I know most here pay cash and I know the downside of financing, but in today's market I'm leaning towards buying new vs spending a ton on a used rig with no warranty. I can't find any good used rigs with the options I want and when I do they seem to want a lot of money and they're sold instantly. So what's a good option for long term financing? I've contacted reclending, but looking for other options.
Essex credit (bank of the west) has the best rates I’ve found, If memory serves its like 4.94 or 4.90% pending on loan amount and years financed, last I checked. They do have some minimum requirements to meet and charge a processing fee for the loan.
I’ve used US Bank on the last boat and will more than likely use them again when my new boat gets here. They’re somewhat “local” and have the second best rate I’ve found at the moment. (5.24%) and I prefer using a local bank
Money can't buy happiness but it can buy fishing baits and that's about the same thing
I went with US Bank. 5.5 percent and and everything’s online. They have a user friendly app with one click I can pay my bill and adjust the payment amount
Ah, yes something I know about
Bank of the West
Enjoy the new boat
Greg
Edgewater 245CC
Might look into your local credit unions as well. I managed to get 2.99% for mine this year.
^^
Check with local credit unions.
Local bank 3.5% for 5 yrs
Those are excellent rates for a boat loan. Almost makes it foolish not to borrow the money even if you don’t need to.
Huntington just did mine, I was happy with it.
Good luck finding a new boat as well, the market is tight.
Yep. Money is cheap right now and inflation is coming. Like mentioned, check with credit unions.Originally Posted by tcesni
Reclending was a nightmare when I used them. This was about 10 years ago though so maybe they have gotten better. But it was absolutely the single worst institution I've ever dealt with to finance something.
You could use the equity in your home. I did it a couple of times when I purchased cars or boats. I always had enough to put down that I was never going to be upside down on the loan (owe more than the asset is worth). Using a HELOC allows you to write off the interest on your taxes.
this was an option I looked at as well. I have 40k to put down, so I'm not financing a ton. We don't have a ton of equity in the house, but enough that we could make it work and I think interest rates on that were around 3.85% I'm considering going 15-20yr financing and throwing my 10-15k tax return/work bonus on it every year and having it paid off in a year or 2.
Aqua finance
Surprised to hear that. I used them around 10 years ago and they were awesome.
Rec Lending got me through my offshore boat financing from start to pickup in like 3-4 days time they were excellent. But their rates werent as competitive as others.
Someone mentioned US Bank....I spent the last 15 months trying to get a title to my truck from them after it was paid off...By the time it was done they ended up paying me 400 a month for the 15 months from start to finish it took to get my papers..id avoid em. Though it paid off in the end.
Nate go see Scott at Aegis in Clinton...he will get you what you need.
scotts a good friend of mine, but I don't think Aegis has long term loan options. Was looking at 15yr options to keep payments cheap and just throw tax returns and bonus on it every year to pay it off quick. I think I may have found a lead on a good used boat I can pay cash for. Fingers crossed.
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