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Old    Newty (newty)      Join Date: May 2005       08-28-2015, 2:29 PM Reply   
I've got my local credit union but thier rates have been more than the average. Any suggestions of banks that anyone knows of that has better than average rates or are really happy with? We have excellent credit and it's a 2016 boat.
Old    Ryan (rlwagens)      Join Date: Feb 2008       08-28-2015, 2:36 PM Reply   
I don't know what you consider high but keep shopping around at credit unions. The very small community based credit unions around me offer 3-4% regardless of borrowed amount with good credit.
Old    Eric Silva (getssum)      Join Date: Jul 2005       08-28-2015, 4:12 PM Reply   
If you're a Costco member they have a deal going with Essex.

https://www.essexcredit.com/costco/?...=SERVICES_HOME
Old    DTB (DatTexasBoy)      Join Date: Aug 2012       08-28-2015, 4:36 PM Reply   
US Bank and Bank of the West.
Old    Brian (viking)      Join Date: Sep 2009       08-28-2015, 5:39 PM Reply   
NIce that it's finally that time for you to get your hands on it. There's still some riding time left in the year
Old    Newty (newty)      Join Date: May 2005       08-28-2015, 5:43 PM Reply   
Quote:
Originally Posted by viking View Post
NIce that it's finally that time for you to get your hands on it. There's still some riding time left in the year
Yeah I hope so.
Old    Newty (newty)      Join Date: May 2005       08-28-2015, 6:06 PM Reply   
Quote:
Originally Posted by getssum View Post
If you're a Costco member they have a deal going with Essex.

https://www.essexcredit.com/costco/?...=SERVICES_HOME
That's a great deal. It's nearly a full point lower than my CU.
Thx for the info.
Old    Jason Peterman (fmaxturbosi)      Join Date: Oct 2007       08-28-2015, 11:41 PM Reply   
I was looking at essex credit also, but 9/10 online reviews are terrible. Sucks because they advertise really good rates.
Old    BamaMojo            08-29-2015, 6:14 AM Reply   
Quote:
Originally Posted by newty View Post
I've got my local credit union but thier rates have been more than the average. Any suggestions of banks that anyone knows of that has better than average rates or are really happy with? We have excellent credit and it's a 2016 boat.

I agree , Essex. They use Transunion high risk. Fair underwriting guidelines and if you qualify the you pick the term. No rate bumps for longer terms. Essex is subsidiary of Bank of the West.
Old    BamaMojo            08-29-2015, 6:15 AM Reply   
Quote:
Originally Posted by newty View Post
I've got my local credit union but thier rates have been more than the average. Any suggestions of banks that anyone knows of that has better than average rates or are really happy with? We have excellent credit and it's a 2016 boat.

So, what are you buying?
Old    Dustin Jean (dustinjean)      Join Date: Nov 2013       08-29-2015, 6:31 AM Reply   
bank of the west is who mine is through and im happy with them, if your buying new who does your dealer use?
Old    Newty (newty)      Join Date: May 2005       08-29-2015, 7:03 AM Reply   
Quote:
Originally Posted by BamaMojo View Post
So, what are you buying?
16' MB 22 Tomcat.
Old    BamaMojo            08-29-2015, 7:18 AM Reply   
Quote:
Originally Posted by newty View Post
16' MB 22 Tomcat.

Make sure to post some pics
Old     (sandm01)      Join Date: May 2010       08-29-2015, 7:37 AM Reply   
botw treated me ok until the divorce and were horrid after that. won't go back but they did have good rates.

currently at 1.9% with my local credit union. cu's rock.....
Old    murph (smuurph84)      Join Date: Oct 2008       08-29-2015, 7:59 AM Reply   
I will probably be purchasing and financing the exact same boat but my timing will be more toward the end of October. Nov. I would love to hear what type of deal/terms u end up with. If that's not something u should share on the boards please pm me if you don't mind! Also as someone mentioned please post pics when you get it!
Old    Chad Bartley (cb396)      Join Date: Aug 2015       08-29-2015, 9:11 AM Reply   
Good to know. I'm going to look at a couple of 15 T22s and T23s this week, and will probably dropping the hammer soon on one.
Old    Swatguy (xstarrider)      Join Date: Jun 2007       08-29-2015, 3:15 PM Reply   
I'll. also say give look to Essex credit . Know lots of people that have used them. Very easy to work with, good rates. Their closing fees vary and in some cases have been known to not make loan worth it so get those up front.
Old    Eric Pietrylka (Malibumofo)      Join Date: Jun 2013       08-29-2015, 11:29 PM Reply   
Excellent credit means you're good at paying off debt. Pay cash or don't buy at all. But I'm sure you already know that.
Old    J (Jmorlan)      Join Date: May 2013       08-30-2015, 2:14 AM Reply   
Quote:
Originally Posted by Malibumofo View Post
Excellent credit means you're good at paying off debt. Pay cash or don't buy at all. But I'm sure you already know that.
I have great credit, and I don't have any debt. Never had an auto loan financed until my new cummins, and I paid it off in right away, (even though I had the cash at the time, I got a kickback for financing)
Credit cards are all paid in full monthly.

