Recommendations on who to use for a boat loan?

Discussion in 'Ask the Broker' started by cwiert, Mar 30, 2021.

  1. cwiert

    cwiert Active Member

    May 7, 2008
    Chester, CT
    1998 400 Sedan Bridge
    CAT 3116 - 350HP
    Anyone have any recommendations on who to use for a boat loan?
    Considering upgrading, and doing my homework first.

  2. The Bill Collector

    The Bill Collector Well-Known Member GOLD Sponsor

    Jun 2, 2008
    Tacoma, WA
    1998 450 Sundancer, Achilles dinghy w/15hp
    3126 Cat's
    If you have at least 50% down, take a 2nd mortgage on your house, it will be your best interest rate.
  3. Phil S

    Phil S Well-Known Member

    Oct 16, 2020
    Former 2004 300DA
    5.0 MPIs and Bravo IIIs
    New boat incoming
    Sundolphin 9-foot Tender
    9.9hp Mercury OB
    That is definitely true. I did a deal last fall and ended up going with a separate boat loan (financing) vs a home equity loan or home equity line of credit. The loan ended up being something in the high 6's versus home equity lines in the 3's. At that time my bank had put a temporary stop on certain home equity loans, plus the time to close was 2-3 months. If I had it to do over again, I would get a HELOC in advance, so when I found the right boat I was ready to go.
    The Bill Collector likes this.
  4. Stee6043

    Stee6043 Well-Known Member

    Jun 1, 2015
    West Michigan
    1997 Sundancer 400
    7.4L Gassers
    I've always used a local credit union. My current boat loan is at 2.75%. I'm not sure you can beat that with many second mortgages or HELOCs?
  5. carterchapman

    carterchapman Well-Known Member TECHNICAL Contributor

    Mar 25, 2008
    Lake Chickamauga/Marietta, GA/Ft. Myers, FL
    2006 Sea Ray 58 DB
    MAN CRM V8-900s, Twin Disc Drives; Onan 21.5 Generator
    I had a dockmate who wanted to finance a 20 year old boat for 20 years. I have no experience with that, but I understand that's asking a lot. He got a loan through Bank of the Tennessee...
  6. bahamabreisus

    bahamabreisus Well-Known Member

    Oct 25, 2007
    Hampstead NC
    370 dancer, previous 500,420,390,300 dancers
    454 CI MPI
    Suntrust Truist BBT whatever it is called now.
  7. Pirate Lady

    Pirate Lady Well-Known Member

    Jun 2, 2020
    Chesapeake Bay, Middle River
    Sundancer 250 ‘91
    7.4 Bravo 1
    sea hare likes this.
  8. JimG

    JimG Well-Known Member

    Nov 4, 2008
    Southern WV
    2007 310 DA
    Kohler 5ECD
    Twin 350 Mags
    Raw Water Cooled
  9. Little Ducky

    Little Ducky Well-Known Member

    Jun 5, 2017
    Dickson, TN / Chattanooga, TN
    1998 290 Sundancer
    Twin EFI 5.0L w/Alphas
    Kohler 4kW
    I second Lightstream.

    Depending on age of the boat you might have a tough time finding conventional loans.
  10. Steve S

    Steve S Well-Known Member PLATINUM Sponsor

    Jun 5, 2007
    Northern IL.
    2000 400 Sedan Bridge with twin CAT 3116's

    2000 340 Sundancer - SOLD!
    210 Monaco 1987 - SOLD!
    Twin Caterpillar 3116's 350 HP straight drives
    Pentagon Federal Credit Union has been good to me. $100K max loan. Low rate, 12 year note amortized over 20 years, so a balloon payment at the end of 20 years. Since I figured that I might upgrade before the 12 years, it works fine for me. Since I was already a member, it was 18 minutes from the time I asked until they told me they would mail a check in the morning.
  11. HP12Sea

    HP12Sea Member

    Nov 2, 2020
    Brielle, NJ
    '05 Cabo now, Cummins, Furuno, Westerbeke
    Cummins QSCs
    Cindy Lewis
    > Marine Finance Specialist
    > Sterling Associates- Mid Atlantic
    > Serving Clients Nationwide
    > 410-903-6611
  12. Strecker25

    Strecker25 Well-Known Member

    Nov 20, 2014
    Rochester, NY
    2002 410DA
    Caterpillar 350HP 3126
    Great experience with LightStream, no lien on boat and cash in 24 hours
  13. sea hare

    sea hare Member

    May 14, 2012
    2001 fiesta vee 310
    T-merc 5.7 carbed B3
    Yeah, Lightstream is great! Used them for my truck and my boat. Good Rate and NO LIEN.
  14. swaterhouse

    swaterhouse Well-Known Member GOLD Sponsor

    Jan 7, 2015
    Mattapoisett, MA
    2008 58 DB
    MAN CRM 900
    How is it going John, its been a while. We are in the process of upgrading ourselves, but its a tough market to find good boats.

    If you are looking for a 7 year or shorter loan for under 100k, I would also suggest Lightstream.

    If looking for longer or more Bob Dunford at Trident Funding has done really well for me.

  15. MonacoMike

    MonacoMike Well-Known Member

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    No please, I would never tie a depreciating asset to your home to save a few bucks...
    Gofirstclass and my3sons like this.
  16. my3sons

    my3sons Well-Known Member SILVER Sponsor

    Feb 24, 2009
    Western NY (Lake Erie)
    2004 400DB, Onan 9 kw Generator, Highfield RIB,
    Cummins 6CTA M-3
    I was in the FCU today and noticed the rates while waiting in line.
    1.99 for new cars/trucks and 3.50 for boats. I thought that was pretty good.
    The Bill Collector likes this.
  17. The Bill Collector

    The Bill Collector Well-Known Member GOLD Sponsor

    Jun 2, 2008
    Tacoma, WA
    1998 450 Sundancer, Achilles dinghy w/15hp
    3126 Cat's
    We all have our own personal comfort/risk zone and with the loan to value under 33% and enough in my market account to pay it off 3 times over.... Let's just say I was very comfortable with my financing arrangements...
    Strecker25 and MonacoMike like this.
  18. MonacoMike

    MonacoMike Well-Known Member

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    Credit unions are a great source IF they do the type of lending you need.
  19. CamilleGreen

    CamilleGreen New Member

    Oct 18, 2022
    sry private info
    usual boat engine (private)
    Friend, don't rush to listen to everyone who gives you advice. Go to a qualified professional who will advise you on a mortgage loan; it is much more convenient and reliable. I wanted to take out a car mortgage a couple of months ago as I didn't have much money. Luckily, I could sign up for a free consultation with a Mortgage Broker Croydon who explained all the nuances and gave me confidence in my decision. I think you will be able to make the right decision. I wish you the best of luck on your difficult journey.
    Last edited: Oct 20, 2022
    mrsrobinson likes this.
  20. Gofirstclass

    Gofirstclass Well-Known Member GOLD Sponsor

    Apr 20, 2010
    Tri Cities, WA
    Boatless in WA
    No motor
    I second Monaco Mike's recommendation==Do not get a home equity loan to buy a boat. One never knows when the sh!t will hit the fan. When times get tough and you are unable to make your payments, it would be MUCH easier to give your boat to the bank than to give your home to the bank.

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