So how are you guys getting the best rates? Bank of america is 6-10% right now. I have seen some rates as low as 5 with finance companys. Do you have to watch out for hidden charges with the companys?

Yes. Watch the apr, and early payoff penalties.

home equity is a nice to way to get title in hand. also, has some nice tax benefits and the fact that you own the boat outright makes for easy sale or trade in, when ready to upgrade. we did a refi at 5.65% <BR>if you're not a homeowner, you may look into doing a search on lenders who only do marine lending. Essex credit use to be pretty competitive, there are quite a few others out there that are hungry for business as well.

cool thanks any other names? some one was telling me bank of the west is decent also

Go with a local credit union if you want to get a shorter term loan (5-6 years). Their interest rates are typically better than any major lender (Bank of America etc.) plus they are often more pleasant to deal with. If you are looking for a longer term loan I would shop all of the major boat loan companies, they typically offer 15 year+ loans depending on how old the boat is. I don't know of any off hand, but search on the net and call each one to find out their best rate, and terms. You can do this without giving them any personal info., just have an idea of what boat you want to buy.

I second the vote for credit union.... I have done the research and they are generally better, but of course it is a shorter term. Also the home equity is a good idea

I go tmy loan through the dealer that I purchased the boat.It's bank of america at 6%!

Also I banked with credit union for 12 years and they couldn't do a better loan.

im no financial guru but i would caution against a house refi for the purchase of a toy. just my opinion. save as much as you can and borrow as little as possible at the best rate you are afforded. shop around too and know your fico score.

whats a fico score? saw my credit rating it was high 700's. im thinking of 10yr term on an 2002ish boat

WHat about using an equity line off a house to pay off the boat right away. That way you get the tax right off.

The home equity is a good way to go if you don't mind using up your equity. At least you can write off the interest you pay on the boat. I work for a bank, and we compete with credit unions all the time. Their rates are no different than ours, and most of the time, they charge a higher fee. ALso, remember if you buy a boat with a built in toilet, you can count it as a vacation home(at least in KS), write off the interest, taxes, and spread it over 15 to 30 years.

cool thanks, i dont think i can get a san 210 with a toliet yet though ha ha!

Gives new meaning to the word ballast doesn't it.