financing a v-drive

slidin_out · Soul Rider Joined: 05 Mar 2010 Posts: 353 City: Pearl

For you people who have recently bought boats what rates and terms did you get and what was the amount financed? I think my bank is trying to screw me over. Quoted me a 9.5% rate for 48 months on 22k. Is this about the norm? Boat is a 2002 SAN loaded out. Can you get terms longer like a 5, 6, 7, or 8 year on that amount?

Nate54SoCal · Newbie Joined: 29 Dec 2009 Posts: 31 City: LA

Slidin,
my bank gave me a 6.4%, ten years.

slidin_out · Soul Rider Joined: 05 Mar 2010 Posts: 353 City: Pearl

mala1967 · Outlaw Joined: 04 Aug 2009 Posts: 155 City: Pepper Pike

i would google boat financing i have seen rates from 6.5-8.5 online for used boats.wakeboarding mag also had an article on boat financing

Wakeboarder3780 · Posted: Apr 10, 2010 6:19 am Post subject:

If I were you I would stop at every single bank in your area and find the best deal. You know how people shop around before buying a board or bindings? This is one of the biggest purchases you'll make. Get the best deal. Take 1 day off of work and shop around.

slidin_out · Soul Rider Joined: 05 Mar 2010 Posts: 353 City: Pearl

sstojak · Newbie Joined: 05 Jan 2005 Posts: 49 City: Keller, TX

Join a credit union with $25 in a savings account. I did it in August 2009 and got 6.9 for 60 months on a 2003 model year boat.

walb0244 · Outlaw Joined: 05 Aug 2009 Posts: 122 City: Terre Haute

I got 6.39% for ten years on 18,000. I could have went as low as 80 months and kept 6.39%. If I did anything lower then 80 months then it went up to like 7 something. That was with USAA

My local bank would only do 6.75% for 5 years. They wouldn't go further out then 5 years.

Chattwake · Posted: Apr 10, 2010 3:26 pm Post subject:

Try bank of the west or key bank.

STANG KILLA SS · Posted: Apr 10, 2010 4:49 pm Post subject:

20k
0 down
5 years
6.025%

credit union was the only place that would give me what i wanted.
had to open a $25 checking account.

Wakeboarder3780 · Posted: Apr 11, 2010 12:23 pm Post subject:

and for me I went with my credit union I was a part of. Perhaps credit unions are better about boats in general. They tried to dick me over when I bought our lake front land though, so they aren't the best for everything.

Ended up going with a small town bank in the area for the land.

slidin_out · Soul Rider Joined: 05 Mar 2010 Posts: 353 City: Pearl

seems credit unions are the way to go, looks like i'm going to get 85 for 6 years on 22500

rc5695 · Criminal Joined: 08 Feb 2010 Posts: 94 City: Greenville

I just got $15k for 36 mo. @ 5.0% last month @ my CU

It was 6.25% to go to 48 mo...

OuachitaWaker · Addict Joined: 16 Sep 2006 Posts: 577 City: Hot Springs

One thing I see alot is the typical person is scared to go in for a loan. Most dont realize that banks WANT to make a loan to you if they can. You should tell them what competition is offering, haggle, and shop hard. Credit isnt as tight as it was a year ago today so you should be good to go

Weighted Turnip · Newbie Joined: 01 Apr 2010 Posts: 5

Longer terms are gonna get you higher rates, stay away from the long terms

10 year term on a 20k has a nice sounding payment, but you end up spending 10 years upside down on a toy, paying ~32 grand for a 20k boat. It only gets worse has the term or original cost goes up(and it gets worse fast).

I recently went looking for to snag a deal on a used boat, hoping to find someone in a bit of trouble who had to sell below value. Lot's of people trying to get out of their boat, but they were too far upside down to pay out the difference between what I offered and what they owed.

Now, all that being said... you can spend your whole life doing things 'the smart way' miss out on a lot of fun and die on a pile of money. Sad

Find your middle ground.

rc5695 · Criminal Joined: 08 Feb 2010 Posts: 94 City: Greenville

dalderman · Soul Rider Joined: 08 Aug 2008 Posts: 356 City: Carlsbad

And make sure your credit score is solid. The terms you get quoted will be directly related to how good or bad your credit is.

brichter14 · Addict Joined: 27 Apr 2008 Posts: 705

I just got 5.25% for 5 yrs for a 5000 boat loan. At a local credit union.

dav1268 · Criminal Joined: 08 Feb 2009 Posts: 67 City: Boston

brichter14, $100/month, not bad at all.

i'm still about a year away but i think i'm gonna switch to a credit union in the mean time to get a relationship going there. seems like the place to be.

brichter14 · Addict Joined: 27 Apr 2008 Posts: 705

yeah they lowered it also to 5% if i just deposited the payment into a checking account there and they withdrawl from there. My work is just gonna direct deposit into that checking account so i wont even have to worry about it.