Finance Company Recommendations?

[MrsVP]

Okay, I know this is the age old argument, but I'm going to ask for recommendations on a finance company for a high performance boat. I know there are a ton out there, but I figured I would start here first for some true reviews and situations.

Before we get off subject, I know, cash is king, and to never finance toys and we normally don't, however, hubby is building a 2400 sf garage and I don't want to tie up a ton of cash at once.

Thanks in advance!

 

[Andy01]

What type of boat and ballpark value. I have several I know of. You text me if you want 310 480 4285

 

[jbird]

Essex credit was very easy to deal with and they had the best rates. I did a deal with them last year.

 

[zum78spd]

Essex/Bank of the West works well.

 

[MrsVP]

What type of boat and ballpark value. I have several I know of. You text me if you want 310 480 4285

Thank you! sent you a message

 

[MrsVP]

Essex credit was very easy to deal with and they had the best rates. I did a deal with them last year.

Thank you, when I googled, a ton of stuff came up for them, but I wanted to talk to someone who had dealt with them first.

 

[MrsVP]

Essex/Bank of the West works well.

Thank you!

 

[Andy01]

I replied.

 

[COCA COLA COWBOY]

It's been a long time since I had a loan on a boat, but 10 years ago I used LBS Financial and was very happy.

 

[RiverDave]

Been at sea world all day but call Jody Hamilton, he’s an RDP advertiser and has taken care of several people for me already and all have been happy.

You can click his banner and fill out the form or call him direct at

‭(470) 248-2655‬

 

[warlock250]

Essex sucks for the seller. Slow pay and many hoops they gotta jump through.

Sent from my SM-G955U using Tapatalk

 

[Let It Ride]

Was thinking about buying a new Eliminator, Jake said they do an outstanding job.

 

[shueman]

X2 for Jody on big money deals

 

[lbhsbz]

From the horse's mouth...

Everyone on RDP pays cash for everything. If you can't pay cash you're a loser.

 

[shueman]

On used boats, lenders like Essex tend to use NADA values which is way undervalued, particularly in the Performance Segment. A vessel survey will be needed to get the number up.

 

[Rbcconst]

If you can get into navy federal it is ridiculous easy. You can do the nada guide with them over the phone, they will not be verifying the options. You will need to throw in several to get the value up. Best to do it on your own first so you know the best you can get it to book for. I think they finance 120%. You would have to ask others which ones but some boats and brands book better then others and some are really far off.


Sent from my iPhone using Tapatalk Pro

 

[Runs2rch]

Lightstream is one a few friends used. They were willing to loan over value.

 

[Springfield]

USAA, if you are a member.

 

[MrsVP]

Thank you!!

 

[69hondo]

Okay, I know this is the age old argument, but I'm going to ask for recommendations on a finance company for a high performance boat. I know there are a ton out there, but I figured I would start here first for some true reviews and situations.

Before we get off subject, I know, cash is king, and to never finance toys and we normally don't, however, hubby is building a 2400 sf garage and I don't want to tie up a ton of cash at once.

Thanks in advance!

This is who I used last year, Very easy to deal with and my loan was a little harder because of the age of the boat and the amount of the loan. in the end we ended up with a great interest rate and term.

https://www.jjbest.com/auto-finance/Auto-Finance.aspx

 

[MrsVP]

This is who I used last year, Very easy to deal with and my loan was a little harder because of the age of the boat and the amount of the loan. in the end we ended up with a great interest rate and term.

https://www.jjbest.com/auto-finance/Auto-Finance.aspx

Thank you!

 

[SurudRump]

In my opinion, factoring is the best option for financing a business. It is essential to know that it is suitable only for short-term financing. I found out about factoring three years ago. I opened my restaurant, and I didn't think that the equipment would be so expensive, and I got no money to buy the products for the first period. I used the services of a factoring company in Florida to buy the first products, and after I got enough money for buying other products, I returned the money and paid a small percentage.

 

[RiverDave]

In my opinion, factoring is the best option for financing a business. It is essential to know that it is suitable only for short-term financing. I found out about factoring three years ago. I opened my restaurant, and I didn't think that the equipment would be so expensive, and I got no money to buy the products for the first period. I used the services of a factoring company in Florida to buy the first products, and after I got enough money for buying other products, I returned the money and paid a small percentage.

What do you mean by factoring

 

[bowtiejunkie]

What do you mean by factoring

Factoring is typically selling your invoice to a factoring company or lender. Say you bill ABC Advertiser for $20k. ABC has payment terms of Net 60. So, you immediately sell the invoice to a factoring company for 10% fee and receive $18,000 right then. You assign the rights to the invoice payment over to the Factoring company. They assume the risk of collecting the invoice payment. It helps small businesses concentrate on running the business instead of chasing after invoice payments. Smooths out the cash flows too depending on your invoicing patterns.

 

[racektm]

Factoring is typically selling your invoice to a factoring company or lender. Say you bill ABC Advertiser for $20k. ABC has payment terms of Net 60. So, you immediately sell the invoice to a factoring company for 10% fee and receive $18,000 right then. You assign the rights to the invoice payment over to the Factoring company. They assume the risk of collecting the invoice payment. It helps small businesses concentrate on running the business instead of chasing after invoice payments. Smooths out the cash flows too depending on your invoicing patterns.

Why not just give your ABC vendor a 10% discount, it helps everyone!

 

[bowtiejunkie]

Why not just give your ABC vendor a 10% discount, it helps everyone!

You could do that. Say RDP offers 2%10 N45 to a good vendor. Many large retailers will pay early for any discount. Other company’s will strictly pay per terms. Many small businesses don’t have the capital to pay early for a discount. With these specialized factoring companies you can factor only what you want - maybe the strict term paying vendors. Lots of variables, but factoring is expensive compared to an Asset Based Line of Credit or more traditional bank line of credit.

 

[OldSchoolBoats]

Factoring is typically selling your invoice to a factoring company or lender. Say you bill ABC Advertiser for $20k. ABC has payment terms of Net 60. So, you immediately sell the invoice to a factoring company for 10% fee and receive $18,000 right then. You assign the rights to the invoice payment over to the Factoring company. They assume the risk of collecting the invoice payment. It helps small businesses concentrate on running the business instead of chasing after invoice payments. Smooths out the cash flows too depending on your invoicing patterns.

This is what brought down Arrow Trucking in 2009. They defrauded Transportation Alliance Bank out of $11million by inflating the invoices they sold to them.

 

[bowtiejunkie]

This is what brought down Arrow Trucking in 2009. They defrauded Transportation Alliance Bank out of $11million by inflating the invoices they sold to them.

I wondered what happened to Arrow Trucking. Pulled up some articles from the period and quite an elaborate scheme they had going! Normally, the lender would verify invoices as they were factored. But lots of companies don’t particularly like lenders calling their customers. For one, customers may start to wonder if their vendor is having financial difficulties. Plenty of ways factoring invoices can go sideways for the lender. That’s one reason lenders send out a collateral examiner at least annually to dig into the books and check on collateral and health of the company.