Good interest rate

[Customsilverado]

What is a good interest rate on a new boat loan? Also what is an average rate?
I am just trying to make sure the rate I was given was as good as I was told.

[reclending.com]

What is a good interest rate on a new boat loan? Also what is an average rate?
I am just trying to make sure the rate I was given was as good as I was told.

Thank you for the questions. They seem very simple but the answers never are. As of today, the BEST numbers we are seeing are high 5's (really close to 6%) and up from there. Some lenders give a small discount for taking a shorter term than offered, but not all. We also see rates as high as 17.95% and in some cases that is good.
So when people ask for "average" that would normally mean something in between those numbers. I am certain the average is not what you are after. Rates are based mostly on credit score and loan history. Term is generally set by amount financed.
If you have a more specific question, I would be glad to review.
My office number is (517) 543-6921.
Let me know if I can help.
Thank you,
Ken

[Customsilverado]

Thank you for the questions. They seem very simple but the answers never are. As of today, the BEST numbers we are seeing are high 5's (really close to 6%) and up from there. Some lenders give a small discount for taking a shorter term than offered, but not all. We also see rates as high as 17.95% and in some cases that is good.
So when people ask for "average" that would normally mean something in between those numbers. I am certain the average is not what you are after. Rates are based mostly on credit score and loan history. Term is generally set by amount financed.
If you have a more specific question, I would be glad to review.
My office number is (517) 543-6921.
Let me know if I can help.
Thank you,
Ken

Thank you! I feel a lot better now, my rate came back at 5.99%, but I was at a boat show over the weekend and they were saying rates as low as 2.5%, which over 15-20 years is a big difference. I was worried I wasn't getting the best rate I could, but seems like I am getting a good rate.

[michael2277nh]

Thank you for the questions. They seem very simple but the answers never are. As of today, the BEST numbers we are seeing are high 5's (really close to 6%) and up from there. Some lenders give a small discount for taking a shorter term than offered, but not all. We also see rates as high as 17.95% and in some cases that is good.
So when people ask for "average" that would normally mean something in between those numbers. I am certain the average is not what you are after. Rates are based mostly on credit score and loan history. Term is generally set by amount financed.
If you have a more specific question, I would be glad to review.
My office number is (517) 543-6921.

Let me know if I can help.
Thank you,
Ken

Ken

Do you offer loans on brand new motors? Or who would you recommend if not... Thanks in advance for your help.

Michael

[BoatNoobie]

Fwiw, when I got quoted a couple weeks ago from my credit union, it was 5.19%

[reclending.com]

Ken

Do you offer loans on brand new motors? Or who would you recommend if not... Thanks in advance for your help.

Michael

There are a couple re-power options out there but not the best programs. There is also the issue of exiting liens in place. The way it works the best is for a complete new loan. Lenders will not split liens on the package.
Sometimes form a dollar point of view, doing a complete swap works out better. The thing to think about with a new engine on an old boat is the balance of value gets a bit messed up. Also loans are generally based on the hull age.
Let me know if we can help.
Thank you,
Ken

[Customsilverado]

From what I understand interest rates are usually better from credit unions that you are with, that is something I need to look into in the future.

Fwiw, when I got quoted a couple weeks ago from my credit union, it was 5.19%