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View Full Version : Best Boat Loan Rate / Used Boat


bzettler83
04-22-2012, 09:38 PM
I was thinking with refinance rates so low on homes, the same might be true for boats.

I have an 03 X-30 and wanted to see if I could improve my finance situation. I would like a 15yr note with the best possible rate.

Any one have any recommendations? I am currently with USAA and have been fairly happy, but I think I can do better.

kskonn
04-22-2012, 09:45 PM
Not sure they would do a 15 yr in a 03. Any reason you want it do long? I have seen rates from 3.7 and up.

bzettler83
04-22-2012, 09:59 PM
Believe it or not I have a 15yr on it now, and the loan is less than 7 months old. If I could get 3-5% I would be happy. I have 6.49% now.

Truth be told, I have to refinance it to get someone off the loan. I bought the boat with a buddy and recently decideded to take over his half. Long story, but I want to keep the boat and he cant afford it.

kskonn
04-22-2012, 10:31 PM
ahhh got it. Depending on the bank you might be able to get the interest rate down by finding the sweet spot in their loan terms. For example some banks might give the best interest rate at say 7 years etc... i would recommend trying some credit unions they are usually the most competitive. I know the guy who just bought my old 03 X30 got 5% from a Credit union in Texas.

kskonn
04-22-2012, 10:33 PM
Believe it or not I have a 15yr on it now, and the loan is less than 7 months old. If I could get 3-5% I would be happy. I have 6.49% now.

Truth be told, I have to refinance it to get someone off the loan. I bought the boat with a buddy and recently decideded to take over his half. Long story, but I want to keep the boat and he cant afford it.

Sounds like your friend is getting the best end of this deal, you are going to own the boat outright and he still gets to go on it for gas money. Sounds like he should not have been buying a boat if a half of a payment on a 15 year note on an 03 X30 strapped his cash flow.

Cobra Rob
04-22-2012, 11:11 PM
Even with perfect credit I had a really hard time finding less than 7% on the 07. I am going to try and refi myself when I get back. It's a year old on the loan and I can throw some more money at principle now too. Looking though Credit unions even I can not find more than 1% lower.

SpryBeast
04-22-2012, 11:47 PM
My '03 X-30 is at 5.25% for 12 years at a credit union.

rgizzie
04-24-2012, 01:30 PM
Just got approved for 5.11% for 15 years on an 08 X-15 through BOA. They have the best rates I could find. I have around a 725 credit score. (also have my mortgage and car financed through them, not sure if that helps or not)

Red 08 Xstar
04-29-2012, 02:55 PM
I just refinanced my 08 Xstar at 5.06% for 10 years with BofA.

masonfam
04-30-2012, 12:04 AM
I just picked up a 2000 and was able to finance through our local Credit Union at 4.25% for five years. I believe they will hold this rate for up to a 12 year term.

Deltaxstar
04-30-2012, 12:35 AM
My 08 xstar I just bought is 5.26% for 8 years at alliant credit union

tockit
05-14-2012, 12:12 AM
I did something a little different.
I used the equity I had in one of my vehicles and refinanced it through my local credit union to get a 2.7% interest rate.
I'm sure this wouldn't work for everyone, but it worked out great for me!!!