good lenders that do boat loans for -15 years help

anyone got any leads

Are you a home owner?

key bank usually 5.99% on 15yrs or the rest of your life

I got my loan from Bank of the west, through essax credit I believe. My loan was for a used 2002 malibu, I have a 15 year loan. The guy I bought the boat from had his loan from the same bank so it made things pretty easy. You can e-mail if you want specifics.

Dude, can I make a suggestion? Don't take a loan out for that long, my buddy got himself in a seriously stick situation....hold off for a summer, and do a shorter-term loan then. Friend took out a 15-year on his M/C Prostar, made the minimum payments for three years, and was ready to sell. He ended up dumping the boat for about $25k, but still owed $29.5k on the boat.

So he'll be making payments on a boat that he doesn't even own (when he really wasn't in any position to be making payments at all). How much fun can that be...?

(Message edited by villageidiot on April 23, 2004)

15 year loans are fine if you know your finances and do it right. Everthing Depreciates except houses.

If you sell any boat, car or helicopter after making only 1/5 of the payments your going to lose money, weather or not you put that money down up front, take it in the end, or a little of both.

key bank, eboat loans, credit union, coastline, check out boat trader online's resources and don't settle for a crappy rate just to get the boat.

yeah you never want to owe more than its worth.. always bad

If you get a 15 year. My suggestion is plan on paying more than the min each month. Over the life of the loan you'll pay like 3 times for the boat. I started with one but had planned to pay it off early. I just used the loan to give me time to get my financing in order. Now... no more boat payment. That's gooooouuuuud!

I would recommend waiting or using your house (so you can write off the interest) before getting a 15 year straight for the boat.

(Message edited by oshensurfer on April 23, 2004)

15 year loans look to be a very tempting way to get that monthly payment down. Don't do it. You'll end up selling in 5 years and you'll be upside down on the loan. I wouldn't go 15 years unless the loan amount was close to $100,000.

15 year loans are great, as long as you can afford and are willing to pay substantially more than your payment every month. Assuming similar interest rates, longer term loans just offer you the flexibility of a lower payment if things get skinny for a month or two. Taking a long term loan and making just the payments will put you underwater and is rather short sighted.

My advice... go as short a term as you can! I refinanced at a better rate, bumped the payment up a little and took a year off my loan. At that point I will have A NICE down payment for a new boat!!! I don't even like to go 15 years on a house!!!

terms aside, Make big enough payments so in 3-5 years when you want a New boat (who keeps there boat 15 years??) you are very close to what you owe, this way you can beat some cash out of the dealer of your new boat. IMO, this is the true cost of ownership.

I took out a 15 yr loan on my 03 and will be walking away with a grand or two over what I owe. Just put enough down.

If you're a homeowner, go the "2nd route". I just got a 5.74% rate last week for some new dirt bikes I'm going to buy. I can pay for "up to 20 years" but plan on paying it off in 5.

The bonus is all the interest is deductible. I need that because my refunds keep getting smaller and smaller!!!

My Credit Union just gave me 5.4% 10 year for a new boat loan. We close Wed morning.