So I think that's somewhat of an invalid statement.
Old    Jack Henry (racer808)      Join Date: Jan 2013       08-30-2015, 7:11 AM Reply   
Quote:
Originally Posted by sandm01 View Post
botw treated me ok until the divorce and were horrid after that. won't go back but they did have good rates.

currently at 1.9% with my local credit union. cu's rock.....
Holy smokes, I've never seen a rate that low. I would love to get info. I'm thinking using my equity line if credit being its 3.5%, have not been able to find better
Old    Hate N Pain (hatepain)      Join Date: Aug 2006       08-30-2015, 9:12 AM Reply   
1.9% on a recreational loan? Never seen anything like that. Auto loans yes but not on a rec loan
Old    Newty (newty)      Join Date: May 2005       08-30-2015, 11:52 AM Reply   
Quote:
Originally Posted by Malibumofo View Post
Excellent credit means you're good at paying off debt. Pay cash or don't buy at all. But I'm sure you already know that.
Troll much?
Old     (newwhit)      Join Date: Mar 2007       08-30-2015, 12:58 PM Reply   
we just had a bad time with essex. just would not respond in a timely fashion. they did have good rates, but found better at local CU, after being fed-up with them. was a lower value used boat, however...
Old    dylan (deelan)      Join Date: Aug 2009       09-03-2015, 10:06 AM Reply   
Quote:
Originally Posted by DatTexasBoy View Post
US Bank and Bank of the West.

I've used bank of the west on both of my new boat purchases. Easy to deal with and the give you a booklet and you can write in how much extra you want to pay on principle.
Old     (Josh4mc)      Join Date: Aug 2015       09-03-2015, 11:33 AM Reply   
Just looked at Bank of the West's rate sheet. 6% seems a little high for a new boat. If you have any family affiliation with the military USAA may be a good option. As low as 4.25%.

Sandm01- Where did you find 1.9%?
Old    Chris Walker (redsupralaunch)      Join Date: Aug 2002       09-03-2015, 5:32 PM Reply   
Ball State University Credit Union 1.49% http://www.bsfcu.com/rates/
Old    Newty (newty)      Join Date: May 2005       09-03-2015, 7:02 PM Reply   
Quote:
Originally Posted by Josh4mc View Post
Just looked at Bank of the West's rate sheet. 6% seems a little high for a new boat. If you have any family affiliation with the military USAA may be a good option. As low as 4.25%.

Sandm01- Where did you find 1.9%?
I'll be calling them tomorrow. Thanks.
Old    Diggs (pdxWAKE) (tyler97217)      Join Date: Aug 2004       09-03-2015, 7:17 PM Reply   
Newty - Some of the local guys have said that Alaska Federal CU had the best long term rates last year. Several of the guys we know re-fi'd with them. Not sure if still the case, but you do have to drive to Tacoma to close on the deal. Worth a call.
Old     (Josh4mc)      Join Date: Aug 2015       09-03-2015, 8:41 PM Reply   
2.44% boat loan for up to 72 months. Good if you want a shorter term. https://www.hfcu.org/loans-and-credi...-rv-loans.html

Same place has home equity lines for 2.75% https://www.hfcu.org/loans-and-credi...me-equity.html

Similar deals at this place. https://www.towerfcu.org/pages/rates.html#Mortgage_HE
Old    Newty (newty)      Join Date: May 2005       09-04-2015, 2:22 AM Reply   
Thanks Diggs, I'll look into that too.
Josh too short of term and we just finished a remodel with a HELOC.
Old    Tracktor (tracktor)      Join Date: Sep 2005       09-04-2015, 10:47 AM Reply   
Fibre Federal in Cowlitz county has had some very good recreational financing in the past. I have sent a few clients there for stuff I don't do and they have been very happy...........
Old    Newty (newty)      Join Date: May 2005       09-08-2015, 5:42 PM Reply   
Ball State had the best rates but you needed to be an alumni or family of to be a member.
All the others mentioned all are running 5.0% to 5.1% My local CU had a .25% rate drop for a directory withdrawal putting it at 4.75%.
Costco/Essex is the best by far at 4.17% for a long term loan.
Just wanted to follow up on the info you guys gave. Thanks again.
Old     (Josh4mc)      Join Date: Aug 2015       09-09-2015, 10:59 AM Reply   
Essex quoted me the same with a $275 dollar origination fee.

What boat are you purchasing?
Old    Newty (newty)      Join Date: May 2005       09-09-2015, 12:36 PM Reply   
22 Tomcat
Old    Trayson Harmon (trayson)      Join Date: May 2013       09-09-2015, 2:04 PM Reply   
Quote:
Originally Posted by newty View Post
Ball State had the best rates but you needed to be an alumni or family of to be a member.
All the others mentioned all are running 5.0% to 5.1% My local CU had a .25% rate drop for a directory withdrawal putting it at 4.75%.
Costco/Essex is the best by far at 4.17% for a long term loan.
Just wanted to follow up on the info you guys gave. Thanks again.
Hey Ryan, what CU have you been looking at? I've found that for loans in our area that IQ and Twinstar have tended to have the best rates.

