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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?
6
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 2:52 pm to Old Sarge
I dont know who you bank with but I have private client with chase and I added a 55 footer last year and they did 2.49% on a used boat for me. I dont know if its bc it was nearly new only 70 hours, but still gave me 2.49% with 20% down.
Posted on 4/12/16 at 3:06 pm to dabigfella
quote:
55 footer last year
This is why
Posted on 4/12/16 at 3:13 pm to Old Sarge
My last boat was at 5.25% and I had / have an excellent credit score. In the 4's isn't bad on a boat loan.
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 8:47 am to TheBoo
Yeah rates lower for a large loan with boats. Smaller boats are much higher. I bought mine 5 yrs ago but the boat rates were 7.25% but I qualified for an unsecured loan at 5.25%. Therefore boats are worse collateral than no collateral
Posted on 4/13/16 at 8:52 am to MsState of mind
quote:
boats are worse collateral than no collateral
Same experience found here. Went with an unsecured personal loan. I love owning a boat but get ready to do a lot of this 
Posted on 4/13/16 at 12:51 pm to dabigfella
quote:
I dont know who you bank with but I have private client with chase and I added a 55 footer last year and they did 2.49% on a used boat for me. I dont know if its bc it was nearly new only 70 hours, but still gave me 2.49% with 20% down.
Subtle brag...
I'd be happy with something in the 4s. How much are you looking to loan? For how long? As said, you may be able to get an unsecured personal line of credit or something along those lines if you have excellent credit.
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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