Used boat loans

(hookedonboardin)

My fam and I are just hooked. We are looking to pick up our own ride. I have been boarding for some time now, and my fam and I are opting for a used Super Sport or Super Air. Be around 30k. Just can't go wrong with em.

Was wondering what kind of rates are out there and terms, down payments etc.. I know it depends on credit for most part, but ball park. I have excellent credit. So can you pull a 10yr term on a used boat......what are the rates? Any idea on best place? How do taxes work from private party? Specifically IL?

Obviously the bank is best place forexact info,but then they are running credit checks on you. Is there a place you can go like e-loan or something.

Any info would be much appreciated
Connor

(cweb) · (cweb) **Join Date: Sep 2006** 10-19-2006, 12:45 PM

I dont know where you are located in illinois. But i got the best rate i could find from fifth third bank. But that was also on a new boat. But maybe check them out.

(atropine) · (atropine) **Join Date: Aug 2004** 10-19-2006, 1:08 PM

Are you a member of a credit union? Mine (Pentagon Federal Credit Union) will loan from 25k to 39,999.99 at 10 years with zero down, I think the rate was 7.25% a month ago. Anything less than 25k would only qualify for 7 years or less.

(bstroop)

When I got a loan for mine Keybank had the same rate for new boats through 5 years old. After that the rates went up. Keybank always has some of the best rates out there. I did everything online, they overnighted paperwork, and it was mine. Effortless.......

(oaf) · (oaf) **Join Date: Jul 2002** 10-19-2006, 1:14 PM

Sam hit it right on. Right now the credit unions have the best rates around. I just did a second with my CU for 7% 15 year on $35K with 0 down. I have a few friends that are in the lending business and they all told me that they could touch the CU deals right now. I know a straight boat loan might be different in terms of rate and lenght of the loan. Just need to call and shop around to see what is availble. Good Luck\

(wags) · (wags) **Join Date: Oct 2006** 10-19-2006, 7:37 PM

I also used Keybank through E-boatloans.com. My experience was the same as bstroop's, painless. Long term, low rate, and not tied to my house. You can always pay more to the principle as your income increases.

(boardcrazy) · (boardcrazy) **Join Date: Oct 2003** 10-19-2006, 7:46 PM

I think Credit Unions are the way to go, especially if you wait for one of their loan sales...good luck

(mdiddy) · (mdiddy) **Join Date: Feb 2005** 10-24-2006, 12:56 PM

When you guys used E-boatloans.com, did you have to send them any paper work for the loan(pay stubs, w-2, etc...) And what type of down payment do they require? Thanks!

(acurtis_ttu) · (acurtis_ttu) **Join Date: May 2004** 10-24-2006, 1:27 PM

eboatloan will charge you aroudn $100 for the service, fyi. I used them but it was worth it to me. I had other crap aka work, lol that I need to deal with. I faxed over some w-2 info and filled out one form...they took care of the rest, 99% via email, it was great. They even took care of my insurance for me.

(soak_up_the_sun)

M. no paperwork of any kind. My husband is self employed and all they asked for from him was a business card. I have a "real" job (in addition to a few others), but they didn't ask for my pay stubs, w-2's, or taxes.
Quick and painless, like others have said.

(pdxviperguy) · (pdxviperguy) **Join Date: Jul 2006** 10-24-2006, 1:56 PM

use a HELOC, interest is tax deductble that way. Even though the rate is a slight bit higher it's worth it.

(scooby76) · (scooby76) **Join Date: Apr 2002** 10-24-2006, 3:06 PM

connor - If you are in the chicago/Northern Illinois area you can check out Consumers Cooperative Credit Union.

http://www.myconsumers.org/site/rates.html

Seems they will do 10 year loans on boat 01-06.