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trying to get a loan for a used boat... educate me on options....
Posted on 4/12/16 at 12:59 pm
Posted on 4/12/16 at 12:59 pm
I'm amazed that I can't find anything better than @ 4.25 % and most everything is in the 5-6% range.
So far I've checked local banks and a couple of credit unions. Even went as far as to call a new boat dealer and check rates on a new rig..... they were about the same.
Advice?
So far I've checked local banks and a couple of credit unions. Even went as far as to call a new boat dealer and check rates on a new rig..... they were about the same.
Advice?
Posted on 4/12/16 at 1:15 pm to ElDawgHawg
Bust Out Another Thousand
Boats are notorious money pits. 4.25% seems pretty dang fair.
Boats are notorious money pits. 4.25% seems pretty dang fair.
Posted on 4/12/16 at 1:39 pm to ElDawgHawg
Yeah...My boat loan when I had it a few years back carried a significantly higher interest rate than a car loan...but I wouldn't be too upset with 4ish...
Posted on 4/12/16 at 1:50 pm to ElDawgHawg
It's just where boat and motorcycle rates stay, 2-3% higher than car rates I guess
Posted on 4/12/16 at 4:46 pm to ElDawgHawg
From my experience you should take that rate and run.
I have damn near perfect credit and still had to settle for 5.49. They said it's because I wasn't financing enough. Seemed like 25K was the threshold on getting a better rate. Eff me for putting a lot down right.
Also, Chase doesn't do boat loans anymore, but when they did their rates were unbeatable. Probably why they stopped.
I have damn near perfect credit and still had to settle for 5.49. They said it's because I wasn't financing enough. Seemed like 25K was the threshold on getting a better rate. Eff me for putting a lot down right.
Also, Chase doesn't do boat loans anymore, but when they did their rates were unbeatable. Probably why they stopped.
Posted on 4/13/16 at 2:53 pm to ElDawgHawg
If I was to borrow money for a boat, it had better be used damn near almost daily or at least weekly. Our office is full of guys paying monthly notes on rv's and boats that just sit.
Posted on 4/14/16 at 7:54 am to ElDawgHawg
Take a look at Bank of the West. They may have other divisions as well, but I believe that they have a dedicated marine unit.
I've never borrowed from them, but they have pretty aggressive rates.
I've never borrowed from them, but they have pretty aggressive rates.
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