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Jan 23rd, 2013
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new boat financing #12361802
07/28/17 01:57 AM
07/28/17 01:57 AM
Joined: Aug 2009
Posts: 2,235
Arlington TX
D
dimitri Online content OP
Extreme Angler
dimitri  Online Content OP
Extreme Angler
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Joined: Aug 2009
Posts: 2,235
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

Re: new boat financing [Re: dimitri] #12362016
07/28/17 03:53 AM
07/28/17 03:53 AM
Joined: Mar 2005
Posts: 1,570
Kaufman
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psycho0819 Offline
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psycho0819  Offline
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Joined: Mar 2005
Posts: 1,570
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!
Re: new boat financing [Re: dimitri] #12362033
07/28/17 04:12 AM
07/28/17 04:12 AM
Joined: Jun 2014
Posts: 99
San Antonio
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russcue1 Offline
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Joined: Jun 2014
Posts: 99
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.

Re: new boat financing [Re: dimitri] #12362060
07/28/17 05:01 AM
07/28/17 05:01 AM
Joined: Aug 2009
Posts: 2,235
Arlington TX
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dimitri Online content OP
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dimitri  Online Content OP
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Joined: Aug 2009
Posts: 2,235
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?

Re: new boat financing [Re: dimitri] #12362307
07/28/17 01:45 PM
07/28/17 01:45 PM
Joined: Mar 2010
Posts: 6,676
Temple, TX.
T
T Bird Offline
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T Bird  Offline
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Joined: Mar 2010
Posts: 6,676
Temple, TX.
Ck. with Credit Unions.





Re: new boat financing [Re: dimitri] #12362531
07/28/17 04:04 PM
07/28/17 04:04 PM
Joined: May 2010
Posts: 26
Little Elm, TX
B
brandi97 Offline
Outdoorsman
brandi97  Offline
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Joined: May 2010
Posts: 26
Little Elm, 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!!


"People don't just bump into each other and have sex. This isn't Cinemax." - Jerry Seinfeld
Re: new boat financing [Re: dimitri] #12363342
07/29/17 02:47 AM
07/29/17 02:47 AM
Joined: Jan 2011
Posts: 2,568
East Texas
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Devil Horse Offline
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Devil Horse  Offline
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Joined: Jan 2011
Posts: 2,568
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.

Re: new boat financing [Re: dimitri] #12363625
07/29/17 12:24 PM
07/29/17 12:24 PM
Joined: Apr 2017
Posts: 1,233
San Angelo
tmd11111 Online content
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tmd11111  Online Content
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Posts: 1,233
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.

Re: new boat financing [Re: dimitri] #12366249
07/31/17 07:27 PM
07/31/17 07:27 PM
Joined: Mar 2011
Posts: 153
Rockwall TX/Lake Fork
Laser Offline
Outdoorsman
Laser  Offline
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Joined: Mar 2011
Posts: 153
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.

Re: new boat financing [Re: dimitri] #12366354
07/31/17 08:21 PM
07/31/17 08:21 PM
Joined: Jun 2008
Posts: 876
shotgunwilly Offline
Pro Angler
shotgunwilly  Offline
Pro Angler

Joined: Jun 2008
Posts: 876
Try Resource One Credit Union

Re: new boat financing [Re: dimitri] #12376830
08/08/17 02:47 AM
08/08/17 02:47 AM
Joined: Aug 2009
Posts: 2,235
Arlington TX
D
dimitri Online content OP
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dimitri  Online Content OP
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Joined: Aug 2009
Posts: 2,235
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

Re: new boat financing [Re: dimitri] #12378334
08/09/17 01:55 AM
08/09/17 01:55 AM
Joined: Mar 2009
Posts: 531
A
Austintatious Offline
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Austintatious  Offline
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Joined: Mar 2009
Posts: 531
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.

Re: new boat financing [Re: dimitri] #12378414
08/09/17 02:32 AM
08/09/17 02:32 AM
Joined: Apr 2017
Posts: 22
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getzitfisher Offline
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getzitfisher  Offline
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Joined: Apr 2017
Posts: 22
I got a better rate going through a dealer this April. I shopped around, but the dealer's bank offered a better deal.

Re: new boat financing [Re: dimitri] #12379419
08/09/17 08:43 PM
08/09/17 08:43 PM
Joined: Jul 2010
Posts: 4,699
Little Elm
T
TR176 Online content
TFF Team Angler
TR176  Online Content
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Joined: Jul 2010
Posts: 4,699
Little Elm
Inquiries on your credit will effect your credit score so don't over do it.

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