Boat Loans

Where is the best place to get the best interest rates/least amount of fees on boat loans, looking for a 10 to 15yr.

Anyone with personal experience with a certain lender would be preferred.

On what type of boat, what dollar amount, what kind of credit?

Typically your dealer will either have an F&I guy or sales person will do the loans. They usually have a few banking relationships and can typically get better rates than if you walked into a bank.

usaa worked for me

just got 7.5% with us bank financing for 15 yrs

try key bank... great rates, and low low fees

boatloan.com
patrick maloney...i got 8.8% which was good for having very little credit

Ditto on USAA

The best rate you will see right now will be 7.5% with great credit. I am talking 720+ fico score. That is for up to a 20 year loan and you would be able to go zero down

USAA all the way! If you are lucky enough to be a member, they are the very best.

key bank, 7.5%, annual payment, 15 years, no hassle's and you wont need any money down. over 60k they will do 20 years. its my second loan from them and its easy, even when buying brand new. it can be easier to let the dealer do it all for you but my credit is, well, good and i got a better rate and my annual payment program the last 2 times by financing on my own. the annual payment is great. i pay 1 payment after 6 months then 1 payment a year on that same day for a total of 15 payments. no pre payment fees. and my payment is do just after i get my tax return. works for me give them a call or just go to keybank.com.

t-bag, mastercraft boat--looking around 50k, with 730 credit

I 2nd Key Bank

6.85 with a bank that the dealer deals with.

6.85! when, where, what bank?

Whats everyones take on rates now that prime dropped half a point? do yoiu think loans will drop as well?

back in late july 07. a local bank by the lake where the mc dealer is at. 1st national bank ketchum.

I went through my Credit Union for a 5 yr loan. 6.75%

I got 7% thru my dealer, 15 years , zero down. Wells Fargo. About 5 months agao.

Wait until Oct 30 the Fed will cut the rate again and then you should be able to get 7-7.25% w/700 credit for 15-20yrs. If anyone offers you a lower rate (like the dealer) it is because they are buying down the rate themselves and thus will offer less room to move on their purchase price.

Check with your local bank and haggle with them a bit, my original number was quoted at 8% but I got the loan at 6.8% I believe. 10 year zero down.

This was back in June

USAA is 6.14 but the whole membership thing stinks for most

I would hold off for 30 days until the rates adjust. The fed just droped rates .5% but this wont hit the market for a week or two. You should be able to get around 6.75% for 5 years and less, 7% for 5 years, and 7.25% for 6 years.

Keybank worked for me

Fifth Third 15 year 7.05% if you let them take it right out of your checking account. Keybank was 3/4 a point higher. Oh yeah, I paid the taxes not sure if that made any difference in the rate

Wings Financial is offering 5.9% on all recreational vehicles. They are northwest airlines credit union...if you can find a way to join its the best rate ive seen so far hands down!

Anthony- looks good but you have to be a family member to join get those rates.

Whats the monthly payments on your 7-8% loans for 15 years??? and how much was financed and put down on it???

$425/mo @ 7.25% financed 45K for 15 yrs(i didn't have 45K lying around but who does?) i'm glad my work allows me to put in hours of overtime

6.5% through Wells Fargo about 4 months ago. Got a .5% discount for buying it during their spring boat show.

17.5 years at $418 a month. Will have it paid for in less than 10 years though.

PAY CASH! www.daveramsey.com. Make yourself the payment for the next 5 years and then see if you want a boat.

My local credit union currently offers boat loans at 6.75% fixed rate with great credit and 15% down for up to 240 months. check your local credit union out as well. They seem to have some of the best rates.

(Message edited by waterfreak on October 01, 2007)

rG,
I’ll give you a little advice for the next go around. Next time you negotiate a deal with someone for a week on a boat, agree on a price, make a list of requests to be done to it, set up a time to look at it, and put a down payment on it, at least have the common curiosity to call the person, and tell them you don’t have the scratch to put the deal together, instead of sending them an email, and not answer the phone. No hard feelings at all, but at least call the person.

