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Started By
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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
16
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 2:34 pm to indytiger
It'll be new. Thanks. I'll keep looking.
Posted on 8/21/16 at 2:56 pm to LSUchuck
Buy a kayak instead
Posted on 8/21/16 at 2:58 pm to LSUchuck
Posted on 8/21/16 at 3:44 pm to X123F45
quote:u talking like a 12 month loan?
Anything under 10% is a good deal on a non luxury item.
Posted on 8/21/16 at 5:10 pm to LSUchuck
Posted on 8/21/16 at 5:25 pm to X123F45
quote:
Unless you take the full term to pay for it, you're talking less than 100 bucks over the life of the loan.
Explain please.
Posted on 8/21/16 at 5:46 pm to highcotton2
Anyone here use LightStream ?
Posted on 8/21/16 at 6:13 pm to TigerWise
quote:
Anyone here use LightStream ?
That's what I linked in my post a few above yours.
Worked out very well. Low interest. Money was quick.
I did a 3 year loan. Got 2.99% Paid it off in 18 months. No penalties for early pay.
If your credit score is high, I highly recommend it.
This post was edited on 8/21/16 at 6:14 pm
Posted on 8/21/16 at 6:30 pm to TigerWise
I used Lightstream for my auto loan. 1.99 % unsecured loan. Yes, unsecured.
They may do the same for a boat. Never know. And never hurts to ask.
They may do the same for a boat. Never know. And never hurts to ask.
Posted on 8/21/16 at 7:22 pm to highcotton2
quote:
Explain please.
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.
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