Need info about inboard boat loans.

I'm thinking about upgrading from a I/O to a true inboard boat. I was just wondering how hard it is to get a boat loan. I have no experience with this area, because I bought my I/O with straight cash. Any help would be great.
The main things I want to know are: How many years can u finance a used boat. Boat loan interest rates, etc.

Right now, it is harder than it has been in the past. I have heard that 20% down with a 730 or better is about average for new boat loans. I am not too sure about used. With new you can finance them up to 20 years, but I think most people do about 10, so I would think you could probably get away with 7 or 8 on a used boat.

Everything Mike just said is about right. Dealers are willing to let you finance for about 20 years or so. But they are going to want 20 percent down when you take the boat home, even for those with good credit. For your average top of the line inboard you're going to want to have a ballpark of about $14,000 to drop down.

I work at for 10 Largest Banks in the US. Loans are no problem if you have decent credit and collateral. We are clearing boat loans no problem with FICO of 670-80 you will get you best interest rates if your Fico is above 700. Really one of the main changes I have seen since the credit crunch is that most companies will only give freight or wholesale value for boats over ten years old, unless you can live on it and its over 30 feet long. Wholesale value would require at least down payment for the difference between the wholesale value and private party or dealer value. Banks (at least the one I work at) are still going 100% loan to value on all boats and cars. During the MN boat show I helped several of my clients get loans with 100% Loan to value, its no problem not having a down payment as long as you don’t amortize more than 10 years. Hope this helps.

I put $4000 down and then got a $4000, 4 year 7% loan from Wells Fargo with a high credit score. The minimum payment is only like $100 a month but I try to do more. Only like $1000 left. I also spend about $1000 in upgrades from my own money.

I bought a 1987 Supra SunSport. Used to own an old I/O for many years and haven't looked back. No trouble whatsoever with a fixed propeller. Running over your rope sucks. I run in a river.

I purchased my O3 at the end of the 08 summer. My interest rate is locked in at 4.99 on a 10 year loan. Not sure if it makes a difference, but we went through a credit union rather then a bank.

Moon

Thanks guys for all the info. I'm looking to spend from 20,000-25,000. I have about 3000 cash but I could come up with a little more to put down. I also have a really high credit score about 730. Does this sound like a good base to work with.

I don't think you will have any issues... usually easier to arrange a loan through a dealer, but going to your local bank is a good route too if you have an established relashionship with them

Guys my banks and credit union suck. They will not finance over 5 years and interest rates ran from 8.99% to 13.00%. I don't know what I'm going to do.

You are getting raped at those rates. Go online.

I just got 7.5% for 20 yrs. Very little down. Credit over 750. That was through Bank of the West. That was for amounts over 50K and was on a new boat.

Check out the Pentagon Federal Credit Union if you want some great short term balloons or fixed/variable boat loans.

Bottom line - shop around. Rates have been pretty stagnant for over 6 months. Go to google and search boat loans. Plan on 7-8.5% with the longest term of 15. Hard to find 20's right now.

I checked with about ten different banks and they all told me anywhere between 9% and 14% too, until I called a local bank that I never even banked at and got a 15 year loan @ 7% in Nov. for a new 08 X2 That was by far the best I could find then without putting anything down. Just keep looking and I an sure you can find something. Not sure if it will help but you can try South Side Bank in Peoria, IL. That is where I went.

I'm at 7% for 7 yrs. 14k loan- no money down. That was thru my local credit union for a used (obviously) boat.

Thanks for the Info. I'll check online and around town at more local banks. Hopefully I can find something.

Jonathan.... try going to www.toyloan.ca

They are canadian and provide loans for boats with amortizations of 10-15 years on used boats and 20 on new ones.

Typical banks and credit unions will only offer 5 years since they are offering a straight up "loan"

I got 5.9 on a five year. Go to a local small bank Jonathan. Tell them you are appoved through a competitor, but you didn't like the terms. You may have to go adjustable on anything over a five year, but at that time, it shouldn't make much difference on the payment. Say for instance you get a 25K loan on a 10 year am fixed for five years. Lets say after five years the rate jumps to 9%(I was using 6.5 as the initial). Your balance would be roughly 14.5K, and your payment would jump from 286/m to 301/m, so its not that bad. I wouldn't finance that amount for anything over 10years. Less if you can afford it.

Put it on a Home Equity if you own your home. Tax dedictible!

Also, make sure you find out what index they use for their rates. NYP, 3yT, etc....