As long as you can comfortably make the payments, get a Home Equity Loan and write off the interest...

Shawn,
I can answer my phone, my phone was dead that night without a charger. Sry dude if email isnt good enough for you as such you never replyed so I figured you didnt want to talk. I'd have loved to go with your boat but my bank will not loan me that much as they stated they dont believe its worth it. Nevertheless I dont agree with them but what the heck....

rG,
Just so we are on the same page. Since the battery was dead with no charger, the voicemail doesn’t work? Also, does it not receive text messages either? And I assume that very evening the power went out were you were unable to check your email also? I distinctly left you a voicemail, email, and a text message asking you to call me.
Also, so you are telling me the reason they would not loan you the money for 2007 MasterCraft X-2 with 110 hours on it, is because they don’t think it is worth $57k? Not really sure where you went, but that is just flat out untrue.
.
.
The only thing I ask, is that you don’t drag me thru the mud because the deal didn’t go thru on your end. I fulfilled every requirement on my end. But I guess it doesn’t matter anyway, because apparently by your profile you already have a 2008 X-2

Ahhh, not to get in the middle of something but with an established 730 score a bank would go a little above and beyond actual book value...

Shawn,

I went thru excel credit. To tell you the truth they tried telling my they only believe its worth 41k. I argued with them but that was there counter offer

Anyways with that said they said if I went with new they'd have no problem with that since they treat that totally different.

If you want to speak about it more feel free to email me since there is no need to bring it into this thread.

This is the boat in question. Still for sale by the way.

$41k?? Case closed, enough said, they are obviously idiots.

With a 730 credit score banks do not make counter offers... I deal with lenders every day and something smells fishy. Not to call you a liar but you should have gone somewhere else as I am sure an interested buyer would have. Very nice boat Shawn and I am sure you will not have trouble selling it.

I had 730 before refinancing a mth ago, found out the other day its 695 from the refi

Shawn-this shouldnt be a setback for you-like you said alot of ppl wanted it, again my bad- as such thats why I said LET me get this OKED by the bank before I come there. Whatever enough said...

same thing over and over with you.

skee, you will sell that awesome boat to someone who really wants and is prepared to buy a boat.

same thing over and over with you.

skee, you will sell that awesome boat to someone who really wants it and is prepared to buy a boat.

rg, how you have not been banned is beyond me.

i hate a good deal gone sour. rg it is your bad for trying to close a deal with no funds but in your defence most banks that do not speacilize in boats, rv's, etc will only base the value off of "low blue book" thats why you need to go to key bank, they will make it happen for you. i have financed 3 times with them now, 1 used and 2 new. they will understand the value of the boat better. before i sold my sanger i had a guy tell me it was only worth 30 grand, thats what his bank said. well i sold it for 42. also most banks will not do 100% on a used purchase, i got key bank too. either get with the right type of lender or you need to come up with money down. thats it. and 57 seems like a decent deal for that x2, boat looks great shawn

Insurance - Do you ever have anything good to say? Banned for what??? Dude I dont believe in F-ing ppl on purchases just had an issue with them NOT wanting to financed used for the price he was asking-what the F can one do?

Bryan- I agree already stated my bad- it was excel credit, they specializes in boats and RV's. I'll have to check key.

To make the record clear I did receive his voicemail and emailed him that night from a friends house to let him know I was at not at home and did not have my charger but friend had internet. Text messages cannot be received when phone is dead. Emailed him but he never emailed me back, love to hear the one side of the story and not the other.

