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Old     (gpd005)      Join Date: May 2013       02-11-2015, 10:19 AM Reply   
I'm doing a little research on boat financing and finding a lot or different rates and companies to work with so I was curious who would your recommend and who would you stay away from?

Our current loan is with First Merit and they have been ok to work with but they don't have much info online for them and you can't make online payments so I'm not a huge fan of that.
Old     (williamburell)      Join Date: Sep 2011       02-11-2015, 10:22 AM Reply   
local credit unions
Old     (denverd1)      Join Date: May 2004 Location: Tyler       02-11-2015, 10:54 AM Reply   
yup credit union.
Old     (shawndoggy)      Join Date: Nov 2009       02-11-2015, 10:59 AM Reply   
pay cash!

(first!)
Old     (Redheadd)      Join Date: Apr 2014       02-11-2015, 11:49 AM Reply   
If you can't pay cash you can't afford a luxury like a boat! Everybody knows that!! Jk hate tgat bull ****e!
Old     (williamburell)      Join Date: Sep 2011       02-11-2015, 12:16 PM Reply   
Quote:
If you can't pay cash you can't afford a luxury like a boat! Everybody knows that!! Jk hate tgat bull ****e!
150 posts minimum in this thread just for that pot being stirred
Old     (acurtis_ttu)      Join Date: May 2004       02-11-2015, 3:01 PM Reply   
Quick google check shows boat loans at 3-4%....please don't pay cash for your boat. If you have problems managing money....then go ahead and pay cash, but if you have just a smidge of financial responsibility one of the worst things in this current financial environment is not taking advantage of historically low interest rates.
Old     (brycejb328)      Join Date: Aug 2009       02-11-2015, 3:32 PM Reply   
there are 2 credit unions here in our metro area that both do 2.99% for boats. Most of the low advertised rates have some type of caveat, I had to go to 3.49% on mine as they only do 2.99% up to a certain a mount of something.

Just as a general thing, always important to look at the details how they compound interest, ordinary/exact interest, effective interest rate... blah blah blah
Old     (redsupralaunch)      Join Date: Aug 2002       02-11-2015, 4:20 PM Reply   
Ball State Credit Union 2.49%
http://www.bsfcu.com/rates/
Old     (racer808)      Join Date: Jan 2013       02-11-2015, 4:25 PM Reply   
Where are you guys located with those low rates & what are the terms? Best I could find locally was 5.6% through Bank of the West, however it was on a low amount, 16k, I paid cash for the rest. My credit union won't do boat loans.
Old     (Expedite03)      Join Date: Dec 2014       02-11-2015, 5:02 PM Reply   
If anyone is in the airline industry, check out wings financial. 3.99 for 10 or 2.99 for 7.
Old     (dxii)      Join Date: Jan 2009       02-11-2015, 6:14 PM Reply   
Quote:
Originally Posted by Expedite03 View Post
If anyone is in the airline industry, check out wings financial. 3.99 for 10 or 2.99 for 7.
I'm not sure being in the airline industry is a requirement for them anymore. A guy I sold a boat to used them and I don't believe he had any connection to the airlines. I've financed a couple boats with them and they are great to work with.
Old     (xstarrider)      Join Date: Jun 2007       02-12-2015, 6:12 PM Reply   
Essex Credit is a popular one .....they list their entire loan rate matrix for you . Not necessarily the best for short term, but if you're looking for long term

https://www.essexcredit.com/home/boat/rates/

Financial Underwriters Network(FUN) also a good place


Firs Merit is who I used on my purchase last August. Had the lowest rate. My dealership uses them religiously. As you mentioned though I have to write a check. No online access. Banks will play loan rate matching games so try that

