re: Who to use for Boat loan?

quote:

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Explain please.

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You want me to explain so I look like an idiot but you aren't thinking about this being a "luxury" item.

The difference in finance charges between a 3.99 and 8.9 interest rate over the life of a loan on a sub 20k item is not enough to worry with.

You shouldn't be going anywhere near the full term anyways.

If a simple interest loan for something besides a vehicle, property, or a home, I don't give two shits about the interest rate.

For example, I took a 9.9% interest rate for 36 months on an older 4runner I wanted in Texas. I had to buy it immediately or it was being sold out from under me. Rather than pay 3% extra for putting it on a card, I financed it. The difference in finance charges between a 3.99 and a 9.9 over such a short term aren't enough to buy any of the tires on it.

Anyone purchasing an item like this should really be looking at it as nothing more than a credit bump. If you can't afford to make double payments, you shouldn't be buying it.

Fact.

Looking at the pictures you have posted, you're of similar mindset and financial standing.