I was talking to the boat dealer today about getting a new boat. They said the best interest rate I could get right now was 7.99% even with a 800+ credit rating.
Is that normal for a new boat?
I got 2.9% on my truck.
The boat was over 20k off the $62,000 MSRP!
$39,899 for a 2008 20'6" Ranger.
I can see my self going in debt soon.
(Please don't start trashing Rangers)
Is there some place I can get better financing for a boat than the dealer?
The NADA low retail for my current boat is $10,670 but they only offered $6000.
Anyone want to buy a 1998 20,5" Procraft F&S?

That's probably a good rate on the boat you may want to check with your own Credit Union or Bank to verify the rate and see if they can do better. As far as the 2.9% on the vehicle that was an incentivized rate through the manufacturer not the standard bank rate so it really does not compare unless Ranger comes out with some kind of special finance offer.

you should be able to beat that rate with a bank or credit union, i dont think the dealer will be too happy about it though. my credit is in the 700s and i found a rate of 7.14 without trying too hard.

what engine does it have?

The dealer will just be glad to sell a boat.

I'm sure they will be, but don't they usually try to push their financing?

Not that it really matters, I guess.

The great current financial situation in this country hasn't helped financing rates particularily on those things such as boats that arer typically the first things to get re-possessed when times get tough. 7.99 might be a good rate right now. I would shop it a little before I signed up.

225 Yamaha
I guess I need to sell my boat before I go to buy the new one.
I just cant see taking $6000 for it.

36 months 6.50% 06/23/2008
48 months 6.50% 06/23/2008
60 months 6.50% 06/23/2008
72 months 6.50% 06/23/2008
84 months 6.50% 06/23/2008
96 months 6.50% 06/23/2008
108 months 6.50% 06/23/2008
120 months 6.50% 06/23/2008
144 months 6.50% 06/23/2008
180 months 6.50% 06/23/2008

Is what my credit union has.

Those rates are from 6-23-08 a lot of things have changed since then. I checked with Omni American Credit Union in Ft Worth and their best boat rate was 8.25% as of yesterday and they are usually one of the lowest around at least they are when it comes to buying a car.

From RBFCU as of today:

60 months 6.00 > 10.00 %
66 months 6.00 > 10.00
84 months 6.25 > 10.75
120 months 6.75 > 12.75

USAA

Boats (New & Used)
Loan Term Fixed APR Loan Amount
Up to 72 Months 7.39% $9,999 or less
73 to 84 Months 7.39% $10,000 - $34,999
85 to 120 Months 6.39% $10,000 - $34,999
121 to 180 Months 6.39% $35,000 - $99,999

I was told when I bought my boat that since it was a recreational vehicle interest averages about 2% higher than a normal loan?? Is that true or was I duped?

My credit union is usually about 1.5 higher.

The main reason why Boat and RV loans are higher than auto loans is because it is a luxury item.

Home and Auto loans are looked at as "necessity" loans. Meaning, most people have to have them. That is why it is generally easier for someone to qualify for an auto or home loan.

But because boats are luxury items, they are the first to go into default when someone gets behind. They will do everything they can to keep their cars and homes. But a boat sitting in the driveway isn't really a necessity. Because of the bigger default rates, most banks will charge more for an Boat loan than an Auto loan. Especially on used boats.

Well, I guess 7.9% isn't all that bad.
I called my bank today (Chase) and they said 8.9 was the best they could do.
Now I need to get the dealer to give me more for my boat of find a new owner elsewhere.
1998 ProCraft 205 Combo with a 200 Merc...Only wanted to give me $6k for it.

I got 7.04% from State Farm Bank and my credit runs in the mid 700s.

Bought a 5th wheel two weeks ago and the rate at Viewpoint bank was 7.49% up to 10 years. State Farm was 7.79%. All other banks were 8.25% to 9.5%. 7.99% doesn't sound too bad at all.

Money is out there to loan if you have good credit and not a lot of debt.

That's quite a discount the dealer is quoting you, do you mind telling me what model boat this is and what motor? I called a local Ranger dealer the other day and a Z20 with Etec was discounted down to $48000 but I wasn't too impressed with that. I'm looking at a used 2008 Z20 with Yamaha 225 and the guy wants $38500 for it, I'd rather have a brand new one if I can get a discount like you found!

Its a 2050 Reata.
Not a straight Bass boat
More of a Walleye Boat.
But it comes with a bimini and a ski pole.
I really like the full windshield in the winter on Texoma

Boats are like cars in a dealer's eyes. If he takes your boat on trade, he expects to make money off it when he sells it. The difference is, he has a bigger outlet than you do. You just need to advertise on several different forums and be patient. If you can't do that, then take what the dealer offers.

The APlus Credit Union in Austin will go as low as 5.35% up to 66 months. That rate is only good if you open an account and setup automatic debits for payments. Otherwise the rate is 5.6%.

https://aplusfcu.org/personal/loans/loan-rates#secured