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Boat Loan - Interest Rates Since Fed Rate Rise #14654810 03/09/23 01:55 PM
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wabash2015 Offline OP
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What's the current interest rates on new boats with a 10 year loan with an 800+ credit score? Can't really find this information online without seeing massive ranges.

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14655584 03/10/23 01:05 AM
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KB1953 Online Content
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Skeeter has 4.99 program currently going on!

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: KB1953] #14660975 03/15/23 03:12 PM
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wabash2015 Offline OP
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Originally Posted by KB1953
Skeeter has 4.99 program currently going on!

Yeah for 72 months. Not sure who can afford a $70,000 rig @ 4.99% interest for 6 years.

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14664004 03/18/23 02:08 PM
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Rates are starting at 8.5 percent on 20 year notes on amounts higher than 50k on new boats through my lenders, with 760 credit score putting you in the "A Tier". I've seen rates as high as 17 percent on a 608 credit score applicant I had. If you have 800+, you'll be golden though. That's with 10% down.

Rates have gone up substantially this year. I'm even paying 8.5 percent on my day to day line of credits now, up from 5.5 this time last year.


Mallard Marine Nacogdoches, Tx
936-225-3244 - Authorized Sales/Service
Mercury Outboards - Allison Boats
Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: T-racer @ Mallard Marine] #14665595 03/20/23 01:51 PM
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wabash2015 Offline OP
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Originally Posted by T-racer @ Mallard Marine
Rates are starting at 8.5 percent on 20 year notes on amounts higher than 50k on new boats through my lenders, with 760 credit score putting you in the "A Tier". I've seen rates as high as 17 percent on a 608 credit score applicant I had. If you have 800+, you'll be golden though. That's with 10% down.

Rates have gone up substantially this year. I'm even paying 8.5 percent on my day to day line of credits now, up from 5.5 this time last year.

That's gonna be a rough monthly payment. I don't see how prices don't fall over time with this increase in rates.

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14666036 03/20/23 07:05 PM
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I just did 7.4 for 14 years through US Bank with a 800 plus score. Not happy about the rate but I was lucky to get the 7.4. Was a 30K boat.

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14666100 03/20/23 07:51 PM
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I thought all the ballars on here paid cash.

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: tmd11111] #14666860 03/21/23 02:23 PM
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wabash2015 Offline OP
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Originally Posted by tmd11111
I thought all the ballars on here paid cash.

I thought most guys were "pro staffers" who implied they got their boats for free.

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14668203 03/22/23 05:11 PM
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Yes, rates have gone way up really fast. I have been seeing a rare few deals as low as 6.99%, but that is mostly financing over 100K with substantial amount of cash down and 800+ credit scores. For your average Bass Boat with a purchase price between $50,000 and $100,000, I am seeing rates in the mid to upper 7's with excellent credit.


Intercoastal Financial Group
www.boatloan.com/michael-hunt/
Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: Unclebubba] #14668398 03/22/23 07:40 PM
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wabash2015 Offline OP
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Originally Posted by Unclebubba73
Yes, rates have gone way up really fast. I have been seeing a rare few deals as low as 6.99%, but that is mostly financing over 100K with substantial amount of cash down and 800+ credit scores. For your average Bass Boat with a purchase price between $50,000 and $100,000, I am seeing rates in the mid to upper 7's with excellent credit.

With what term length?

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14669923 03/24/23 01:49 AM
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Jimfishes Offline
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My CU offers boat loans at 6.75% for 120 months

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14670563 03/24/23 06:43 PM
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Originally Posted by wabash2015
Originally Posted by Unclebubba73
Yes, rates have gone way up really fast. I have been seeing a rare few deals as low as 6.99%, but that is mostly financing over 100K with substantial amount of cash down and 800+ credit scores. For your average Bass Boat with a purchase price between $50,000 and $100,000, I am seeing rates in the mid to upper 7's with excellent credit.

With what term length?

Usually 180 months under $75K, and up to 240 months over $75K.


Intercoastal Financial Group
www.boatloan.com/michael-hunt/
Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: tmd11111] #14683874 04/07/23 04:19 AM
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Originally Posted by tmd11111
I thought all the ballars on here paid cash.


Well technically I wrote the check. But definitely not baller, but waited forever while raising a family. Now that the kids are out of college (2 degrees each), we actually have a couple of nickels to rub together. wink

Not sure if it was the right thing to wait until I could afford it. Been trapped forever stuck between YOLO and need to save for the future. If I croak tomorrow, I missed out. If I live vibrantly for 30+ years then I made the right choice. TBD

Last edited by El_Tortuga; 04/07/23 04:19 AM.
Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14713588 05/08/23 01:02 AM
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grandbassslayer Online Happy
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10-15-20 year boat payments….. not a boat on earth worth that.

Re: Boat Loan - Interest Rates Since Fed Rate Rise [Re: wabash2015] #14809393 08/13/23 02:03 AM
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People have more $$$ than sense

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