Loans/rates

(bhog) · (bhog) **Join Date: Jul 2006** 04-17-2007, 5:58 AM

I just wanted to see what kind of rates you guys have on your used boat loans. I have my loan with Wells Fargo and it seems a little high. I have good credit, so I dont think that is why. I understand that new gets a better rate than used.

(uga33) · (uga33) **Join Date: Jul 2003** 04-17-2007, 6:00 AM

Got quoted 7.75% last week.

(bhog) · (bhog) **Join Date: Jul 2006** 04-17-2007, 6:18 AM

Lance, was that on a new boat or used? Was it a credit union?

(aarond0083) · (aarond0083) **Join Date: Apr 2007** 04-17-2007, 6:21 AM

7.75% for me too from Bank of America on a new boat. I am at 9.99% on my current boat loan so that will be a nice drop.

(24_ssv) · (24_ssv) **Join Date: Mar 2007** 04-17-2007, 6:21 AM

7.5% at Citizens Bank. It doesn't matter if it is new or used. It would be 7.75% if the loan is under $30K.

(05mobiuslsv) · (05mobiuslsv) **Join Date: Apr 2006** 04-17-2007, 6:28 AM

6.74% credit union on new boat loan

(olskooltige) · (olskooltige) **Join Date: Mar 2007** 04-17-2007, 7:10 AM

6.5% Credit Union.....find one, join it, use it.

(curtisco24) · (curtisco24) **Join Date: Dec 2005** 04-17-2007, 7:24 AM

7.0 -7.5 new

(wakebdr2002) · (wakebdr2002) **Join Date: Apr 2007** 04-17-2007, 7:30 AM

6.7 - Credit Union

(dh03r6) · (dh03r6) **Join Date: Mar 2007** 04-17-2007, 7:33 AM

anyone know what kind of score you need for a used boat like 20 or 30k

(derby) · (derby) **Join Date: Nov 2005** 04-17-2007, 7:40 AM

30K 80 months 6.25% used C.U.

(aarond0083) · (aarond0083) **Join Date: Apr 2007** 04-17-2007, 8:09 AM

I am a member of the State Employees' Credit Union here in NC. They treat boats like cars and only do loans up to 72 months.

(05mobiuslsv) · (05mobiuslsv) **Join Date: Apr 2006** 04-17-2007, 8:11 AM

Aaron if you're buying a new boat from your dealer see if they can get you a better rate than that. Also check out a different credit union, they are all different.

(supra24ssv) · (supra24ssv) **Join Date: Mar 2006** 04-17-2007, 8:27 AM

6.25, new boat, credit union

alanp 04-17-2007, 11:32 AM

6.75 on a used boat loan, but only 60 months.

(wakesetter101) · (wakesetter101) **Join Date: Oct 2005** 04-17-2007, 1:51 PM

Aaron D, i know what you mean. I to am a member and they wont go over 72 months and there rate is 8.25.

(aarond0083) · (aarond0083) **Join Date: Apr 2007** 04-17-2007, 3:27 PM

Big E.

Where in NC are you and where do you ride?

(evil0ne) · (evil0ne) **Join Date: Sep 2006** 04-17-2007, 3:42 PM

USAA has 15 year loans on used for 6.64% with credit scores over 710. .25% higher for every 25 points below from what I can tell.

(wakesetter101) · (wakesetter101) **Join Date: Oct 2005** 04-17-2007, 5:40 PM

I ride mostly at Kerr Lake.

(hudd007) · (hudd007) **Join Date: May 2006** 04-17-2007, 6:09 PM

$40k 6.74% 15 year term at a Credit Union. New boat.

(nizzle77) · (nizzle77) **Join Date: Apr 2005** 04-17-2007, 6:13 PM

just got 6.5% on my new boat used is 6.75. Credit Union, nothing better

(joshuag) · (joshuag) **Join Date: Feb 2007** 04-17-2007, 7:33 PM

Do you guys go through your personal banks or through the dealers banks?

(hatepain) · (hatepain) **Join Date: Aug 2006** 04-17-2007, 8:14 PM

From the dealer I got 6.99% at US Bank
B of A was 7.25%
Required scores of 700 or better
CU's tend to be the best but may require a certain percent down and are pretty strict with regards to % of loan value so if your adding alot of extras they may not allow them in the loan. This depends on if they give them a value.

Donaldrhill-There really isn't a specific score you need as much as pre established credit with a fair high credit. For example if you have a 720 beacon at a high credit of 5k you may not qualify. On the other hand if you're a 620 with previous auto's and good high credit you'll probably go through easy.

There are lots of things to consider for the lending institution but thats basic.

(cougar1) · (cougar1) **Join Date: Aug 2006** 04-17-2007, 9:16 PM

Well for all you 6.x% guys... can you tell me the credit union name? I have called all over hell and back and 7.47 is the best I can find.

Thanks!

(derby) · (derby) **Join Date: Nov 2005** 04-17-2007, 10:34 PM

You might want to ask about direct deposit too. My credit union, Golden Bay Federal Credit Union will take off 0.25% if you have direct deposit from you employer.

kidrik 04-18-2007, 6:34 AM

Don't know if you want to go this route, but I pulled out cash from a home equity re-fi. It wasn't too much more than I was paying, because we got a better rate. 5.99% fixed. Plus, you can write off the interest each year. Just a thought.
It was the only way, for me, to pull it off. Good luck.

(omega_supreme) · (omega_supreme) **Join Date: Dec 2006** 04-19-2007, 7:36 PM

Just got approved for 15000 for 6.90 percent for 84 months. I am on the prowl.

(05mobiuslsv) · (05mobiuslsv) **Join Date: Apr 2006** 04-19-2007, 7:54 PM

I know someone who has a Malibu response for sale, I think it's a 2003 with about 500 hours right in your price range. He's located on Lake Sammamish. Let me know I'll give you his number.

(omega_supreme) · (omega_supreme) **Join Date: Dec 2006** 04-19-2007, 8:28 PM

That would be great... Jsource10@hotmail.com