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Old    Ronnie Johnson (slidin_out)      Join Date: Apr 2010       04-06-2015, 3:44 PM Reply   
What have you guys been getting lately on used boat rates? Local credit union is currently quoting 5.25% on 72 months and 6.25% on 84 months. Anyone getting anything better than that?
Old    Tim (dezul)      Join Date: Jul 2012       04-06-2015, 4:02 PM Reply   
Check out Essex. They give good rates.
Old    Mike Shoemaker (Nakedshoe)      Join Date: Mar 2015       04-06-2015, 5:07 PM Reply   
If you own a house get an equity line of credit so you can write off the interest. Rates around 3% 20-30 years to repay so low monthly payments..
Old    SS (illini88)      Join Date: Oct 2007       04-07-2015, 5:29 AM Reply   
I'd second that the home equity can be the way to go due to low rates and the fact that the interest is tax deductible. That being said, many HELOC's have a variable interest rate on them, meaning, they are going to reprice in the event of increasing rates. In theory, they could go lower, but given that rates are near historic lows, there is a lot more room for rates to go up than down. Most HELOC's that I've seen also are not 30 year loans. They are frequently 5 year notes. There were a LOT of people who had big balances on their home equity lines back in 08 and 09 who had real problems when housing values fell and their HELOC's matured.
Old    Ronnie Johnson (slidin_out)      Join Date: Apr 2010       04-07-2015, 6:27 AM Reply   
Essex seems to have great rates compared to my local credit union. Anyone dealt with them before or have a good contact there?
Old    Tim (dezul)      Join Date: Jul 2012       04-07-2015, 7:39 AM Reply   
It will be a "hit or miss" with Essexx. I have heard both positive and negative reviews on them. I suggest giving them a shot and seeing how it goes.
Old    Jason W (Medium)      Join Date: Aug 2011       04-07-2015, 8:36 AM Reply   
There are a lot of bad reviews about Essex, but I got 4.65% on a new boat loan from them last month. Nobody else could come close to them so I went for it and I was really happy with how quick and smooth it all went.

I would imagine that a used boat loan might not go so easy though...
Old    Trayson Harmon (trayson)      Join Date: May 2013       04-07-2015, 8:59 AM Reply   
Last fall I was able to get around 5.5% on any term up to 15 years through www.twinstarcu.com

Rates have went up a little since then. but not a ton.
Old    Matt Lazenby (mattl)      Join Date: Jul 2013       04-07-2015, 9:16 AM Reply   
In January, I got 4.25% on a 84 month with nothing down through my credit union. My dealer offered 4.5% on 15 yr with 10% down
Old    Ronnie Johnson (slidin_out)      Join Date: Apr 2010       04-07-2015, 9:18 AM Reply   
Quote:
Originally Posted by mattl View Post
In January, I got 4.25% on a 84 month with nothing down through my credit union. My dealer offered 4.5% on 15 yr with 10% down
Which credit union?
Old    Matt Lazenby (mattl)      Join Date: Jul 2013       04-07-2015, 10:15 AM Reply   
i ll sent a PM with the information.
Old    John (jdiaz78)      Join Date: Sep 2014       04-07-2015, 5:12 PM Reply   
I got 4.8 on a 10 year loan with 0 down from the credit union in KC.
Old    Orion (chillinoj)      Join Date: May 2009       04-08-2015, 3:13 PM Reply   
Just got 3.5% on 5 year with 20 down, at a credit union down here in texas. major banks were up in the 5 - 6 range
Old    Joe Lo (JoLo_Si)      Join Date: Oct 2011       04-10-2015, 11:26 AM Reply   
Pentagon Federal Credit Union has great rates and everything is done online so you get your check really fast. As long as you have a military family member.
Old    Boarder 42 (jhartt3)      Join Date: Jan 2012       04-10-2015, 12:08 PM Reply   
Quote:
Originally Posted by JoLo_Si View Post
Pentagon Federal Credit Union has great rates and everything is done online so you get your check really fast. As long as you have a military family member.
no need for a military family member you can donate 15 bucks to one of the charities and join . well worth it
Old    Garon D (gpd005)      Join Date: May 2013       04-13-2015, 1:07 PM Reply   
I just used a Essex for a used boat loan and I was happy with the transaction. It was all done online and via email. They did send someone out to inspect the boat but it was a very simple thing to set up and it happened the next day. overall I was really happy with it and got a low rate for a longer time period than anywhere else I could find.
Old    Zach Routt (surfsupws)      Join Date: Apr 2015       04-17-2015, 1:27 PM Reply   
Just got 5.5% on a 10 year through my bank up to $100k with 0 down.
Old    Paul (psudy)      Join Date: Dec 2003       04-17-2015, 1:38 PM Reply   
Wow. They aren't doing you any favors.
Old    Preston Price (Preston)      Join Date: Jul 2010       04-17-2015, 4:37 PM Reply   
Just go the new boat last month. Dealer set the financing up through BB&T.

Interest Rate - 4.74%
Term Length - 15 years
Amount Financed - $55,233.39
Monthly Payment - 429.34
Old    Swatguy (xstarrider)      Join Date: Jun 2007       04-18-2015, 8:37 AM Reply   
Essex is good company. They only issue I have with them is their fees are on the very high side to close the loan. Their rates however are super competitive when you want to go longer terms.

Transactions are simple but it will take a week or two to close.

Throwing 0 down on a 15 year, 100k loan is absurd. All these 0 down scenarios with lengthy terms I just don't see as smart decision. If you can't walk off the dealership lot in the green on the boat you just purchased you can't afford the boat. Period. With these long loans you will be upside down almost the entire term. Being upside down on a depreciating item is not smart financially at all, but fun is fun and not everyone sees things the same way.

Last edited by xstarrider; 04-18-2015 at 8:40 AM.
Old    Adam Radmand (Radmand)      Join Date: May 2015       05-13-2015, 11:29 PM Reply   
I was just qualified with Essex. 4.85%, a lot cheaper than most competitors. I just started the process with them. If you choose to do a HELOC, just remember that a lot of the lenders start the loan as interest only and the better rates are based on your LTV, DTI and the amount of which you borrow. The more you bower with lower compensating factors, generally, the lower the rate.
Old    Nacho (denverd1)      Join Date: May 2004       05-14-2015, 12:30 PM Reply   
Quote:
Originally Posted by Preston View Post
Just go the new boat last month. Dealer set the financing up through BB&T.

Interest Rate - 4.74%
Term Length - 15 years
Amount Financed - $55,233.39
Monthly Payment - 429.34
awesome. but paying over 20K in interest would drive me nuts.

got 3.25% for 8 years last year on mine.

Last edited by denverd1; 05-14-2015 at 12:32 PM.

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