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Who to use for Boat loan?
Posted on 8/21/16 at 9:33 am
Posted on 8/21/16 at 9:33 am
Who did y'all go through? I'm not baller so I can't pay cash and my local bank is wanting to give me 6+ percent. There's gotta be some cheaper money out there. My credit is 780. Thanks guys
This post was edited on 8/22/16 at 6:04 am
Posted on 8/21/16 at 9:35 am to LSUchuck
I'll go 5.875,, what kinda boat we buyin'?
Posted on 8/21/16 at 9:38 am to LSUchuck
I got 5% through investar. Can set up automatic payments. Had another through them as well. When. I get my boat essential wanted almost 8
Posted on 8/21/16 at 11:43 am to LSUchuck
Do you have any cash you're willing to lock into a savings account? You can borrow against a savings account to lower your interest rate. You will also make a little money on the savings account. You can borrow money really cheap this way.
Posted on 8/21/16 at 11:48 am to LSUchuck
I paid for my boat, but GNO credit union was offering 3% on trucks and 5% on boats around the time I bought my truck.
Posted on 8/21/16 at 11:49 am to LSUchuck
I got 4.2% on a boat loan, but that was far a brand new boat. Sometimes you can't get a rate that low if you are buying a used boat.
This post was edited on 8/21/16 at 12:06 pm
Posted on 8/21/16 at 12:24 pm to LSUchuck
Apply through Bank of America. They have God rates and once approved take their terms to your local bank/credit union. They should match it.
Posted on 8/21/16 at 12:30 pm to LSUchuck
Anything under 10% is a good deal on a non luxury item.
Check with neighbors credit union and they may get you down to 3.75 or so.
Unless you take the full term to pay for it, you're talking less than 100 bucks over the life of the loan.
Check with neighbors credit union and they may get you down to 3.75 or so.
Unless you take the full term to pay for it, you're talking less than 100 bucks over the life of the loan.
Posted on 8/21/16 at 1:11 pm to LSUchuck
Neighbors credit union or US BOAT
Posted on 8/21/16 at 1:47 pm to LSUchuck
I did mine through USAA. Rate is decent, but the best part is they put the money into your checking account. Makes for buying a used boat a MUCH easier process.
I did find that my local credit union had a really low rate (campus federal), but the seller would have had to jump through hoops dealing with the bank.
I did find that my local credit union had a really low rate (campus federal), but the seller would have had to jump through hoops dealing with the bank.
Posted on 8/21/16 at 5:10 pm to LSUchuck
Posted on 8/21/16 at 9:04 pm to LSUchuck
I went through aqua finance who shopped credit unions for the lowest rate... Down payment amount has a lot to do with the rate
Posted on 8/21/16 at 9:08 pm to LSUchuck
Assuming you own a home and have equity, try a Home Equity Loan and claim the interest paid during the year on taxes.
Posted on 8/22/16 at 2:42 pm to LSUchuck
Did you consider a home equity loan?
Posted on 8/22/16 at 3:48 pm to LSUchuck
I got mine through First Federal Bank of Louisiana.
I think my rate was 3.8%, but I put down 15% and have pretty decent credit.
I think they are only in Alexandria, and Lake Charles though so not sure where you are located.
I think my rate was 3.8%, but I put down 15% and have pretty decent credit.
I think they are only in Alexandria, and Lake Charles though so not sure where you are located.
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