Last edited by xstarrider; 02-12-2015 at 6:19 PM.
Old     (patrick232)      Join Date: Aug 2008       02-13-2015, 3:57 AM Reply   
Our credit union has financed 3 of the last 4 boats. Hard to pass up their rates. Even our business bank can't touch them. Have you tried setting up an auto bill payer from check to send it every month? We do for the minimum, then send extra when we want.
Old     (sandm01)      Join Date: May 2010       02-13-2015, 6:08 AM Reply   
capital credit union here in green baywi. 1.9%. have to be local tho
Old     (gpd005)      Join Date: May 2013       02-13-2015, 6:37 AM Reply   
The problem a lot of the credit unions have around here is the loan term. Some will only go out three years on used boats. New they will go six or seven but that's it. With interest rates this low it's just hard to pass up borrowing the money as opposed to draining our savings that's why we are shopping around for a bank/credit union, I'm wanting to have that lined up before we actually find our next boat.
Old     (dougr)      Join Date: Dec 2009       02-13-2015, 7:13 AM Reply   
south state bank and trust was called SCBT has low rates up to 20 yr. a 10yr loan is 4% with good credit, no prepayment bs, total amount financing. Everything i have found for under that was for 7yr. depending on what you want to spend per month, 7 yr terms are steep for a lot of people.
Old     (whiteflashwatersports1)      Join Date: Dec 2012       02-13-2015, 10:15 AM Reply   
Bank of America has ours at 3.5% and that was in 2012 I have not checked the rates lately because I feel we have a good loan. Don't be afraid of the big banks. Our last two boats were with our credit union and they didn't even come close on this one.
Old     (K_Dubbs)      Join Date: Feb 2015       02-15-2015, 9:36 AM Reply   
I am in the middle of financing right now. I putting down a good chunk and will need to finance around 50K. My local credit union wanted 6.5% but would match any approval I got and beat it by an extra .5%. Working with the boat dealer I was approved for 4.99% at 10yr. I don't need a long term loan though, I plan to pay off in a year or two, The problem I am having is I am young and have never bought anything this big before and even with a credit score of 805 and essentially no debt. So right now the best standing offer I have on the table is 4.49%. Not too bad but still seems high considering the fact that federal interest rates are the lowest they have been in a very long time. Will want to close on something soon though because the fed is expected to finally raise the rates again in June.
Old     (boardman74)      Join Date: Jul 2012       02-15-2015, 12:02 PM Reply   
4.5% is going to be hard to beat. If your going to pay it off in a year or 2 its not going to really matter anyway. Your talking a couple hundred max is extra interest.
Old     (K_Dubbs)      Join Date: Feb 2015       02-16-2015, 8:34 AM Reply   
Agreed, I've crunched through the numbers and am pretty content with the current forward plan. At the same time, if you can save a couple bucks for an extra tank of gas or alternative prop option/ bindings/life jacket etc why not? I am surprised to hear other members throw out numbers in the 2-3% range though.
Old     (redsupralaunch)      Join Date: Aug 2002       02-16-2015, 1:23 PM Reply   
Quote:
Originally Posted by gpd005 View Post
The problem a lot of the credit unions have around here is the loan term. Some will only go out three years on used boats. New they will go six or seven but that's it. With interest rates this low it's just hard to pass up borrowing the money as opposed to draining our savings that's why we are shopping around for a bank/credit union, I'm wanting to have that lined up before we actually find our next boat.
Ball State will go 10 years on new
Old     (ScottR)      Join Date: Aug 2011       02-18-2015, 10:39 AM Reply   
STATE FARM.....

they will do up to 20 year loans for 50k and above and a competitive rate.

AND there is a STATE FARM AGENT in just about every town in the USA. JUST CALL ONE!!!!
Old     (gpd005)      Join Date: May 2013       02-18-2015, 12:12 PM Reply   
LOL Scott, I am and insurance agent for another company so that might be a bit of a conflict of interest!
Old     (Chancew94)      Join Date: Feb 2015       02-25-2015, 7:53 PM Reply   
Pentagon federal credit union.

https://www.penfed.org/Boat-Loan/
Old     (ScottR)      Join Date: Aug 2011       02-26-2015, 6:16 AM Reply   
Garon -

I will give you one guess at what I do. HA
Old     (TC_Mastercraf_X5)      Join Date: Feb 2013       02-26-2015, 6:53 AM Reply   
I have used Affinity Plus Credit Union here in the Twin cities. Back a couple years ago when I was in the market they had some of the best rates. Communicating with them is super easy as you can talk with the, via IM or shoot your banker a email.

https://www.affinityplus.org/

I dont work there, but would definitely recommend them as they have great customer service.
Old     (oceanbarrel)      Join Date: Feb 2015       03-01-2015, 5:34 PM Reply   
Check out USAA if your a member, they have really good rates and are easy to work with!

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