Question about Key Bank- boat loan
#1
Registered
Thread Starter
Join Date: Dec 2003
Location: Raleigh,NC & 1000 Islands,NY
Posts: 1,024
Likes: 0
Received 0 Likes
on
0 Posts
![Question](/forums/images/icons/icon5.gif)
My current loan for 99' AT is with Key bank...Does anyone know if I can transfer the loan to a bigger, more expensive boat w/o doing a refi or new loan app.? I think Key is out of the boat loan biz...I would put the cash up for the difference in boat value. In my thinking its a no-brainer; they get a more valuable boat as collateral...but that's not always the way these $finance$ phuckers think...
#2
Registered
![](https://www.offshoreonly.com/forums/images/icons/platinum_member_star.gif)
![Default](/forums/images/icons/icon1.gif)
My current loan for 99' AT is with Key bank...Does anyone know if I can transfer the loan to a bigger, more expensive boat w/o doing a refi or new loan app.? I think Key is out of the boat loan biz...I would put the cash up for the difference in boat value. In my thinking its a no-brainer; they get a more valuable boat as collateral...but that's not always the way these $finance$ phuckers think...
You just have to ask.
#3
Registered
![Default](/forums/images/icons/icon1.gif)
My current loan for 99' AT is with Key bank...Does anyone know if I can transfer the loan to a bigger, more expensive boat w/o doing a refi or new loan app.? I think Key is out of the boat loan biz...I would put the cash up for the difference in boat value. In my thinking its a no-brainer; they get a more valuable boat as collateral...but that's not always the way these $finance$ phuckers think...
#4
Registered
Join Date: Jul 2004
Location: Palm Harbor, FL
Posts: 438
Likes: 0
Received 0 Likes
on
0 Posts
![Default](/forums/images/icons/icon1.gif)
Spil,
Your logic makes sense but my experience with Key, or any of the other major marine lenders, is that they will not do a substitution of collateral unless your current boat is defective and the manufacturer is replacing it with a different but like unit. Any new purchase would require a new application and be subject to current rates and underwriting and advance guidelines.
Kyle
Your logic makes sense but my experience with Key, or any of the other major marine lenders, is that they will not do a substitution of collateral unless your current boat is defective and the manufacturer is replacing it with a different but like unit. Any new purchase would require a new application and be subject to current rates and underwriting and advance guidelines.
Kyle
#7
Registered
Thread Starter
Join Date: Dec 2003
Location: Raleigh,NC & 1000 Islands,NY
Posts: 1,024
Likes: 0
Received 0 Likes
on
0 Posts
#8
Pirate of the Chesapeake
![](https://www.offshoreonly.com/forums/images/icons/gold_member_star.gif)
Join Date: Aug 2006
Location: North Point Creek, Md.
Posts: 4,330
Likes: 0
Received 0 Likes
on
0 Posts
![Default](/forums/images/icons/icon1.gif)
Key bank won't do it. They are not doing anymore financing with boats.Regardless of the deal. They told me I could get a better interest back in OCT.I went to take them up on it and they said they stopped all boat stuff OCT 26th. JOHN
Thread
Thread Starter
Forum
Replies
Last Post
Steamin Rice
General Boating Discussion
28
06-10-2003 02:19 PM
SHITS-N-GIGGLES
General Boating Discussion
3
03-27-2003 05:01 PM