Recommendations on who to use for a boat loan?

cwiert

Active Member
May 7, 2008
560
Chester, CT
Boat Info
1998 400 Sedan Bridge
Engines
CAT 3116 - 350HP
Anyone have any recommendations on who to use for a boat loan?
Considering upgrading, and doing my homework first.

Thanks.
 
If you have at least 50% down, take a 2nd mortgage on your house, it will be your best interest rate.
 
If you have at least 50% down, take a 2nd mortgage on your house, it will be your best interest rate.

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.
 
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 Ozarks...in Tennessee...
 
Pentagon Federal Credit Union www.penfed.com 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.
 
Great experience with LightStream, no lien on boat and cash in 24 hours
 
Yeah, Lightstream is great! Used them for my truck and my boat. Good Rate and NO LIEN.
 
Anyone have any recommendations on who to use for a boat loan?
Considering upgrading, and doing my homework first.

Thanks.

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.

Scott
 
If you have at least 50% down, take a 2nd mortgage on your house, it will be your best interest rate.

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.

No please, I would never tie a depreciating asset to your home to save a few bucks...
 
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.
 
No please, I would never tie a depreciating asset to your home to save a few bucks...
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...
 
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.
 
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