As far as financing they did approve me for new just not for used. I still dont understand why they do this, obviously Brian you have seen it before so it seems somewhat common

rg its common, infact when i used key the first time i bought "new" i actually through them for a loop. they deal with dealers all over the states but when i came in to finance my own loan for a new boat purchase it was odd to them. the reason i did this was because the dealer cant qualify you for an annual payment program. and thats what i want so i did it it on my own. so hen i went to close the deal with my dealer on my sanger they siad i was pre approved for x dollars and when they where given the boat vin the valued it off of used and said they would not fund it. a little communication and it was solved. and with the purchase of my bu it was easy.

rg im not here to point blame and you dont need to justify yourself to us. its all good. lesson learned to both buyer and seller on this. in fact i cant wait to see you in an mc so we dont have to answer any more ridiculous questions. try key, call the 800 # and ask for courtny she knows here s@#t and will help you through this. once pre approved it should give you 30 days to look. good luck rg, and i am willing to help you with any more questions you might have so feel free to pm me.

If you have equity in your home, you can do a home equity loan. I am a loan officer for Charter One Bank and we can do 6.99% with no costs at $50,000-$74,999. We can do a 5, 10, 15, 20 or 25 year payment. You can usually write off the interest - so if you are at 20% tax bracket, it is really like you are paying 5.59% on the boat.

NADA shows Shawn's used boat value at low retail 52,210. NADA is usually what banks go by for financing?? Not sure why they would think it was lower??

Average retail is $59,980

(Message edited by waterfreak on October 03, 2007)

Water freak,
Good call, and that is with out the trailer, I assume. This will help everyone.

http://www.lockituponline.com/2007_x-2_sale/NADA-2007-X-2-Switch.pdf

Mike-actually dont have that much equity in home, they are willing to finance a NEW one which is cool though. One thing I can not understand is why there isnt a better way that banks use to determine price on used boats and/or why they tried telling me they'll only loan 41k on it. Especially since they are a boat& RV credit center.

Good luck Shawn, boat is awesome; no hard feelings here...

Of course not.....it's all good in the hood.
.
On a side note for everyone. Just talked to my dealer today, and they are willing to do financing through their lenders. Most of which will do a 100% financed on used. Thought I would throw that out there.

Shawn way to be proactive on the boat sell. That says a lot about the seller. Good work on securing financing for the potential buyer. Good luck

Thanks man. I am truly a nice guy. I just want an X-Star BAD!!!!!

Back to the origional thread since it was jacked, excel credit is offering 15yr 6.75 for brand new, not bad

Just talked to excel credit. 6.75 is not for 15yrs unless its over 100K. 7.5%-7.99% for 15yrs.

talk to barb or kristen 1-800-337-7774 ext 2802 just told me TODAY 60k for 6.75%.

Erik they werent able to give me an exact percentage when I first called they told me 7%, After having the underwriter look over everything they came back at 6.75% for 15yrs, only clause is to at least keep the loan for 1 yr.

If your looking at going used good luck with them...

just remember not to just look at your monthly payments. dont get upside down on the loan. i was looking to get a loan for 30k at 7.5% and it was going to cost me almost 19k on interest alone for 12 years. now the boat was 35k so..paying 54k on a 35k boat. doesnt make sense. and especially if you were to put it up for sale a couple years down the road. you will never get your money back out of it.

torey - you are right to make sure you are not upside down on the boat. but you can't just look at the overall interest paid and say that it is not worth it. first off, you are probably not going to keep the boat for 12 years, so you aren't paying $54k for a $35k. When you run your numbers, the payment is $369/month.

If you keep the boat for 3 years, you will have paid $13,300 over that time period and the principle balance would be $28,942 on the loan. So as long as you can assume your $35,000 boat would be worth at least $29,000 in three years, you have nothing to worry about.


It is definitely best to have a really low rate or make a big down payment. But financing is not all bad. If you had the money to pay cash, but you know you can make at least 8%+ on your money, why give all that cash away? Financing is smart, but don't borrow 100% at 15 or 20 years if you plan on selling in 2 years, you will be upside down. If you put 10% down and finance for 10-12 years, you should be fine whenever you sell it.