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Time to Refinance Your Houseboat? |
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Most of you were around during the Jimmy Carter years, when consumer interest rates approached 20%!
My how times change. With the Federal Reserve cutting interest rates recently, we are enjoying some of the lowest consumer interest rates in years. Maybe now is the time to think about refinancing.
If you financed your houseboat within the last few years, chances are you are paying a higher rate than what you can get today. Consumer loan rates have reached their lowest point in nearly 3 years.
Lets take a look at some comparisons. Say you took out a $100,000 loan for 10 years and your rate is 10%. You may be able to refinance today for close to 7.5%!
Example 1
Old Loan
$100,000 Amount Financed
10% Interest Rate
10 Years
$ 58,000 Approximate Interest Paid
New Loan
$100,000 Amount Financed
7.5% Interest Rate
10 Years
$ 42,000 Approximate Interest Paid
Lets look at a longer term same scenario 15 year loan:
Example 2
Old Loan
$100,000 Amount Financed
10% Interest Rate
15 Years
$ 93,000 Approximate Interest Paid
New Loan
$100,000 Amount Financed
7.5% Interest Rate
15 Years
$ 66,000 Approximate Interest Paid
The numbers above reflect some significant savings just by refiancing. Example 1, you can save nearly $16,000 over the life of the loan, when comparing a 10% loan to a 7.5% loan. In example 2, your savings is a whopping $27,000!
Most lending institutions have applications set up on-line. You simply fill out a secure form with your financial information, and they can give you an answer usually within 24-48 hours. One site we have found, will work with several different sources, to ensure you get the best rates and terms for your situation. You may want to take a look at www.houseboatloans.com
With the amount of savings you incur, now is the time to think about refinancing. We may not see rates this low again for some time.
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