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Bowes884
05-10-2017, 10:13 AM
Can anyone give me an idea of what boat loan rates are these days? Financing around $35k for 10-15 years. Who did you get your loan from?

mzimme
05-10-2017, 10:28 AM
Unsure of the terms, but my credit union has rates at 2.74% right now for boats/auto/motorcycle loans. Like I said, I don't know if they'd go out to 10-15 years. My loan currently is at 5.7%, and I think I'm going to go re-fi it at 2.74, so I'll know more soon.

My truck loan is also higher than 2.74%, but not by much. Seems I need to make a trip to my CU now.

ryancassidy
05-10-2017, 10:39 AM
I would guess with 780+ credit scores you'd be in the 4.5-6% range. The long term and lower amount in this case doesn't correspond to lower rates from what I've found. Good luck.. look around. A lot of it depends on your credit/cash flow situation.

Shaun R
05-10-2017, 10:43 AM
I was curious as well and just looked at two of my local credit unions. Now I am wondering why the have the same photo boat on their loan pages. :confused:

https://www.atfcu.org/boat-rv-loans.htm
https://www.rbfcu.org/loans/auto-loans/vehicle-loans/

*EDIT*
This one actually looks good! At these rates it's costing me money not to get a new boat.
https://www.ufcu.org/personal/loans/rv-boat

Bowes884
05-10-2017, 10:55 AM
Cash flow is not an issue and Credit score should be above 750.

mts205
05-10-2017, 12:00 PM
I ended up at 5.9% with US Bank. Will add they are picky, low nada value and want 10% at least down.

flyguy570
05-10-2017, 12:02 PM
I recently borrowed from US Bank on similar terms to what you mentioned and we are at 4.99% which is lower than what they originally quoted. I was able to get them to match another bank. I tried to get them to go shorter than 15 years and they wouldn't do it. Hope that helps.

Skantown
05-10-2017, 01:11 PM
I went with SE Financial. Lowest rate that I found. 4.375 a couple months ago.

Covi
05-10-2017, 01:18 PM
1.7 from my local credit union. Been with them forever. Threaten to drain my account if it wasn't below 2%. Banks should be able to work with you on this.

Eckie
05-10-2017, 01:29 PM
I've found that credit unions are usually very good to work with, and don't have a lot of hoops to jump through. Many offer some of the best rates/terms available, as well as zero down and no inspection/appraisal needed.

If I were financing, I'd definitely check out 2-3 to compare.

swc5150
05-10-2017, 02:14 PM
Can I just say bravo to the TT group on this! When this subject comes up on the other 2 of the big 3 forums, posters bombard and scold the the OP for not paying cash for a toy.

We got 2.49% for 7 years on our Prostar btw at our local credit union, and they offered $0 down.

River Monsters
05-10-2017, 02:51 PM
1.7 from my local credit union. Been with them forever. Threaten to drain my account if it wasn't below 2%. Banks should be able to work with you on this.

Isn't buying a boat already a threat to drain your bank account?

Shaun R
05-10-2017, 03:44 PM
With rates at the level they are at, it makes sense to finance some or most and free cash up to invest in assets that can appreciate. Or at least that's what I keep telling myself. :)

Bowes884
05-10-2017, 04:10 PM
Great information from everyone! Agree that paying cash is less of a headache but would rather put my $ to better use while I play on my boat.

bamabonners
05-10-2017, 10:13 PM
Can I just say bravo to the TT group on this! When this subject comes up on the other 2 of the big 3 forums, posters bombard and scold the the OP for not paying cash for a toy.

We got 2.49% for 7 years on our Prostar btw at our local credit union, and they offered $0 down.

AMEN!!!!!!!!!!!!!!!!

AVPdx
05-10-2017, 11:06 PM
I got 4.25% for 10 years through US Bank private client for a new boat. The dealer could get 4.99% for 15-20 years through US Bank but they would not offer that through the branch even though it's listed on the website.

JBaker
05-10-2017, 11:33 PM
At 10-12 years, I would expect ~6%. Could be 1-1.5 points lower if new. Could be a point higher if used private party. >12 years most lenders will want >$50k financed. Believe Essex/BoW is an exception, there may be others.

Shop around, a CU is prob your best bet, but not always.

lashburn1
05-11-2017, 12:07 AM
Horizon Credit Union
4.24 @ 15yrs

bamabonners
05-11-2017, 09:25 AM
USAA is at 5.49% right now. My local credit union is at 4.35.

jsx30
05-11-2017, 11:00 AM
Credit unions seem to be the way to go. I've tried USAA a few times in the past for both house and a boat loan. I think for a 60 month boat loan they quoted over 6%. I went to the local credit union and got a 3% rate. This is the credit union I ended up dealing with. It was an easy transaction...

https://www.amfirst.org/rates/#consumer-loan-rates

gwozhog
05-11-2017, 12:16 PM
Houston Federal Credit union is really good to work with. Ask for Julie Heath

epnault
05-13-2017, 01:47 AM
Can I just say bravo to the TT group on this! When this subject comes up on the other 2 of the big 3 forums, posters bombard and scold the the OP for not paying cash for a toy.

We got 2.49% for 7 years on our Prostar btw at our local credit union, and they offered $0 down.

Dido. We tested the rates before paying in full for our boat and at 1.9 it was foolish to have that cash sitting on a depreciable asset! We paid some cash and financial advisor is making us money on the rest of the cash.

tmacx2
05-13-2017, 08:53 AM
I've used a home equity line of credit in the past for some large purchases. Good interest rates and the interest is tax deductible.