Boat loans and insurance

BrentJones

BrentJones

Member
Oct 4, 2006
405
Fenton/Lake Ozark, MO
Boat Info
2005 240 Sundeck
Engines
6.2L
Last boat I bought, I financed through MM. This time around I'd like to do some shopping on my own. Anyone have any suggestions who to check out for a loan or where you got your current boat loan?

Currently I'm insured through State Farm, but I'm not sure they are competitive. Who are some decent insurance companies that you guys go with?
 
Just bought a new to me boat...financing was through USAA...
Insurance was again through Allstate.....have never had a problem with them or USAA
 
I've used Scott Financial twice, they have good rates and are easy to work with: www.marineloan.com

For insurance on the new boat, Clrak's Landing hooked me up with an agent that got me a policy with Travelers. I was shocked at how much less it was than other quotes I had received, including one from my insure of the last ten years, Boat US.
 
Ditto. Travelers was significantly less than everyone else I checked with for comparable coverage.
 
I used my HLOC for financing and State Farm for insurance. When I shopped around I got the best deal with them compared to BoatUS, Allstate, etc. However, I did not check travelers rates.
 
Underwriters, both loan and insurance focus on market segments. Sometimes there is no mention in which segment an underwriter is competitive. Ask if the underwriter is aggressively looking for new business like yours. New, used, older, newer, big, small, Great Lakes, Salt or, safe driver, youth driver, home owners, tenants, etc., etc.

Shop 'til you drop. Having said that, I did once go for the full service BOAT/US financing, documentation and insurance. It was very smooth and I later had about a $2500. claim and received fast and excellent service.
 
Travellers is EXCELLENT when it comes time to actually needing repairs.

They are tops in my book.
 
Brent...I financed and insured through the F & I dept at MM. I did shop around, and at the time they were able to offer the best rates. One place you may check out, since in live in St Louis, is the Spirit of St. Louis Credit Union. You may be elgible to join...I was because I have relatives in the St. Loius area. However, when I purchased my boat, they had temporarily quit making long term boat loans, but they are making them now.
 
Bottom Line said:
Brent...I financed and insured through the F & I dept at MM. I did shop around, and at the time they were able to offer the best rates. One place you may check out, since in live in St Louis, is the Spirit of St. Louis Credit Union. You may be elgible to join...I was because I have relatives in the St. Loius area. However, when I purchased my boat, they had temporarily quit making long term boat loans, but they are making them now.
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Actually our salesman suggested Spirit. My father in law is a member there, so I'll definately check them out.
 
We've financed our last 2 SRs with M&T bank, and have been very happy.

Changed from State Farm to Middlesex Mutual Assurance. The policy for the 340 was 1/2 of what State Farm wanted, with better coverage and agreed value. Unfortunately, I think they only cover New England and New York.
 
I was very pleased with Scott Financial on the purchase of our 280 and worked with the staff at their Baltimore headquarters. I had no problems with them being 1,200 miles away. Everything went very smoothly even with the added complications that can sometimes accompany a private sale.
 
devilrays said:
I'm curious to see what kind of interest rates everyone one getting when they did the financing?
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12 year, $500 down and 7.75% :huh: The loan will never see 12 years but there was no diffence in rate if we lowered the years or increased the payment so we stuck with it.

Wesley
 
financing

I got 5.25% through Keybank two years ago. It made for great payments, but unfortunately that is making my decision on upgrading a difficult one.
 
Isn't Key Bank the lender that Marine Max uses? Yea, It's hard now that rates are 5.25%, but they could be worse. I'm hoping to get around 7% when I get my next boat.
 
I got some quotes from Key Bank and Scott Financial today. There was a surprising difference in quotes.

Scott offered a 7.5% interest rate for 15 years, 10% down. If you put 15% down for 15 years it goes down to 6.75%. I told her that I was planning on financing $75k, but I think I could finance less and get the same terms.

Key Bank was higher. A 15 year loan on no less than $75k note was 8.49%, 20 year was 8.34% (seems like the shorter term would have had the lower rate.) Both of these rates and terms were with 5% to 10% down.
 
I got 6.5% with 10% down, and it was good at anywhere from 12 - 20 years. I wanted 15, but they worked it up at 20 years. Then, it was between Christmas and New Years, and I had to close by the end of the year, so I went with the 20. My payments are really low, but I don't want to be lulled into a false sense of happiness, so I think I'm going to make extra principle payments.

Even though I bought an '05 well below retail, I don't think I can stay above water (so to speak) let alone build up any equity if I just make the required payment. The good news is that I can cut back to the min required when times get tough - and they will.
 
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