View Full Version : Where do/did you get your boat loan?
03-15-2011, 11:47 AM
Just wanted to find out where most of you are getting your boat loans through. There are so many out there and my credit union does not have longer term financing over 7 years.
03-15-2011, 01:50 PM
If you own your home, you can look at a "line of credit" (similar to second mortgage).
We took one out which gives you I think 20 years to pay back, with interest, and it works like a checking account. You have checks that go against it. We had the funds to pay cash in savings, but "she" likes to keep that for an "in case" need.
(warning, my advice is only personal experience and an accountant wife.)
03-15-2011, 04:50 PM
I don't think very many banks are still handling boat loans (unless you're willing to put quite a bit down.) The market was completely different when I bought my boat 8 years ago -- I used a paid-off car as collateral for the loan.
If I were in the market for something new today, I'd look at a home equity loan. The rates are generally better and you can write off the interest on your taxes.
03-15-2011, 11:40 PM
I went through my credit union but I did a 5 year, didn't look into longer-term loans, so I'm afraid that's not much help. Sorry!
03-16-2011, 10:35 AM
We plan to pay it off by next summer anyway but would like a longer term for lower required payments.
iwakeboard - I did not know they made 05 Launch 24. the Supra archive does not even list it.
btw - we are looking at a 2005 Sunsport 24
03-16-2011, 02:14 PM
Yup, I noticed that as well, I think it's just missing from their webpage but you can google it and find it, or look on NADA.
03-16-2011, 03:27 PM
I got a boat loan easily from Wells Fargo. Something like 8% 7year loan for $5000. We paid it off in 1.5 years. They didn't care that the boat was 21 years old at the time.
03-16-2011, 05:03 PM
Just applied with Wells Fargo and approved within an hour just have to send them docs and boat info.
I have a new question about NADA also but will post another thread for that.
03-16-2011, 10:55 PM
I actually found the best rate when I bought mine at STATE FARM!!!
03-20-2011, 01:24 PM
I don't know, but the last three people who have tried to buy my boat tried to get loans and couldn't. Two of them I knew had good credit.
So for the older boats I'd say near impossible.
03-20-2011, 03:40 PM
I've found that in my area Credit Unions have the best rates. Personally I took out a loan for 10year amortized but due in 5 (balloon). That makes the minimum payment lower in case of emergency but I pay extra on it as if it were amortized over 5 and it'll be paid by the time the balloon would be due at minimum required payment. Just gives a person options.
My theory, at low rates why not lock in the loan for as long as you can to limit your monthly liability but pay extra on it as if you financed it for a lower term. The best of both worlds :)
03-23-2011, 12:31 PM
12 years at 6.25% thru Redstone Federal Credit Union. It won't take 12 years to pay off by any means, but that was the lowest monthly payment and interest rate we found.
03-25-2011, 09:19 PM
Use a broker. I used newcoast financing. I financed 33k over 15 years with 10 percent down at 6.75. I did this because I bought the boat 10k under nada value, paid another 8k down, and plan on trading it out in 3 years.
Plenty of financing for qualified buyers. The more you want to finance the longer terms are available.
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