Financing a used boat?? Where to go?

(wakesetter101) · (wakesetter101) **Join Date: Oct 2005** 10-13-2005, 4:55 PM

I maybe looking to buy a used boat. Some where in the 2002 year and 20-25k range. I want to go 12 years until i get some other bills paid off then pay more on the loan to knock it out early. Anyone got any ideas on where to go?

(taylormade) · (taylormade) **Join Date: Jun 2001** 10-13-2005, 5:24 PM

key bank. search for it here on the boards.

(laketraviswb) · (laketraviswb) **Join Date: Oct 2005** 10-14-2005, 5:57 AM

We got a loan from ETrade Financial last week for 12 years. You can apply online. https://lending.etrade.com/e/t/rvmarine

(detonate69) · (detonate69) **Join Date: Apr 2001** 10-14-2005, 7:34 AM

We did our loan through Bank of America. They were great. We tried Key Bank but they were being a**es and trying to change the terms on us at the last minute.

(tlb) · (tlb) **Join Date: Feb 2003** 10-14-2005, 9:00 AM

Try essex credit, they only do boats.

jonkdogg 10-17-2005, 2:49 PM

Stephen-

Was that a used boat?

Thanks

Chris

trickskisrock 10-17-2005, 3:34 PM

I used Wells Fargo. I shopped all around and they had the best rates. Since my other accounts were there I received an additional discount by having them do automatic transfer from my other accounts each month. Make sure to look at the rates offered for different amounts of money and timelines. I ended up saving a point on my interest by adding a couple hundred dollars to push me into the next bracket. With no early payoff fees, you can turn around pay the additional money back or pay as if you were on a shorter schedule than you are but still enjoy the lower rates.

(wakestar8878) · (wakestar8878) **Join Date: Oct 2003** 10-17-2005, 3:39 PM

I used a credit union, very easy to deal with, and I had my financing with in a couple days.

(acurtis_ttu) · (acurtis_ttu) **Join Date: May 2004** 10-18-2005, 7:10 AM

I was told by wells fargo they will only take loans out to 12 years. Just some FYI.

(laketraviswb) · (laketraviswb) **Join Date: Oct 2005** 10-18-2005, 1:14 PM

Chris,

Yes, a 1999 Sport Nautique.

boardman74 10-19-2005, 9:11 AM

As long as we have this open I would like to know this. I have been shopping for both new and used. To get a resonably priced used boat ($20,000 or so) you need to go 5-10 yeras old. But I figure you can't get a 10 year loan on something 5-10 years old. Is this correct or can you do it. If so where? What are temrs people are getting on say a 1997-2002 boat? Is it possible to get a bank to go more than 4 or 5 yeras on them? If not how are you guys buying a 6 year old boat for say $25,000? Cash, home equity, ect?

(detonate69) · (detonate69) **Join Date: Apr 2001** 10-19-2005, 9:41 AM

sure the banks will go that long. We just bought a '99 for $25k. Fully financed through Bank of america for 15 years. Terms are like 7%. You can get better rates on new boats but for used this was pretty good.

(Message edited by detonate69 on October 19, 2005)

boardman74 10-19-2005, 9:56 AM

David did you finance through a dealer or get the loan on your own? If on your own, how did you go about that? Do you bank with B of A?

(detonate69) · (detonate69) **Join Date: Apr 2001** 10-19-2005, 10:00 AM

We did it on our own. No we don't bank with them. I had heard on the boards here of people using them so we gave them a call. within 1-2 weeks we were picking up our boat.

boardman74 10-19-2005, 10:11 AM

Thanks David