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Old     (mikerod29)      Join Date: Dec 2002       06-15-2007, 12:49 AM Reply   
So the wife is finally up for getting a boat. and I know this has been covered in the past but with recent rate changes I'm wondering what people have been getting for financing new and used boats and where they are getting that financing from. I found a 6.62% loan for 10 years on, but am wondering what else might be out there. we aren't looking at trying to stretch it out over more than 10 years and will most likely pay it off sooner. Thanks
Old     (tonality)      Join Date: Mar 2005       06-15-2007, 6:47 AM Reply   
Rates look like they're coming back down after the initial summer rush; I financed my 2 year old used boat for 12 years at 4.9% back in 04...if you can change your priority from 'most likely' to 'most definitely', you should stretch it as far as possible while still keeping a reasonable rate, and (if you need to) just tell them to take out an additional amount each month as your automatic payment, which all goes to principal and will work for you to get it paid off even sooner.

6.6% at 10 years isn't bad at all, CU is usually really good about rates, and i think they're near 7.3 right now
Old     (jwharan)      Join Date: Nov 2006       06-15-2007, 7:18 AM Reply   
my dealer was offering 6.99 for 15 years, through wells fargo I think..
Old     (helinut)      Join Date: Apr 2007       06-15-2007, 8:02 AM Reply   
Just got 6.49 for 15 years on a new Malibu. But this includes an extra .5 off the rate for a boat show special.

Old     (mikerod29)      Join Date: Dec 2002       06-15-2007, 8:26 AM Reply   
Those don't seem too bad for rates. what I have found is that if you go with a shorter loan the rates are a little lower.
Old     (mikerod29)      Join Date: Dec 2002       06-15-2007, 2:53 PM Reply   
so somebody pm'd me a persons info on financing and I freakin deleted it accidentally, can you help me out and send it again? Thanks.
Old     (sanddragon2004)      Join Date: Jul 2005       06-15-2007, 4:30 PM Reply   
wow 15 year boat loan?
Old     (mikerod29)      Join Date: Dec 2002       06-18-2007, 8:31 AM Reply   
so here is what I found, I'm gonna do it through USAA and they had a 15 year loan for 6.64%, everyone else is at 8-10% for a used boat. The cool thing is that all the loans no matter the term were at 6.64%, so were gonna set up to pay a large payment towards principle each month so that the loan gets paid off in at a long end 10yrs 10 months, but most likely we'll be paying it off sooner.
Old     (helinut)      Join Date: Apr 2007       06-18-2007, 11:33 AM Reply   
Yeah I figure I'll pay mine off within 10 years too. This year is going to be a bit tight, but after that, it's not bad at all.

Old     (bhog)      Join Date: Jul 2006       06-19-2007, 6:01 AM Reply   
Is Usaa a credit union?? Do you have to pay Dues? I looked at thier website, because my interest rate is a lot higer than that at Wells Fargo. I am not a credit union member so Looking for a better deal so I can pay off sooner.
Old     (mikerod29)      Join Date: Dec 2002       06-19-2007, 10:07 AM Reply   
USAA is a servicemans organization for relatives and members of the military, if you are not in that group then you can't join. Great place for insurance and everything financial.


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