Im about to purchase a boat, and would like to know about what the going rate(s) are nowadays. I have a good credit score, around 700 last time I checked. Thanks.
Im about to purchase a boat, and would like to know about what the going rate(s) are nowadays. I have a good credit score, around 700 last time I checked. Thanks.
Check with board sponsor, RecLending (Trinity Sales & Marketing)... Have heard nothing but good things about them from members here.
https://www.reclending.com/
Who controls John Gill?
Don't know if you have a western sun close but they got me 5.5 on my last boat and are really easy to work with
Best rates on long term (8-15 years) is around 5.25%
Credit Unions are running around 3.3 for 75 months.
Born to fish, forced to work.
I just bought a Skeeter. Local bank gave me 4% simple interest for 60mo.
If you have to finance a bass boat for 15 years you don't need that boat. JmoOriginally Posted by tnsnow
My thoughts too.
Everyone's situation is different most people never have a boat 15 years anyway, lucky if some guys get 5 out of one
Long term recent purchase with good credit, from Blue Water (Bank of the West) was 5.9%. Here's the thing about long term financing: If you're going to get rid of the boat in 5 years or less, and you pay the minimum payment every month, you'll be upside down on the loan. If you're able to send an extra $100 bucks or more over and above the minimum payment, you'll be OK. That way, if something comes up for a month or two, you're only going to have a $350 payment rather than a $600
A 700 credit score is considered "good", but not excellent. Of course, it depends on your income to debt ratio as well...all those things factor into the rate you can get. 750+ is getting into the excellent range and you'll get a better rate, and easier financing. Boat financing is more difficult simply because it's strictly a luxury item. Car financing is the easiest to get. If you are going to go long term on a boat, get some brand that will hold it's resale value well, like a BassCat, Ranger. My choice is a BassCat.
BassCat '17 Sabre DC FTD Advantage Elite
175 Yamaha SHO
MK Fortrex 80
Credit unions about 3.99
Midnight rider is right--you will need to pay a little extra so you are not "upside down" in a few years but if you know that going in and you can find the interest rate you want--go for it. I can appreciate every ones opinion and their posts but you have to decide for yourself if it is worth it or not.
But it goes down easier if You label it "an investment" and worry about the 'resale'
I might finance one for 15 years if I was say 75. Hey might be like a house I was surprised to learn that you can be 90 and buy a house and still finance it for 30 years.
A financial institution cannot discriminate against someone because of their age.I was surprised to learn that you can be 90 and buy a house and still finance it for 30 years.
Long term financing is the best decision unless you pay cash upfront. Just because you finance it for 15 years doesn't mean you take that long to pay it off. Pay extra and pay it off early but if you get in a jam you are not stuck with a huge payment but something more manageable until you get back on your feet.
If that works for you that's good. But no thanks.
What!!!!
Your not paying cash!!!!!
why not.i probably don't need it but I want it
"keep your blood thin,you will live longer"
If you do a 15 year loan you should get a lower rate that's what I did when I bought mine, and then paid it off in 2 years. But I had the contract say no penalty for early payoff;
When did they start that its usually the other way around like a 15 year vs 30 mortgage.
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