Also, what kind of term are you looking for?

http://www.iqcu.com/rates

5 years with IQ is 3.99 and up to 10 years is 4.99

Twinstar where I have my boat isn't so great right now.


Another thought is if you can afford to do a 5 year term, I've found that 401k loans often have pretty great terms. Mine was going to be 4.25% on a 401k loan, but with 3.99 at IQ I'd go with that first.

-T
Old    Newty (newty)      Join Date: May 2005       09-09-2015, 2:17 PM Reply   
I checked both of those. All at 5+ for long term loan. Columbia CU is my bank
Not playing w/ the 401k.
Old    Jeff Climie (jclimie)      Join Date: Aug 2015       09-09-2015, 4:57 PM Reply   
I am also shopping for a loan for a new boat and called essex today, they go through bank of the west. They have 20 year terms with 4.12 rate for excellent credit. I think 15 years at 3.99.
Old    Jason W (Medium)      Join Date: Aug 2011       09-09-2015, 5:21 PM Reply   
Essex does have a lot of bad reviews, but we went with them because no banks or CUs could come close to the rate they offered.

My dealer had even dealt with them before and told me that they were pretty slow.

Surprisingly everything went great and it only took about 2 weeks from the day I contacted them to the day the dealer had their check.
Old    Newty (newty)      Join Date: May 2005       09-11-2015, 9:13 PM Reply   
So a quick update, Essex is a joke.
They tried to tell me because of the new raptor 400hp motor that the boat is a 70+ mph boat and I need 25% down plus a $699 loan originating fee. I explained the difference between wake/ski boats vs. go fast boats. Didn't matter. Bunch of undertrianed morons. After talking with my local CU they said they would match the rate based on our credit history, dvi, and payment history.
Local credit union ftw!
Also they said it would be at least a week but likely 2. I'll have a check Monday from Columbia Credit Union. Awesome folks to work with. They did more than right by me, great people.

Last edited by newty; 09-11-2015 at 9:23 PM.
Old    Jason W (Medium)      Join Date: Aug 2011       09-12-2015, 12:02 PM Reply   
I bought a 2015 Axis A22 in March with a 410hp motor financed through Essex at 4.65% and didn't have any issues due to the motor hp.

We put down put down 40% and only paid a $50 fee since I had a Costco membership and received a $50 Costco card.
Old    Todd (ifinallygota21v)      Join Date: Oct 2006       09-12-2015, 12:27 PM Reply   
Directions credit union is advertising 2.74 for new boat
Old    Newty (newty)      Join Date: May 2005       09-16-2015, 9:29 PM Reply   
Done deal. Her she is. Took the trucknuts off the truck for the pic. Lol.

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Old    Newty (newty)      Join Date: May 2005       09-16-2015, 9:31 PM Reply   
My phone loves double posting pics, sorry.
Old    Brian (viking)      Join Date: Sep 2009       09-16-2015, 10:06 PM Reply   
Well there you go........CONGRATS!!
Is that the family checking out the new ride?
Old    Chuck Kambourian (CHUCK_K)      Join Date: Aug 2015       09-16-2015, 10:10 PM Reply   
Nice boat!!
Old    Newty (newty)      Join Date: May 2005       09-17-2015, 12:40 AM Reply   
When I pulled around the corner I saw this smile, it didn't end till he went to sleep, even then I still think its there.Name:  uploadfromtaptalk1442471983885.jpg
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Old    Newty (newty)      Join Date: May 2005       09-17-2015, 12:41 AM Reply   
Dang couple pic post...
Old    BamaMojo            09-17-2015, 5:36 AM Reply   
Quote:
Originally Posted by newty View Post
When I pulled around the corner I saw this smile, it didn't end till he went to sleep, even then I still think its there.Attachment 39828

Beautiful boat!
Old    Paul (psudy)      Join Date: Dec 2003       09-17-2015, 12:40 PM Reply   
Nice! Just in time to put it in storage and pay for it for a year! lol.
Old    Matt (That_Guy)      Join Date: Aug 2015       09-17-2015, 4:16 PM Reply   
Looks great, boat and truck!

Those are pretty close price wise with Axis and if we had an MB dealer closer I would have seriously given them a harder look. Can't wait to hear your reviews on it. Enjoy!
Old    Newty (newty)      Join Date: May 2005       09-17-2015, 8:52 PM Reply   
Quote:
Originally Posted by psudy View Post
Nice! Just in time to put it in storage and pay for it for a year! lol.
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Buzzkill!
Lol, we'll use this all year, and we planned ahead, didn't expect the tower to go all the way up but...
Old    Brian (viking)      Join Date: Sep 2009       09-17-2015, 10:18 PM Reply   
awesome. just make sure to ALWAYS remember to put it down before pulling it out

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