Rates on boat loans
 

What have you guys been getting lately on used boat rates? Local credit union is currently quoting 5.25% on 72 months and 6.25% on 84 months. Anyone getting anything better than that?

Check out Essex. They give good rates.

Loan
 

If you own a house get an equity line of credit so you can write off the interest. Rates around 3% 20-30 years to repay so low monthly payments..

I'd second that the home equity can be the way to go due to low rates and the fact that the interest is tax deductible. That being said, many HELOC's have a variable interest rate on them, meaning, they are going to reprice in the event of increasing rates. In theory, they could go lower, but given that rates are near historic lows, there is a lot more room for rates to go up than down. Most HELOC's that I've seen also are not 30 year loans. They are frequently 5 year notes. There were a LOT of people who had big balances on their home equity lines back in 08 and 09 who had real problems when housing values fell and their HELOC's matured.

Essex seems to have great rates compared to my local credit union. Anyone dealt with them before or have a good contact there?

It will be a "hit or miss" with Essexx. I have heard both positive and negative reviews on them. I suggest giving them a shot and seeing how it goes.

There are a lot of bad reviews about Essex, but I got 4.65% on a new boat loan from them last month. Nobody else could come close to them so I went for it and I was really happy with how quick and smooth it all went.

I would imagine that a used boat loan might not go so easy though...

Last fall I was able to get around 5.5% on any term up to 15 years through www.twinstarcu.com

Rates have went up a little since then. but not a ton.

In January, I got 4.25% on a 84 month with nothing down through my credit union. My dealer offered 4.5% on 15 yr with 10% down

Which credit union?

i ll sent a PM with the information.

I got 4.8 on a 10 year loan with 0 down from the credit union in KC.

Just got 3.5% on 5 year with 20 down, at a credit union down here in texas. major banks were up in the 5 - 6 range

Pentagon Federal Credit Union has great rates and everything is done online so you get your check really fast. As long as you have a military family member.

no need for a military family member you can donate 15 bucks to one of the charities and join . well worth it

I just used a Essex for a used boat loan and I was happy with the transaction. It was all done online and via email. They did send someone out to inspect the boat but it was a very simple thing to set up and it happened the next day. overall I was really happy with it and got a low rate for a longer time period than anywhere else I could find.

Just got 5.5% on a 10 year through my bank up to $100k with 0 down.

Wow. They aren't doing you any favors.

Just go the new boat last month. Dealer set the financing up through BB&T.

Interest Rate - 4.74%
Term Length - 15 years
Amount Financed - $55,233.39
Monthly Payment - 429.34

Essex is good company. They only issue I have with them is their fees are on the very high side to close the loan. Their rates however are super competitive when you want to go longer terms.

Transactions are simple but it will take a week or two to close.

Throwing 0 down on a 15 year, 100k loan is absurd. All these 0 down scenarios with lengthy terms I just don't see as smart decision. If you can't walk off the dealership lot in the green on the boat you just purchased you can't afford the boat. Period. With these long loans you will be upside down almost the entire term. Being upside down on a depreciating item is not smart financially at all, but fun is fun and not everyone sees things the same way.

I was just qualified with Essex. 4.85%, a lot cheaper than most competitors. I just started the process with them. If you choose to do a HELOC, just remember that a lot of the lenders start the loan as interest only and the better rates are based on your LTV, DTI and the amount of which you borrow. The more you bower with lower compensating factors, generally, the lower the rate.

awesome. but paying over 20K in interest would drive me nuts.

got 3.25% for 8 years last year on mine.