boat loan rates

[jimdavi]

Currently have 6.5 with Bank of America and looking to perhaps buy a bigger boat. Any feel for current boat interest rates and or who is offering low rates?

thx

 

[Newbie]

It can actually depend on where you buy the boat from. When I bought my 340, I tried lining up my own financing on it. At the time, the best I was offered was 6.25. BofA offered 6.5. I ended up buying the boat through MM's brokerage and let them compete with financing. They came through at 6%, through BofA..... go figure. If your buying through a dealer or broker, many will have good options avail so give them a chance. Key Bank was always a big player in boat loans and consistently had very comparable rates but I think I heard they recently quit boat loans. Worth checking into to see if they still do. SB

 

[spimik]

Currently have 6.5 with Bank of America and looking to perhaps buy a bigger boat. Any feel for current boat interest rates and or who is offering low rates?

thx

Many people on this forum are in full flight panic and thinking about having to sell their boat to make ends meet in 2009.

You must be very confident with your current employment status to want to take on a boat loan at this time. Combined with the low amount you are likely to fetch for your current boat makes this even more impressive.

Have you had anyone give you a trade in value on your current boat, or are you planning on keeping it?

 

[capt_jack]

Thats really not a bad finance rate. What did BOA require from you to get that?

 

[BadaBingII]

Every time I've financed, Boat US beat anything the SR dealer could find. I think they use Suntrust Bank. For all I know they could be owned by BOA.

However, Boat US does require documentation fees, which can be a chunk if you were not planning on it. I have not done the math to see what that converts to in APR, but I can tell you that they make it very easy to get the loan quickly. Just my $.02.

Jeff

 

[jimdavi]

I have thought about the trade value of my 2007 320 DA and that may be a bit of an issue. would really like at least a 340 for the bigger fwd berth. hoping someone will want to deal, but MM was not very anxious; probably because our boat show is this weekend.

 

[Chris R]

We're doing the Seattle Boat show tonight and again this weekend. I will be interesting to see what the recreational/marine finance companies are offering. Not to mention the boat dealers.

 

[dpmulvey]

Boat loans are made through banks. The interbank trade rate is as close to zero as you can get, yet, the loan rates are going up. What a wonderful way to influence the hand that feeds you.

Just plain DUMB!

 

[Uplate]

Currently have 6.5 with Bank of America and looking to perhaps buy a bigger boat. Any feel for current boat interest rates and or who is offering low rates?

thx

Thats pretty good rate I think. When I bought my boat in October, BOA gave me a 9% loan...which they said was the rate for new boat loans and they gave me the new rate because of my high credit rating.

I really did not care if it was 15% as I paid it off before the first payment became due. I did it just to keep my credit score up as I have very little debt load. Credit is like a muscle, if you do not use it you loose it.

 

[witchhouse]

I have found that Credit Unions have good rates. I got 6% two months ago on a used boat loan.

Most only require you put $25.00 in a savings account to become a member.