Best place to get boat loans?

Im just curious, my credit union will only finance 1o years on a boat or RV. Does anyone know of a good loan company that will finance atleast 15 years and hasn't really tightend up their restrictions all that much? My credit score has come down to about 640 because of the housing market and I am looking too finance a boat I found. I just want it to be a smooth process without alot of why is this or what happened here? Anyone recently get a loan on a boat that went very smooth with roughly the same credit score I have?

640...no idea but might be a tough one.

http://www.eboatloans.com/
ask for Josh - he helped me out. Good crew out there.
1-877-435-3633.

I work for US Bank, I can tell you that most Banks will not go over 10 years on a Boat loan unless the boat has a Living Area, like a a cuddy or something. If it has a living area and is over 25 feet long the will actually allow 30 year loans on them

BofA does 15 and 20. Good luck with a 640 though. You usually have to have 15-20% down as well.

Call Paulson.

I have a 15 year w/ US Bank @ 7.25%. had to do what i had to do! I didn't have $50K lying around

bluewaterfinance.com , they have always been great for us. 15-20 years on wakeboats.

I got a 15 year at 6.49% at Boeing Employee Credit Union 2 months ago. They do require between 15% and 20% down depending upon the amount of the loan.

Alaska Credit Union was also going to give me a 15 year loan but couldn't match the interest rate at BECU.

I would caution you not to finance more then the boat is worth used. If you do and run into financial problems you will have to come up with the difference when you sell it to pay the bank.

is this a new boat?

Flight: if you can get a loan with your CU at a reasonable rate that may be your only option with a 640. I understand banks with good rates and programs that are doing boat loans aren't looking at scores below 680 and possibly not below 700. As far as the term, the national lenders usually only go 15 years if the loan amount is over $25k. GE and KeyBank might have worked with you if you had over a 680 and your debt ratio was in-line, but they have exited the market. Again, you may not have a lot of choices at this time. You might contact bluewater like Alan said. I'm sure these guys quoting good rates and programs have solid credit and income. Good luck. Let us know what you land for a loan.

Thanks guys my credit union will finance me but at 12% and I am not willing to pay that at this time. Need to wait until the credit adjusts a little and gets back over 700

Hey Mike, how much was your loan for? Just curious because I spoke with a few banks and credit unions today and my rate and terms depended on the loan amount. My credit union (Mill Town CU) has great rates (5.75) but max terms of 84 months. I checked another CU and the rate was 6.99, but if the boat was under 30k, then I could only get terms of 84 months, if it was over 30k, then I could get 120 months. I don't have a BECU branch near so I can't just go in and I tried to call but I can't seem to reach a live person.

Hey nate, same Q for you I guess. What rate and terms were you able to get through eboatloans?

My loan was for roughly $38,000 after a $12,000 down payment. This link has the information on their current rates. They want $15,000 minimum to go 120 months. For what it's worth I just found out that my credit score is very very high which probably helped me.

You can get very large loans with very, very poor credit. First get yourself and about 100,000 million other people several billion dollars in debt then seek a government bail out.

Check out excel credit, they are online or you can pm or email and I can hook you up with my rep. I used them for all my deals, they will do 640 if you have a good reason and don't have judgements or collections bringing it down. They will do up to 20 years and have decent rates. They shop and deal with: Bank of the West, Bank of America, GE credit, Ge Money, Key Bank and more. They are great to deal with and start to finish is about 3 days. Regardless what anyone things, people are still getting loans and boats are still selling, just have to be priced right and not $10-15K over nada. If you are around low retail without ads, it will sell. Everyone things they can ask average retail and then try adding every little option for another $5-10K and they expect to get it. Figure straight low retail...don't add trailer or anything else and that is what things are selling for. I've sold 3 used boats this week and all 3 financed them with no problems. If you can't get it done or find a good rate, let me know. I will find you a boat and sell it at a deal and get you done with little to nothing down.

I have a 15 year loan with U.S. Bank and a living area was never discussed.