I have been paying on a loan for a little over 2 years. It was a $50k, 15 year, 7% new boat loan. Anyone in the banking industry that knows if you can refi a loan like this at a better rate? I am going to contact the bank it's with now, but wondered what you have heard out there. I am in Cincinnati, Ohio if that matters.

I doubt that in this market you'll find a rate better than 7%, sadly. I know that the bank I work for has boat/rv/motorcycle rates in the 10% range, and the credit union I financed my boat with last year is about the same.

I just got 6.74% through my local credit union. I'd call around to the credit unions in your area and see what they can do.

mike, if you dont mind me asking what are your payments?

456/month

Mike, if you cna find a better rate, NADA is what the re-fi bank will go by ( and only give you 85-90% of it) you'll have to come out of pocket $$$$ , in order to re-fi. Bottom line prolly wont; be worth it. <BR> <BR>Even goign to 6% your not sving that much money...just pay additional principal.