Recommendations on who to use for a boat loan?

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'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?

 

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...

 

Suntrust Truist BBT whatever it is called now.

 

Lightstream

 

BankOfAmerica

 

I second Lightstream.

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

 

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.

 

Cindy Lewis
> Marine Finance Specialist
> Sterling Associates- Mid Atlantic
> Serving Clients Nationwide
> 410-903-6611
> Cindy@recreationfinance.com

 

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.

 

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

 

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.

 

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...

 

Credit unions are a great source IF they do the type of lending you need.

 

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.

 

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.