Boat Loan

[BMCD]

Dealers usually know where to go based on credit scores, but rates have gone up. This current boat has the highest interest rate I have ever had on a boat. And the longest term, but I had to take it to get the rate.

[lakefolk]

credit union

[DAC244]

Yep mortgage rates have been creeping up so I would imagine boat loans are starting to get up there pretty good.

[2500]

So you always have a boat payment?

No I buy in 1st year or payoff however you say it. But I get Team deal and pay the minimum plus 200 bucks to principle . that way we see the interest paid quick and gets you below loan value faster. I generally buy outright but on team deal boats I do this as I can write off use.

[RazorCat]

Try your local credit unions. Membership has it’s benefits. And if you have really good credit their rates are sometimes negotiable.
We bought a new car yesterday so I called our CU to compare to what the dealer was offering. Starting rates were 3.25% for up to 72 months. Told them I was looking for something around 3%. When they called back they offered 2.79%. Couldn’t ask for better treatment on loans, or higher rates of return on a money market account.
I also asked about boat loans purely out of curiosity. Same rate. 2.79% up to 72 months. Variable up to 4.79% for up to 8 years depending on credit. They wouldn’t go longer than 8 years.

[grandbassslayer]

Try your local credit unions. Membership has it’s benefits. And if you have really good credit their rates are sometimes negotiable.
We bought a new car yesterday so I called our CU to compare to what the dealer was offering. Starting rates were 3.25% for up to 72 months. Told them I was looking for something around 3%. When they called back they offered 2.79%. Couldn’t ask for better treatment on loans, or higher rates of return on a money market account.
I also asked about boat loans purely out of curiosity. Same rate. 2.79% up to 72 months. Variable up to 4.79% for up to 8 years depending on credit. They wouldn’t go longer than 8 years.

So they give you 1.5% on your money, then turn around and loan your money to you at 2.79? I'm being a bit snarky but I don't see how that's a good deal.

[froggerbass]

False....you can live in a boat....but YOU CAN"T fish out of a house.....

Can I hire you as my wife’s financial consultant?

[gjudkins]

redstone federal credit union.'Think they are located in Anniston Al. current rate is 5.45%

[jedwards]

Can I hire you as my wife’s financial consultant?

[bass8]

When I bought my boat last Oct got 1.9% from the cu. Just bought a new truck and negotiated to 1.9% from same cu. Hang in there and haggle with them.

[exx1976]

Reclending here, too. Super nice folks, and very easy to deal with.

[Hickory Legend]

credit union

Usually a great rate but check with the board sponsor and others. Remember, they are working for you, shop around for the best rate regardless.

[Gamblinman]

Your rate is dependent on your current and past credit rating.

[Dan21XRS]

Shop around lower rates are available if you have a good credit rating... Dan

[RazorCat]

So they give you 1.5% on your money, then turn around and loan your money to you at 2.79? I'm being a bit snarky but I don't see how that's a good deal.

We keep enough available funds in a CU MM account for emergencies, and occasional unscheduled expenses. Much better rates than any savings account I’ve found. A place to park money so it’s readily available same day. The rest is invested to generate compound interest rates that far exceeds that of any loans I might ever take out. I’d never consider taking money out of an investment account that makes 3-4 times the current rates I can borrow at in order to pay “cash”. That’s just me.

[Orion922]

We keep enough available funds in a CU MM account for emergencies, and occasional unscheduled expenses. Much better rates than any savings account I’ve found. A place to park money so it’s readily available same day. The rest is invested to generate compound interest rates that far exceeds that of any loans I might ever take out. I’d never consider taking money out of an investment account that makes 3-4 times the current rates I can borrow at in order to pay “cash”. That’s just me.

I have enjoyed on conversations on this topic.

[basshole51]

Can I hire you as my wife’s financial consultant?

[Riccochet]

I shopped around when I purchased. My best deal came from a local credit union. Even the dealer finance person couldn't beat the rate I got with a CU.

Really, it's all dependent on your credit score/history and how willing a dealer is to not make much on the financing side of the deal.

[smbass77]

When I bought my boat last Oct got 1.9% from the cu. Just bought a new truck and negotiated to 1.9% from same cu. Hang in there and haggle with them.

and I thought I got a great deal two years ago with 3.2% from my Credit Union ha. Wow!!!

[BMCD]

Curious if these CU rates are for 10 years, or are they 5 years and less?