Boat Financing

newnewbie · Newbie Joined: 28 May 2003 Posts: 2

Hey guys, I am looking into getting my own ride next month and was wondering who you use for your financing. I just wanted some opinions on good companies with good APR's. Thanks

Breezer · Outlaw Joined: 17 Jan 2003 Posts: 246 City: Austin

You can get pretty good interest rates now. I know Wells Fargo has 6% right now. We just refinanced our 9% loan to 6%.

NAW · Posted: May 29, 2003 6:28 am Post subject:

On Flipsell.com or Boattrader.com (can't remember which) has a nice payment calculator. In the link it asks for your state and then gives you a few financing firm recommendations. I found one for 5.75% in Indiana. Of course it depends on credit, boat year, financing term, etc.

DCovington · Newbie Joined: 07 May 2003 Posts: 48 City: Richmond, VA

You could try Bank of the West or Essex Credit. Bank of the West if it is new and Essex if it is used. Bank of the West owns Essex.

Dees · Posted: May 29, 2003 12:01 pm Post subject:

we got 4.75% through Key Bank back in march

X-Star · Soul Rider Joined: 01 Apr 2003 Posts: 253

wow thats low. what kind of interest rates is eveybody else getting?

newnewbie · Newbie Joined: 28 May 2003 Posts: 2

dees, How did you get a loan in Idaho. The web site for Key Bank says ... "Consumer loans are available to residents of Maryland, Virginia and Washington, DC, only"

Get2TheRiver · Posted: May 29, 2003 3:18 pm Post subject:

I used Essex Credit who brokered my loan to Key Bank. I would go direct to Key Bannk and see what they say... When you use a broker (like Essex) you will pay fees somewhere -- up front or buried in the rate. Those rates listed above are very good and lower than mine...I may have to check into a boat refi!?!

azwakin · Outlaw Joined: 30 Mar 2003 Posts: 160 City: oro valley, az

I've got KeyBank and I live in AZ

sambo · Criminal Joined: 06 May 2003 Posts: 94

If you own a home, use a home equity loan. Then the interest is deductable on your income tax.

Jimmy F · Outlaw Joined: 13 Jan 2003 Posts: 229 City: Virginia

Does anybody know if you can get a term longer than 5 years on a used boat?

Seth Martin · Moderator Joined: 12 Jan 2003 Posts: 891 City: Orlando

yes you can get a 10 year term on a used boat

Jimmy F · Outlaw Joined: 13 Jan 2003 Posts: 229 City: Virginia

Is that only if the loan is above a certian amount?

Seth Martin · Moderator Joined: 12 Jan 2003 Posts: 891 City: Orlando

im sure there is a cut off amount.

It may vary slightly with different banks

byerly2003 · Criminal Joined: 13 May 2003 Posts: 82 City: Nashville

i got a 10 term on my loan, used malibu sunsetter through eboatloans.com

Rock Toy · Outlaw Joined: 07 Feb 2003 Posts: 105 City: San Francisco

I know that when you buy a boat through the Mastercraft dealer, they offer 15 year financing. Anyone know who they use?

Schmo · Posted: Mar 18, 2004 9:59 am Post subject:

Broccoli B · Posted: Mar 18, 2004 11:19 am Post subject:

I bought a moomba through a dealership and got 15 years financing at 5.5% through the dealership. They used Citibank.

ElmoG · Newbie Joined: 23 Jun 2003 Posts: 20

I am in Colorado and I use Key as well. Got it through the MC dealer.

Diggs · Addict Joined: 27 Jan 2004 Posts: 627 City: Portland

Through a local credit union I found 3.59% on 5.5 yrs and 4.09% on 7 years. They do not do any longer terms, but for that interest rate it is pretty hard to turn it down. It was much better than I saw at the banks.

Mr. Mutt · Posted: Mar 18, 2004 4:12 pm Post subject:

For me, we weren't as concerned on the interest as we were on loan length and no prepayment penalty. We (friend and I) did a 12 year loan and so our min payment was really low, like $170/mo., but we're sending in $500/mo. so the other $330 goes directly to principle. I haven't done the rate calculations on it, but I can say with a fair degree of certainty that the difference in 1-2% on a loan would not make up for being able to pay off directly to principle in a shorter period of time without penalty.

Just my $0.02.