Need to finance a new boat.
 

I've got my local credit union but thier rates have been more than the average. Any suggestions of banks that anyone knows of that has better than average rates or are really happy with? We have excellent credit and it's a 2016 boat.

I don't know what you consider high but keep shopping around at credit unions. The very small community based credit unions around me offer 3-4% regardless of borrowed amount with good credit.

If you're a Costco member they have a deal going with Essex.

https://www.essexcredit.com/costco/?...=SERVICES_HOME

US Bank and Bank of the West.

NIce that it's finally that time for you to get your hands on it. There's still some riding time left in the year :)

Yeah I hope so.

That's a great deal. It's nearly a full point lower than my CU.
Thx for the info.

I was looking at essex credit also, but 9/10 online reviews are terrible. Sucks because they advertise really good rates.

Need to finance a new boat.
 

I agree , Essex. They use Transunion high risk. Fair underwriting guidelines and if you qualify the you pick the term. No rate bumps for longer terms. Essex is subsidiary of Bank of the West.

So, what are you buying?

bank of the west is who mine is through and im happy with them, if your buying new who does your dealer use?

16' MB 22 Tomcat.

Make sure to post some pics

botw treated me ok until the divorce and were horrid after that. won't go back but they did have good rates.

currently at 1.9% with my local credit union. cu's rock.....

Terms/payments
 

I will probably be purchasing and financing the exact same boat but my timing will be more toward the end of October. Nov. I would love to hear what type of deal/terms u end up with. If that's not something u should share on the boards please pm me if you don't mind! Also as someone mentioned please post pics when you get it!

Good to know. I'm going to look at a couple of 15 T22s and T23s this week, and will probably dropping the hammer soon on one.

I'll. also say give look to Essex credit . Know lots of people that have used them. Very easy to work with, good rates. Their closing fees vary and in some cases have been known to not make loan worth it so get those up front.

Excellent credit means you're good at paying off debt. Pay cash or don't buy at all. But I'm sure you already know that.

I have great credit, and I don't have any debt. Never had an auto loan financed until my new cummins, and I paid it off in right away, (even though I had the cash at the time, I got a kickback for financing)
Credit cards are all paid in full monthly.

So I think that's somewhat of an invalid statement.

Holy smokes, I've never seen a rate that low. I would love to get info. I'm thinking using my equity line if credit being its 3.5%, have not been able to find better

1.9% on a recreational loan? Never seen anything like that. Auto loans yes but not on a rec loan

Troll much?

we just had a bad time with essex. just would not respond in a timely fashion. they did have good rates, but found better at local CU, after being fed-up with them. was a lower value used boat, however...

I've used bank of the west on both of my new boat purchases. Easy to deal with and the give you a booklet and you can write in how much extra you want to pay on principle.

Just looked at Bank of the West's rate sheet. 6% seems a little high for a new boat. If you have any family affiliation with the military USAA may be a good option. As low as 4.25%.

Sandm01- Where did you find 1.9%?

Ball State University Credit Union 1.49% http://www.bsfcu.com/rates/

I'll be calling them tomorrow. Thanks.

Newty - Some of the local guys have said that Alaska Federal CU had the best long term rates last year. Several of the guys we know re-fi'd with them. Not sure if still the case, but you do have to drive to Tacoma to close on the deal. Worth a call.

2.44% boat loan for up to 72 months. Good if you want a shorter term. https://www.hfcu.org/loans-and-credi...-rv-loans.html

Same place has home equity lines for 2.75% https://www.hfcu.org/loans-and-credi...me-equity.html

Similar deals at this place. https://www.towerfcu.org/pages/rates.html#Mortgage_HE

Thanks Diggs, I'll look into that too.
Josh too short of term and we just finished a remodel with a HELOC.

Fibre Federal in Cowlitz county has had some very good recreational financing in the past. I have sent a few clients there for stuff I don't do and they have been very happy...........

Ball State had the best rates but you needed to be an alumni or family of to be a member.
All the others mentioned all are running 5.0% to 5.1% My local CU had a .25% rate drop for a directory withdrawal putting it at 4.75%.
Costco/Essex is the best by far at 4.17% for a long term loan.
Just wanted to follow up on the info you guys gave. Thanks again.

Essex quoted me the same with a $275 dollar origination fee.

What boat are you purchasing?

22 Tomcat

Hey Ryan, what CU have you been looking at? I've found that for loans in our area that IQ and Twinstar have tended to have the best rates.

Also, what kind of term are you looking for?

http://www.iqcu.com/rates

5 years with IQ is 3.99 and up to 10 years is 4.99

Twinstar where I have my boat isn't so great right now.


Another thought is if you can afford to do a 5 year term, I've found that 401k loans often have pretty great terms. Mine was going to be 4.25% on a 401k loan, but with 3.99 at IQ I'd go with that first.

-T

I checked both of those. All at 5+ for long term loan. Columbia CU is my bank
Not playing w/ the 401k.

I am also shopping for a loan for a new boat and called essex today, they go through bank of the west. They have 20 year terms with 4.12 rate for excellent credit. I think 15 years at 3.99.

Essex does have a lot of bad reviews, but we went with them because no banks or CUs could come close to the rate they offered.

My dealer had even dealt with them before and told me that they were pretty slow.

Surprisingly everything went great and it only took about 2 weeks from the day I contacted them to the day the dealer had their check.

So a quick update, Essex is a joke.
They tried to tell me because of the new raptor 400hp motor that the boat is a 70+ mph boat and I need 25% down plus a $699 loan originating fee. I explained the difference between wake/ski boats vs. go fast boats. Didn't matter. Bunch of undertrianed morons. After talking with my local CU they said they would match the rate based on our credit history, dvi, and payment history.
Local credit union ftw!
Also they said it would be at least a week but likely 2. I'll have a check Monday from Columbia Credit Union. Awesome folks to work with. They did more than right by me, great people.

I bought a 2015 Axis A22 in March with a 410hp motor financed through Essex at 4.65% and didn't have any issues due to the motor hp.

We put down put down 40% and only paid a $50 fee since I had a Costco membership and received a $50 Costco card.

Directions credit union is advertising 2.74 for new boat

Done deal. Her she is. Took the trucknuts off the truck for the pic. Lol.;)

Attachment 39825Attachment 39826Attachment 39827

My phone loves double posting pics, sorry.

Well there you go........CONGRATS!!
Is that the family checking out the new ride?

Nice boat!!

When I pulled around the corner I saw this smile, it didn't end till he went to sleep, even then I still think its there.Attachment 39828

Dang couple pic post...

Beautiful boat!

Nice! Just in time to put it in storage and pay for it for a year! lol.

Looks great, boat and truck!

Those are pretty close price wise with Axis and if we had an MB dealer closer I would have seriously given them a harder look. Can't wait to hear your reviews on it. Enjoy!

Attachment 39835

Buzzkill!;)
Lol, we'll use this all year, and we planned ahead, didn't expect the tower to go all the way up but...

awesome. just make sure to ALWAYS remember to put it down before pulling it out :eek: