Boat Financing

[Madifonzo]

Just wanted to share:
Unheard of low financing from a New Hampshire Credit Union. 1.99% for 120 months. Common for autos but I have never seen 1.99% for boats let alone 120 months. Just did my paperwork today. Saves me $15000 over the course of the loan. Damn near free money at that rate. Check them out for a purchase or refinance. www.membersfirstnh.org



:smt038:smt038

 

[JV II]

"$25,000 for 120 months financing, at the rate shown, with a payment of $9.20 per $1,000"
That pays for my fuel

 

[Bucit]

Read the fine print. Boats over 6 years old you have to add 1.00% to the rate. Still not bad overall.

 

[Madifonzo]

Yes but they seem loose on that. Mine is an 05 and I got the 1.99%. I have always found Nh credit unions to be very aggressive with financing.

 

[2000SEARAY280SS]

Did they limit the amount to the 25K in the fine print? My CU would only loan up to 50K.

 

[Madifonzo]

No. The $25k is just an example. They will loan up to book value. I borrowed over $50k.
Additionally they did not ask for a value survey which surprised me.

 

[MonacoMike]

It would be shocking if they loaned more than $60k based on Trade Only reporting.

MM

 

[Madifonzo]

It would be shocking if they loaned more than $60k based on Trade Only reporting.

MM

They will loan up to 100% of KBB value. I think over a certain amount they ask for survey. Any way you slice it that financing is great. Just putting it out there for NH boaters that may be looking to buy or refinance.

 

[searay495]

I just called them. They informed me you have to work or live within a 25 mile radius of New Hampshire. FYI

 

[christo15]

Do most people finance? We've never done that for a boat. Which is the better play? :huh:

 

[Quint4]

I would guess most people do not have 50K or more laying around to pay cash for a large toy.

 

[Havana Shamrock]

This thread started me to look into refinance , we have Bank of the west and they forwarded my call to the refinance dept,which turns out is Essex Credit. I see advertised all over boating mags. I knocked 3% off and 5 yrs.

 

[Madifonzo]

I would think so. Don't know a lot of younger people with that much cash on hand. Either way, if your a cash buyer and rates are low it always better to finance...assuming you can find a better place to stash your cash and earn dividends higher than the cost of borrowing the money.

I have friends who have owned boats and cars free and clear and take a note on them when the rate falls that low.

 

[Madifonzo]

It's almost a victorious feeling isn't it? I just bought my boat in September and the rate was 7% at the time. The boat was the right deal for me so i didn't want to pass it up and I know that my credit unions always run specials from time to time. I just never expected the rate to drop 5 points in two months and be at the same term. To put it terms of real #'s

boat cost me $50000
old financing to full maturity would have brought the total purchase to $71000
new financing to full term will cost $54000....so essentially it is costing $4000 to borrow $50000 for 10 years.

Additionally it helps keep the value inline for trade or sale to another person since most of the payment is going to principle rather than interest.

Too much smart talk for a Friday night I think.

 

[wetpaint]

Dont forget when financing, you will be able to deduct interest on note if it qualifies for a second home (bed, sink, toilet)