What kind of terms do you have on your boat loan?

Intrest rate, Loan length, etc...

I appreciate any answers, thanks.

(Message edited by bummerkit on February 16, 2006)

i got mine for 6% and did it for 10 years but plan on paying more on it after I don't have to pay anymore alimony to my wonderful ex in September

Its not financed I bought what I could pay cash for. I cant imagine how bad it would suck making payments when the boat is winterized.

yep paying in the winter sucks, that's my lexus i could be driving sitting the garage not getting used

Good question, I have 6% on a used boat however I re-financed it a couple of years ago. I know interest rates are climbing up right now. My question would be more specific.... What are the interest rates on new and used for purchasing this or next month? If i remember correctly the Dallas Boat show dealers had typical payments for 6.99%-7.99% (at 180 months, 15 YEARS) on the sales posters. My credit union (Which does not specialize in boats) is at 8.99% up to 120 months, OUCH.

3.5%, 8 years

gotta love credit unions, they were having a sale

Most dealers are quoting anywhere from 7-9% depending on credit, for 180 months, right now. Your rate can depend on what you put down, too.

I just got 6.75% 15 yr. Same time last year was 5.5% Bummer !

Wow I'm seeing some good rates here. 3.5 is incredible!

I had 60% down with good credit and still got 8%.

5.25% - 3 years

man rates must be high here i'm like 7.25% on this boat and i have amazing credit, that's the going rate around here, the credit union is like 6.75% still not much better

entrust, mine is a short term HE loan from the CU. Great rates and the interest is tax deductble...

I was at the boat show last weekend here. I was consistantly told that rates have been creaping up the last few months. Mid to high 7s seems to be the norm on 15 years. I was told most people with good credit should count on 7.75% on a 15 year. I was quoted 8.75% on used to 144 months last week by Key bank up to as old as 1998.

shoot....i just got my loan this week for 9.5% on 5 years... maybe should have checked around a bit more...but that was the best i could do on a used boat. only four days old...and i may have to refinance

Rates were super low two years ago, and even last year. If you are financing this year, rates will be higher. Just one of those things. Mortgage rates are a lot higher too.

I went a step above the cash route. I put my boat on the Discover card and paid it off before the grace period (28 days). That way I got a nice 2% cash back bonus and I had some protection if the boat turned out to be a lemon. Discover will seriously go to bat for you if you ever need to dispute any charges (except for PayPal, which they won't dispute at all). Some places will knock off more money for cash so this might not work everywhere but these guys wouldn't budge for cash vs. credit so I made them eat the credit fee.

If you can have it paid off in a year or so you can always put it on a card with a cashback bonus and then transfer the balance to one of those 0% card offers. Introductory offers with low rates don't seem to be going anywhere so you could even bounce the balance from card to card until it's paid off if you need more than a year. I did that with about $5000 of the money I owed on my Ranger. Just be careful because they can jack up that fee at any time for any reason even if they claim it's fixed rate (but usually they won't unless you're seriously late on a payment or something).

And Ryan, 9.5% on 5 years may actually be a good rate if you were borrowing anything less than about $10K. Unfortunately, if you borrowed less than about $20K, you may find it hard to find a lender willing to do a boat refi.

I encourage everyone who is financing a boat to get financing arranged ahead of time. You can always go with the dealers financing if they can get you a better rate but you should have something else arranged so you know the worst rate you can expect. Just call you local bank (actually, call several).

Back in 03' at the boat show got 4.7% for 15 years...paid it off in 2005.

Paid for it $CASH$. I love the fact of no payment during the winter.

I just got qouted 7.24% 180 months with great credit. Seems to be the going rate around here. Plan on having it paid for in less than three. Just make sure there is no prepayment penalties. Paying cash would be nice but I just paid off the truck instead.

I've got a credit union loan, 5.49% for 20 years last year, but we're hoping to have it paid off in the next 2 years. I just checked at my CU, and rates are up to 6%.

Shopping loans before you buy boats or cars is definitely key!

5.5% For ten years. Got the boat last year and we are gonna have it paid off in April. It's funny cuz we decided in December that it sucked making payments in the winter on it so we dedicated ourselves to paying it off by summer then next winter I won't have to cringe anymore! Credit Union is the only way to go, most will match or beat the best rate out there!

7.25& 12 years with about 10 grand down

refinancing with my mortgage at fixed 5%. The payments feel like I got a free boat with a bigger tax deduction.

Has anyone used Essex Credit? They advertise on Boattrader.com 6.12% 3 year fixed. Not bad. I took out an equity line of credit on the house I think it's 4.5%.

http://www.essexcredit.com/special.shtml

7 year, 7% with a bunch down, payment is only like $175 a month, that's nice, but then again, it's no mastercraft. ;) maybe next time.

I just got 6.99% on a 15 year loan. With about 6,000 bacon double cheeseburgers downn.

(Message edited by 00wakesetter on February 17, 2006)

hmmmm 6,000 bacon double cheeseburgers.

in July got 6.25%, 10 yrs zero down.

What's a boat loan?

Chris
Get the Grip you Deserve
www.wakejunky.com

no payments here either.

100% down, $0/month

100% down as well.

I have 6% on a 36 month term note with one more year to go! Steep payments but, it's a luxury item, not a house. Those are the terms of my LOAN...hence the title of this thread! I think the "I, or my parents paid cash for my rig" thread is over on a pay wake site! Or maybe wakedeep-pockets.com. Kidding around here....nobody blow a tranny! Of course if you do...you can pay cash for the repairs and/or therapy.

wakedeep-pockets.com...

120 mo. 6.25% fixed in Jan of 05. I will never pay it off early. I can do better investing the cash.

SD2

5.25% 3-year,Used boat, Credit Union

Friend just got 6.8%, 15 year, through dealer

for the record, my boat is a 96 VLX that i bought in late 01. this was what i could *afford* when trading up from my 92 PS190 that i'd also paid off.

IMO loans on toys, especially without a large downpayment, are not a great idea. i think that might be the point some of us might be trying to make.