Has anyone in the last few weeks tried to secure a new boat loan?

I have a 730 credit score, outstanding loan repayment history, almost no debt to speak of....other than a home equity loan. Two years ago, (May 2020) with less available credit, and a lower score, I was able to finance a new boat for 4.25%. two dealers have tried to get me financed, and one of their lenders refused completely, the other wanted 11.5%. The finance manager was looking at my credit report, and even he thought it was completely out of the ball park. I'm even putting more than 10% down. Fortunately, he does know someone at Yamaha credit, and was going to call them tomorrow, and give him the details of my credit before they run it again, and see what he thought they would be able to do it for, so at least he's trying to work with me. He even double checked to make sure my ss# and other info was correct, because he couldn't understand why it was so high of a rate. I have a credit union, but their boat lending options suck now.

Anyone?

Update for anyone following, the dealer got it way better for me with Yamaha Credit. 6.9%

6.9% still sucks. Lots of local banks and CU's are in the high 3's and low 4's

Cheapest I found anywhere I called was 5.25, right now. My credit union, which finances all my cars at 1.9% or so, had the cheapest rate, at 5.25, but they only do short term. They don't like doing longer term loans. I like having the flexibility to pay the minimum or add more, so I keep them at 10 to 12 years. Usually end up paying them off years early anyway, but it's nice to be able to be flexible.

The Fed is said to be going to raise interest rates to banks from basically 0% to somewhere to 2+ %. So car loans and especially boat loans are going to be seeing even higher rates than they are now. Im keeping my 2012 Ranger until it falls off the trailer. Paid cash for it when I bought it. I looked at my original quote from the dealer and they noted if I was interested a 10 yr boat loan was 6.9 %. Interest on RV's, boats etc. are traditionally higher than car loans.

It seems for boats, motorcycles, and RV's 5.25 is not a bad rate.
There is no current incentive for cheap financing on "luxury" items.
Since the pandemic began they have been selling like hot cakes...
Doubt you could find 0.0 or 0.9 on a new vehicle anymore either.
Just my two cents.

But congratulations on a new boat!

No doubt, on the low interest on vehicles. With the vehicle shortage, I'm sure they are wanting to get every dime they can. Gonna be at the very least another year, before we might see a glut of car inventory, and I bet at least two before the boat and RV industry catch back up.

Fixing to get 4.25% at my bank if my boat comes in before the fed raises rates. Banker said it could change at any time.

I went with my credit union on a 10 year old boat after fighting the exact same battle with boat lenders. My credit union jumped at the chance an for around 3%. One of the boat loan lenders called me back to see if I was still interested at the jacked up rate he offered me after I got the deal done at the credit union and he about freaked out. He couldn't believe I could get it financed at a rate that low.

Wow. 3% is stellar on a used boat. 6 is absolute bottom dollar rate at mine on a used boat. If they will even loan on one that's 10 years old. That's the cut off.

I've borrowed money from them for 30 years, I can probably do this on a used vehicle too. Even lower on anew one.

RBFCU has been my "bank" for years. boat loans are 4%. no boat age limits that i know of and no higher rate due to poor credit. you either qualify or you don't.

RBFCU has been my only bank. Been a member for many, many of years.