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Max Online: 36273 @ 01/23/13 02:34 PM
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#12361802 - 07/27/17 08:57 PM new boat financing
dimitri Online   content
Extreme Angler

Registered: 08/12/09
Posts: 2112
Loc: Arlington TX
i just got preapproved for a new boat loan at 4.99%. i was expecting 3% with my excellent credit rating. anybody that has recently purchased a new boat seeing any better rates than what i was quoted? i know most folks don't like talking about their personal finances so a yes or no is a sufficient reply. im just trying to get the best deal i can.

thx in advance

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#12362016 - 07/27/17 10:53 PM Re: new boat financing [Re: dimitri]
psycho0819 Offline
Extreme Angler

Registered: 03/27/05
Posts: 1457
Loc: Kaufman
I found the same thing a couple years back when I bought my boat. I approved with anyone I tried but they all wanted 7% or more. I got tired of looking, and wasn't going to take that, so i told the dealer I was giving up for the time being. About a week later the bank the dealer uses called me and told me they could do better and got me under 5%, barely. I have good credit and not a lot of revolving debt, should've been an easy 3-4% in my mind.

I think the banks know what we're spending on toys is disposable income and they try to bleed us of even more.
_________________________
If you're not living on the edge, you're taking up too much space!

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#12362033 - 07/27/17 11:12 PM Re: new boat financing [Re: dimitri]
russcue1 Online   content
Outdoorsman

Registered: 06/13/14
Posts: 98
Loc: San Antonio
what is the term of your loan? In my situation, the longer the term was the lower the rate and most reputable lender s don't have early payoff penalties so it's win/win if you ask me. I was able to get 4% last year with an extended term and will just pay it off when I originally intended to. I haven't seen much lately better than the 4% range but maybe others here have more info than I do. I used USAA if that helps. Good luck.

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#12362060 - 07/28/17 12:01 AM Re: new boat financing [Re: dimitri]
dimitri Online   content
Extreme Angler

Registered: 08/12/09
Posts: 2112
Loc: Arlington TX
thx for the replies. lady said its the best rate she has seen in years. lol and yes the longer the term the better the rate. thats on a max 20 year even though i told her i only wanted 7 yrs. guess thats the only way fir her to get it below 5%.


does anyone think 3% is doable?

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#12362307 - 07/28/17 08:45 AM Re: new boat financing [Re: dimitri]
T Bird Offline
TFF Team Angler

Registered: 03/07/10
Posts: 4606
Loc: Temple, Texas USA
Ck. with Credit Unions.

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#12362531 - 07/28/17 11:04 AM Re: new boat financing [Re: dimitri]
brandi97 Offline
Outdoorsman

Registered: 05/24/10
Posts: 22
Loc: Allen, TX
I got mine through SunTrust (Lightstream through SunTrust) at 3.24% for a $20K loan for three years. It is an unsecured loan. I did it online and got approved in less than an hour. Money was there the next day and wrote a check for the boat. No lien. I will never use anyone else for recreational loans. Middle score is an 830. I don't know what bureau they prefer. Best of luck to you!!
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#12363342 - 07/28/17 09:47 PM Re: new boat financing [Re: dimitri]
Devil Horse Online   content
Extreme Angler

Registered: 01/24/11
Posts: 2183
Loc: East Texas
Originally Posted By: dimitri
i just got preapproved for a new boat loan at 4.99%. i was expecting 3% with my excellent credit rating. anybody that has recently purchased a new boat seeing any better rates than what i was quoted? i know most folks don't like talking about their personal finances so a yes or no is a sufficient reply. im just trying to get the best deal i can.

thx in advance
have you shopped around? If you have the type credit you say, shop around, banks will basically bid against each other to get your business, providing the loan is high enough to be worth their while.

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#12363625 - 07/29/17 07:24 AM Re: new boat financing [Re: dimitri]
tmd11111 Online   content
Outdoorsman

Registered: 04/30/17
Posts: 184
Loc: San Angelo
Back in January I got mine financed through Bank of the West. 4.99% for 72 months with zero down and no penalty for early payoff.

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#12366249 - 07/31/17 02:27 PM Re: new boat financing [Re: dimitri]
Laser Offline
Outdoorsman

Registered: 03/12/11
Posts: 119
Loc: Rockwall TX/Lake Fork
Check with Neighborhood Credit Union.
Just financed a used boat with them for 5.9
New boats should be cheaper.
2nd Boat I've ran thru them.

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#12366354 - 07/31/17 03:21 PM Re: new boat financing [Re: dimitri]
shotgunwilly Offline
Pro Angler

Registered: 06/22/08
Posts: 749
Try Resource One Credit Union

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#12376830 - 08/07/17 09:47 PM Re: new boat financing [Re: dimitri]
dimitri Online   content
Extreme Angler

Registered: 08/12/09
Posts: 2112
Loc: Arlington TX
i ended up taking the 4.99 because it was the best rate i was offered after checking with my credit union(7.0 apr) and my personal bank(7.5 apr) . my home is paid off but even a home equity loan was close to 6% .they both assured me that i probably wasn't going to find a better rate at this time. craziest thing is i had to go to a longer term to get a better rate! imo this should be an illegal lending practice. still plan to pay it off in 5-7 yrs to avoid paying alot of interest.

thx to all that responded

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#12378334 - 08/08/17 08:55 PM Re: new boat financing [Re: dimitri]
Austintatious Offline
Pro Angler

Registered: 03/09/09
Posts: 528
That sounds like a win win then, and a stupid move on the lenders part..... If the longer term has the better interest rate... TAKE IT EVERY TIME...DUH! just make sure there is no prepayment penalty.

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#12378414 - 08/08/17 09:32 PM Re: new boat financing [Re: dimitri]
getzitfisher Offline
Green Horn

Registered: 04/11/17
Posts: 6
I got a better rate going through a dealer this April. I shopped around, but the dealer's bank offered a better deal.

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#12379419 - 08/09/17 03:43 PM Re: new boat financing [Re: dimitri]
TR176 Online   content
TFF Team Angler

Registered: 07/17/10
Posts: 3213
Loc: Little Elm
Inquiries on your credit will effect your credit score so don't over do it.

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