Boat Financing

Discussion in 'Boat Tips' started by turtle1173, Jul 12, 2006.

  1. turtle1173

    turtle1173 Member

    Messages:
    613
    State:
    Mayfield, KY
    Hi all,

    Anyone have any insight into the world of Boat Financing? Wondering what kind of interest rate I could expect to pay with excellent credit (New or Used)? Am I better off in financing through the dealership or getting financing on my own? Any other good advice?

    Just wondering what your experiences have been.

    Thanks!
     
  2. catfishrus

    catfishrus New Member

    Messages:
    1,569
    State:
    north carolina
    i would go with the best interest rates i could find. i think some dealerships may get a kickback off rates they offer. so i would get on the phone and do some checking around. 1/2 percent is fish bait and gas. be careful with big amounts because they can make them payments look real nice and then you find out you still owe alot on it in 5 years. kind of like a big ballon payment at the end. i had mine set up on a five year mortage with low payments , so if i got in a jam on money thing wouldnt be too bad on me but i knew i would pay it off early.
     

  3. Mr.T

    Mr.T Active Member

    Messages:
    2,554
    State:
    MO
    I go through my credit union. Around 7% back in January on my new boat; 6.5% a year ago on my ski boat. I think one of the dealers quoted something like 13% on a 6-year note when I asked what kind of financing they could get for me. I just laughed and walked away.

    If you've got good credit, you probably don't need people to tell you how to manage your money... :roll_eyes:
     
  4. TIM HAGAN

    TIM HAGAN New Member

    Messages:
    1,236
    State:
    Walkersvil
    You will get a better deal on the interest rate at a boat show itself i have seen them as low as 4%. Tracker boat has a 99.00 down deal and they run for up to 10 years if you like trackers. When i got mynew boat i had rates from 6.5 up to 12% for 5 years.
     
  5. dcaruthers

    dcaruthers New Member

    Messages:
    756
    State:
    Alabama
    Tim has it right. We have an annual boat show at Lake Martin, AL for military appreciation day and the rates are incredible. Other than that special time each year, our local credit unions have special times of the year when they offer outstanding deals as well. Make sure when your rate shopping to ask if they have big events such as this. You may have to wait for a while, but it will be worth it in the long run.
     
  6. Majesticman

    Majesticman New Member

    Messages:
    186
    State:
    Missouri
    If you are going to finance don't wait. The rate will not be this low again for years. Finance 10 years and pay on the unpaid balance. That loan could be an investment if CD and money markets start paying 10% plus again.
     
  7. laidbck111

    laidbck111 New Member

    If your a member of a credit union they offer the best rates. I wouldn't use the dealers finance company if I had a choice.
     
  8. duxsrus

    duxsrus New Member

    Messages:
    1,014
    State:
    SW Ohio
    That's what I did for my boat I bought in September. I got 5.74% for 6 years. That was the only down side to my credit union, 6 years was the max they would go. Luckilly I had a ton to put down on it and the payments barely worked into my budget.
     
  9. three_rivers

    three_rivers New Member

    Messages:
    688
    State:
    Tupelo Ar
    Shane, have you ever tried financing it through your insurance company. We financed ours through state farm at 4.9 percent and no one could even come close. The dealer wanted if i'm not mistaken 12.9 which almost made me walk out! What kind of boat you looking for??? They also carry the insurance on it which will make it easier if something, god forbid, ever happens to it.. Take your time, and get the best deal possible....
     
  10. nuthinlikeacat

    nuthinlikeacat New Member

    Messages:
    517
    State:
    Eden Prairie, Minnesota
    Wow, I asked State Farm about financing and they told me 17.9% because I only wanted a 2 year loan. I checked a few different places, and found my best rate was through my hometown bank. The dealers vary greatly on their rates, but credit unions are usually a great place to go.
     
  11. sds888

    sds888 New Member

    Messages:
    378
    State:
    Townville, South Carolina
    wow I am a member of state farm and never knew they fincanced I will have to call my agent.
     
  12. Fishing Fred

    Fishing Fred New Member

    Messages:
    199
    State:
    Lillington, N.C
    I can't answer for your area but here, buy new and at a boat show if possible. Know what you are looking for and do your research. I bought a new boat a year ago Jan. I had checked financing everywhere I could think off. My credit is finally good after years of x-wifes and me not using very good judgement. I got less than 7 % and very good payments. Of course I had better take care of it because it is a long time loan. Although I do almost make double payments. Best move of my life was finally buying a new boat with everything on it like I wanted it. I now go fishing when I can and not have to work on the boat two days before and the entire time I'm on the water. Also find the right dealer for you and check out his reputation and customer satisfaction ! I have nothing but good words for my dealer , has been a man of his word. Maybe I was just lucky this time ! Just my lowley opinion.
     
  13. jim

    jim New Member

    Messages:
    2,579
    State:
    Jacksonville NC
    Go to the BOATING Magazine website.They annually publish a very good article about all the ins and outs of financing including why those "low" come on interest rates are not always the best choice.You have received the best advice which is to shop around.Don't hesitate to qoute your lowest rate to a prospective lender to see if they can beat it. Be sure you buy from a reputable dealer that will stand by you after the purchase.:smile2: PS remember whatever you buy will be exactly 2 ft to short after the first time you use it.:big_smile: :lol: :roll_eyes:
     
  14. KYfarmer

    KYfarmer New Member

    Messages:
    111
    State:
    KY
    Buy a used one pay cash and save for your dream boat and pay cash!! Just my opinion.
     
  15. foodsaver

    foodsaver New Member

    Messages:
    526
    State:
    Tennessee
    Thats exactly what Im doing. no reason to pay 7% to someone else.
     
  16. DuckNurse

    DuckNurse New Member

    Messages:
    27
    State:
    Cape Girardeau, Missouri
    I got 7.25% from US Bank up here in Cape. If you have a branch down in New Madrid go check them out. They were the best out of the rest in town. That was for a used boat too...good luck!