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BOAT LOANS |
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NEW & USED |
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80% Financing - 20% Down Payment |
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FIXED RATE |
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AMOUNT |
RATE |
APR |
TERM |
MONTHLY PAYMENT PER $ 1,000 |
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$100,000 and over |
6.250% |
6.250% |
180 months |
$8.57 |
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$50,000 - $99,999 |
6.375% |
6.375% |
180 months |
$8.64 |
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$15,000 - $49,999 |
7.500% |
7.500% |
180 months |
$9.27 |
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$15,000 - $49,999 |
7.375% |
7.375% |
120 months |
$11.80 |
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$5,000 - $14,999 |
8.500% |
8.500% |
180 months |
$9.84 |
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VARIABLE RATE
- Minimum Term 13 months |
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AMOUNT |
RATE |
APR |
TERM |
INITIAL MONTHLY
PAYMENT PER $ 1,000 |
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over $10,000 |
5.375% |
4.630% |
180 months |
$8.10 |
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$10,000 or less |
8.375% |
6.530% |
60 months |
$20.63 |
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Index is the weekly average yield on U. S. Treasury
Securities adjusted to a constant maturity of one year |
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(one year T-bill), Margin is 4.00%, Caps are plus or
minus 2.00% per review and plus or minus 8.00% lifetime. |
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Payment may vary after one year. |
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3 YEAR
FIXED/REVERTS TO 1 YEAR VARIABLE IN THE 4TH YEAR |
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AMOUNT |
RATE |
APR |
TERM |
INITIAL MONTHLY
PAYMENT PER $ 1,000 |
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over $10,000 |
6.125% |
5.160% |
180 months |
$8.50 |
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$10,000 or less |
8.375% |
8.010% |
60 months |
$20.45 |
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Index is the weekly average yeild on U.S. Treasury
Securities adjusted to a constant maturity of one year |
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(one year T-bill), Margin is 4.00%, Caps are plus or
minus 2.00% per review and plus or minus 8.00% lifetime. |
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Payment may vary after three years. |
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*APR assumes
20% down payment and is based on a loan amount of $25,000.00. |
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**APR assumes
20% down payment and is based on a loan amount of $10,000.00. |
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Vendor Single Interest (VSI) coverage is required
which costs $31.00 per boat up to a loan of $75,000.00. |
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Coverage is for a maximum term of 180 months. |
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Documentation is required on boats 26 feet or longer
at a cost of between $525.00 - $550.00. |
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Survey is required by a certified surveyor on boats
24 feet or longer and more than 2 years old. |
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No high performance boat financing available. |
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ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. |
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SUBJECT TO CREDIT APPROVAL |
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| Member FDIC.
Equal Housing Lender. www.chelseagroton.com
Rates effective 12/23/2008 |
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