so what is the rate difference from a 10% down loan? If I come across the right boat and financing this year I'd probably do it, but otherwise will save up for a down payment next spring.

Last, how do taxes generally work on out of state purchases on used?

Thanks for your help.:D

[RvRrat]

Got the perfect cat for you.
search for a 26 DCB Mach 26 with an HP500EFI

[RLJ676]

Got the perfect cat for you.
search for a 26 DCB Mach 26 with an HP500EFI

I've seen your boat on PB, very nice.

I'm guessing the power will put me over the edge on insurance, and I'm looking for canopies/closed bow.

I saw where someone backed out on you, that was too bad.:swear Good luck finding someone who will come through.:D

[ultraDENNIS]

I've seen your boat on PB, very nice.

I'm guessing the power will put me over the edge on insurance, and I'm looking for canopies/closed bow.

I saw where someone backed out on you, that was too bad.:swear Good luck finding someone who will come through.:D

500 EFI shouldnt that bad. Over 26' is usaully good with most ins companies. I dont think anyone is doing zero down anymore. I was offered it a year ago from Key Bank and passed. I called them back a few weeks ago to let them know Im going to buy something soon and they said no 100% financing. Ill need atleast 10% down. Zero down is a bad idea anyways because then you walk into a loan that your upside down on.

[RLJ676]

500 EFI shouldnt that bad. Over 26' is usaully good with most ins companies. I dont think anyone is doing zero down anymore. I was offered it a year ago from Key Bank and passed. I called them back a few weeks ago to let them know Im going to buy something soon and they said no 100% financing. Ill need atleast 10% down. Zero down is a bad idea anyways because then you walk into a loan that your upside down on.

I know Newcoast was still doing 100% loans, but the rates were higher.

You can either write a check when you buy it or when you want out. The size of that check can vary though on selling depending on how long you have it.:D

[ultraDENNIS]

I know Newcoast was still doing 100% loans, but the rates were higher.

You can either write a check when you buy it or when you want out. The size of that check can vary though on selling depending on how long you have it.:D

Sounds like a pretty good deal.

[RLJ676]

Sounds like a pretty good deal.


Which is better, the 100% financing still available, or fooling yourself into the "fiscal responsibility" of it by thinking you'll keep the boat for a real long time?:D

[Andy01]

I do have zero down programs still. However, depending on the previous credit history, depth of credit, like credit and boat being purchased it can make it difficult to do zero down now days.

As for a loan and insurance on a cat with mild power such as a HO, it shouldn't be very difficult to get done.

As for numbers on insurance it is so hard to ball park that I just can't.

Tax's are based on where you live and use the boat.

I hope this helps, if you have any further questions please don't hesitate to ask.

Sorry for the delay in responding I have been away from a computer with limited access to the web.
Thank you,

Andy

[RLJ676]

Thanks for the reply, and no worries on the timing. I'm most likely waiting until next spring (if I'm smart anyways).:D

What kind of rates are you seeing, say credit score over 750, for 15 or 20 years between 50 and 100K?

What companies would be able to insure me if I have no cat experience? I've been told only Markel, and it'd be quite pricey. I don't really feel like paying over 2G's for a boat with an HO.

Also, do you think I could even get insured if I got something bigger, like a 500 efi or 525? Care to hazard a ballpark?:eek:

Thanks.

[Andy01]

Thanks for the reply, and no worries on the timing. I'm most likely waiting until next spring (if I'm smart anyways).:D

What kind of rates are you seeing, say credit score over 750, for 15 or 20 years between 50 and 100K?

What companies would be able to insure me if I have no cat experience? I've been told only Markel, and it'd be quite pricey. I don't really feel like paying over 2G's for a boat with an HO.

Also, do you think I could even get insured if I got something bigger, like a 500 efi or 525? Care to hazard a ballpark?:eek:

Thanks.

Well the way rates are going it won't be pretty. Rates are on the climb. I wouldn't speculate on rate. No matter what rate I post there will be something better and something worse. It is very hard to say a rate with out basing on a boat, motor, trailer and credit. It depends on the speed and replacement value for the insurance company used. You should be able to come in around the 2G mark, but if the boat is under 70mph we might have less expensive ways to go.

I can tell you it would cost more then $500 and less then $5000. :D I would be doing you a injustice if I guessed.

Andy

[RLJ676]

Thanks, I'll probably call you when I'm more serious and have the boat details. I'm just making sure I'll be insurable on a cat at all or have to change what I'm looking at.:D

[Andy01]

Thanks, I'll probably call you when I'm more serious and have the boat details. I'm just making sure I'll be insurable on a cat at all or have to change what I'm looking at.:D

Feel free to contact me anytime with any questions. As you get closer let me know what you are looking for and I will see what I can turn up for you.


Andy