you guys that have good credit that got a new boat loan was wondering what kinda intrest rates you were getting? I've got good credit score over 800 and no debt and my bank was quoting a rate of 8%. I thought that was a little high but maybe not?
you guys that have good credit that got a new boat loan was wondering what kinda intrest rates you were getting? I've got good credit score over 800 and no debt and my bank was quoting a rate of 8%. I thought that was a little high but maybe not?
Good morning,Originally Posted by Curt 1
With good credit 8% is high. We are seeing numbers in the high 5's and up from there. Mostly score drives the rate but sometimes age of unit and term can also contribute a bit.
Let me know how we can help.
Thank you,
Ken
thanks I'll look into you guys when I get ready to buy
I got mine through US Bank for 5.29% a couple weeks ago.
Older thread, but it might help...
I got my 1 year old used bass boat for 4.9% through a credit union. My credit score was 740ish at the time
Just went through this. Credit score over 800. Marine dealer uses lots of lenders. Finance guy tells me my score pretty much one of the highest he's seen and yet they can only get 5.25% on a new boat. He had about 12 deals working at that time, on his desk, and the range went up to 9%. I was also amazed the terms could go as much as 15yrs. I didn't use them, by the way.
Rates have actually gone up a bit in the last few weeks. Banks base everything on risk. The other thing that is changing is a brighter light on provable income, credit card debt and debt to income ratio. We have even heard of a few lenders actually making employer calls again. Like back in the old days (08 - 09). Banks are lending and that is a good thing, they are just spending a bit more time verifying (and that's good too).
The other thing is that the Marine and RV business is very strong.
Let us know if we can help.
Thank you,
Ken
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Just purchased a boat from a Dealer in Colorado, I’m in AZ...I have outstanding credit, 800’s...First bank they tried it came back 8.99%...They went to another lender and came back at 5.99...I didn’t even think to check with Reclending, I’ve been off this site for awhile with life changes...
The 5.99% number you mentioned is a good number. Once in a while there are small local lenders that will low ball something. Generally there is something in the fine print to watch for. Fromm what we are seeing, there is nothing out of line with that number.
Enjoy your summer.
Thank you,
Ken
Wouldn't a home equity loan be cheaper? Then you can get a new puller too.
Not sure where home refi rates are. They are not meant for toys so you always need to be careful with that. Also, most will have closing costs and take time with appraisals and closings.
Ken
Last edited by reclending.com; 07-08-2020 at 08:00 AM.
Got 5.22% for 15 yrs on a new 2020 Lowe FS1700 back in late Nov 2019 with a 820+ credit w/ US Bank. The 5.22% rate was the same from 9-15 yrs loan, so took longest term and paying more than double right now unless I run into hard times.
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