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Message
Boat Financing...who did you go through?
Posted on 7/10/17 at 11:41 am
Posted on 7/10/17 at 11:41 am
I am putting my boat on the market and will be pulling the trigger on a new boat early next year. I have my truck financed through a small credit union that has pretty good rates. Are the smaller credit unions the best to go through for boats? Or should i go a different route?
11
Posted on 7/10/17 at 11:52 am to GeauxTime9
I've had 2 in the past with essential credit union. They are great to work with and will do everything by mail and phone.
Posted on 7/10/17 at 11:53 am to GeauxTime9
I have my boat through essential credit union. My rate is 5% which is low for a boat or any recreational vehicle. Shop around before you pull the trigger. Just remember the older the boat the higher interest no matter how good your credit score is.
This post was edited on 7/10/17 at 11:54 am
Posted on 7/10/17 at 11:58 am to GeauxTime9
Shop it around. The dealerships usually have limited optikns and high rates. Boat and recreational vehicles are not really what credit unions want so a lot of Smaller credit unions will have shite rates. I did my last one through State Farm bank.
Posted on 7/10/17 at 11:59 am to MarshMan
quote:
I've had 2 in the past with essential credit union. They are great to work with and will do everything by mail and phone.
This. My 20 year old bought his Xpress in NOLA area and they hooked him up with Essential FCU; they had best rate at the time and were extremely easy to deal with. If I pull the trigger on a larger bay boat I'm thinking about I'll use them.
This post was edited on 7/10/17 at 12:00 pm
Posted on 7/10/17 at 12:17 pm to GeauxTime9
Essential Credit Union. They've been good to do business with.
Posted on 7/10/17 at 12:30 pm to GeauxTime9
Lightstream
Posted on 7/10/17 at 12:56 pm to TigerWise
If possible sell your boat and pay cash for the new one..
I realize not possible but financing on a depreciable asset is often tough.
If not I have heard good things about Essential.
I realize not possible but financing on a depreciable asset is often tough.
If not I have heard good things about Essential.
Posted on 7/10/17 at 1:38 pm to TigerWise
quote:
Lightstream
So simple and the interest was the best. It's only good if you have excellent credit though.
Posted on 7/10/17 at 1:44 pm to Dez
quote:
Essential Credit Union. They've been good to do business with.
3 times I'm addicted to boats
Posted on 7/10/17 at 1:46 pm to GeauxTime9
Check USAA if you qualify.
Posted on 7/10/17 at 2:02 pm to Da Hammer
quote:
If possible sell your boat and pay cash for the new one..
I realize not possible but financing on a depreciable asset is often tough.
There's nothing financially savvy about buying a boat.
Gotta pay to play, and financing is a necessary evil for those of us who aren't too rich for it to matter. Just gotta make sure you don't get upside down, and a good interest rate is part of that battle.
Posted on 7/10/17 at 2:09 pm to bigbuckdj
quote:
So simple and the interest was the best. It's only good if you have excellent credit though.
I kept waiting for the catch. Would use them again.
Posted on 7/10/17 at 3:18 pm to Sparkplug#1
quote:I love USAA
USAA
Posted on 7/10/17 at 3:47 pm to GeauxTime9
Going into debt for a luxury item...
Posted on 7/10/17 at 3:56 pm to Mac
As I said in another thread,
No money is better than no boat.
No money is better than no boat.
Posted on 7/10/17 at 3:56 pm to Mac
quote:
Going into debt for a luxury item...
SMH
Posted on 7/10/17 at 4:04 pm to Mac
As opposed to blowing a big chunk of cash on it that could be otherwise invested?
If you buy a boat, you're going to lose money. Period. If you're the type of person who invests every extra penny and just sees it as an asset, then boat ownership probably isn't for you in the first place.
If you buy a boat, you're going to lose money. Period. If you're the type of person who invests every extra penny and just sees it as an asset, then boat ownership probably isn't for you in the first place.
Posted on 7/10/17 at 4:30 pm to Mac
Financed 13k on a 30k boat through whoever Cabela's uses. Ended up paying notes to Bank of the West. Rough numbers that I can remember were 13k at 4.1%ish for 12 years = $115ish dollar note. Paid off in 14 months and had a total of 450ish in interest. Not that big a deal to finance what I really wanted and didn't feel like dipping into my bank account to write a check for.
quote:True dat. I love it. Use it almost every weekend enjoying time with family and friends and have the title in my hand for the first person that offers the right money for it.
luxury item
Posted on 7/10/17 at 4:36 pm to Mac
quote:
Going into debt for a luxury item...
There's always this judgemental reply in every thread on boat financing.... Most people can not afford to just pay cash outright for a boat, doesnt mean that they cant handle a boat loan. There's nothing wrong with taking a reasonably sized loan for a boat. I'd guess the majority of boats are financed.
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