Recommendations on who to use for a boat loan?

Man looking at interest rates now wow.
My credit union did a 10 yr at 1.75% just a few years ago. Made the 120k loan nearly free and easy to double down on the payments. Now that same loan is over 6%
 
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.
HELL YEA! Best advice my father ever gave me, never jeopardize your house for toys. The bank wants your house far more than they want your used car / boat.
 
I heard a few commercials for Lightstream on the radio

"Rates from 6 percent up to 19.99 ....." :eek:
 
HELL YEA! Best advice my father ever gave me, never jeopardize your house for toys. The bank wants your house far more than they want your used car / boat.
PS, I had a LightStream loan on my boat, paid off last month. As noted earlier, it’s a signature loan, no collateral. Sure I paid around 7%. But I knew I would payoff in a couple years. And if I defaulted you know what that bank was getting? Dick! No house no boat no nothing. Was worth paying a little more for peace of mind.
 
Anyone have any recommendations on who to use for a boat loan?
Considering upgrading, and doing my homework first.

Thanks.

I don't have a lender recommendation, but I do have have my boat up for sale, if you're interested.
 
Looks like Lightstream still has 5.99 available for new car loans (for your "new" "car")
 
I used Lightstream for our 1986 250DA. 6% and I held the title. Had the funds in my bank the next day. My credit union would only lend for brand new boats and it was 12%. I'm guessing it's well over 20% now if they will even lend it. No other credit unions around would even lend for a boat. Our current boat is financed through a company that I can't think of now....lol. I think that one is 6% also
 
I used Lightstream for our 1986 250DA. 6% and I held the title. Had the funds in my bank the next day. My credit union would only lend for brand new boats and it was 12%. I'm guessing it's well over 20% now if they will even lend it. No other credit unions around would even lend for a boat. Our current boat is financed through a company that I can't think of now....lol. I think that one is 6% also

Just curious -- did Lightstream ask what it was for? How was your experience with them? I see they publish various rates, but the new boats loans are higher than the car loans. I've heard others suggest that you can imply it's for a new car and get that rate :eek:

A few years ago I got a 15-yr loan at 6.99% .... and looking back that wasn't the best rate even with excellent credit. But it was an older used boat :( I ended up paying it off in less than 2 years :cool:
 
When I got the LS loan I told them it was a boat loan and how did the title/lien work. As said, they don’t do that, so ya I told the lady it was a boat loan, didn’t seem to matter. That was 6/2020. Maybe they only had 1 rate then. Don’t know.
Every one said I’d never get a loan on a 29yo boat. I was just happy to get the loan. After that I wasn’t too concerned about the particulars.
 
I have a loan from The Pentagon Federal Credit Union. Costs $5 to join. Penfed.org

12 year note amortized as 20 years so the payment is pretty low. 5.75%. The thought is most people don’t keep a boat that long before moving to another one. $100k max loan.

Had my 340DA with them also. Called them up when I was looking at the 400DB. They basically walked through the NADA website asking me questions of what was on the 400DB. Gave me the max they would loan on the boat based on the NADA value (was much more than I needed). The lady said “Hold on a minute”. Came back to the phone and said “Your loan is approved”. “We will mail the check in the morning.” It was 18 minutes.

Also have my mortgage through them. 2.75%. They came to my house with the paperwork.

Very easy to deal with.
 
I have a loan from The Pentagon Federal Credit Union. Costs $5 to join. Penfed.org

Thanks -- I will check that out. I am partially financing a new boat. I know the rates are usually better on new vs old, but I'm also not closing until next spring and with rate locks being like a month max, who knows what they will be then :eek:
 
Just curious -- did Lightstream ask what it was for? How was your experience with them? I see they publish various rates, but the new boats loans are higher than the car loans. I've heard others suggest that you can imply it's for a new car and get that rate :eek:

A few years ago I got a 15-yr loan at 6.99% .... and looking back that wasn't the best rate even with excellent credit. But it was an older used boat :( I ended up paying it off in less than 2 years :cool:
They did ask what it was for but I probably could have used it for anything. I got the title for the boat and trailer and actually still owed about $2000 on that loan when I sold the Sea Ray. Could have paid it off but used that $2000 as a down payment on the Crownlineand paid off the Lightstream loan later
 

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