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best place for boat financing? #3065021 01/30/09 12:39 PM
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txtider Offline OP
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guys , where is the best place to get boat financing ? what is a good rate for a boat and how long can you finance a boat ? thanks !

Re: best place for boat financing? [Re: txtider] #3065051 01/30/09 12:51 PM
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Judd Offline
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Credit Union normally and all the other stuff depends on your credit.

Re: best place for boat financing? [Re: Judd] #3065107 01/30/09 01:01 PM
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State Farm was doing with cheap rates, if you had insurance with them

Don't know if they still do it

Re: best place for boat financing? [Re: Judd] #3065112 01/30/09 01:02 PM
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bwhatley Offline
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Depends on your dealer and what lenders they have access to. New boat loans can go all the way to 20 yrs and interest rates vary from 6.9% to above 11%. Gonna depend on your credit rating.


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Re: best place for boat financing? [Re: Judd] #3065117 01/30/09 01:02 PM
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txsuperman Offline
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I financed mine at Texans Credit Union. I did a f 5yr loan at 4.9%. But the rate depends on your credit, the term depends on the amount you are going to finance. I've heard of people financing boats for up to 10yrs.

Re: best place for boat financing? [Re: txsuperman] #3065160 01/30/09 01:11 PM
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Joefishin Offline
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I've had good experience with Key Bank, they do alot of boat financing.


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Re: best place for boat financing? [Re: txtider] #3065164 01/30/09 01:11 PM
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forkduc Offline
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Did an 06 Skeeter 20i at Plano Marine 7.49% minimum term of 5 years. Need 700 or better score. My State Farm agent is going to give me a re-finance bid,says it will be cheaper. Got my house,cars and boat with them.

Re: best place for boat financing? [Re: forkduc] #3065199 01/30/09 01:17 PM
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I have no idea about your situation (credit rating, how much you need, equity you have in property, etc.) but if you can do it on a home equity loan or line of credit, I think its the best deal. You can write-off your interest and rates will be pretty close as low as you'll get.

Re: best place for boat financing? [Re: JPost] #3065212 01/30/09 01:20 PM
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cbyrom Offline
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You are also removing the security you have in your house to buy a bass boat.

Re: best place for boat financing? [Re: cbyrom] #3065230 01/30/09 01:23 PM
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Originally Posted By: cbyrom
You are also removing the security you have in your house to buy a bass boat.


True, depends on your situation.

Re: best place for boat financing? [Re: JPost] #3065245 01/30/09 01:25 PM
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Credit Unions are usually good on rates and terms. Got mine on 7.25% for 5 yrs but I didn't buy a brand new one (07 model). Rate for new was 5%. You also get really good/personal customer service and my CU is very eager to make loans even in this economy as long as your credit is good, (700+).

Re: best place for boat financing? [Re: epicoutdoors] #3065265 01/30/09 01:29 PM
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BigLeslie Offline
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Financed mine 3 months ago, 4.99% Your Federal Credit Union great service, easiest purchase I've ever had...but they have a limited service area and you need good credit.

Re: best place for boat financing? [Re: BigLeslie] #3065337 01/30/09 01:43 PM
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TDR2 Offline
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credit union of texas was great with me.


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Re: best place for boat financing? [Re: TDR2] #3066841 01/30/09 07:39 PM
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Chad Hill Offline
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I got 5.1% about 2 months ago through Resource One Credit Union. If you are interested PM me and I will get you the number and the contact.



Re: best place for boat financing? [Re: JPost] #3068036 01/31/09 12:40 AM
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Originally Posted By: JPost
I have no idea about your situation (credit rating, how much you need, equity you have in property, etc.) but if you can do it on a home equity loan or line of credit, I think its the best deal. You can write-off your interest and rates will be pretty close as low as you'll get.

Was under the impression you don`t want to use home equity to purchase a depreciating product. But that is just a thought.
JD stir


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