Just thought I would throw this out there. I financed a 10 year old boat at a 4.5% rate. The term could have been 36 to 120 months for the same rte. if you live in Dallas county you might want to check them out. It could have been a 25 year old for the same terms. They are easy to deal with. I could have put zero or any amount down.

Whats your credit score?
What's it take to become a member of that credit union?

All it takes is 25 dollars to open up a savings account.

I don't know my credit score exactly but it's over 700. If its less than that then they charge a slightly higher rate. It doesn't go up that much.

You have to become a member and thats 25 dollars to open a savings account. I will second what coach said about their rates. I became a member last October and they have been great to work with. Also they use your Equifax score not all 3.

Dullhook

They are great to work with! Also heard even if you don't live in Dallas county but have relatives that do you can be a member .

We don't live in Dallas and use them all the time. No relatives either. Great rates for sure.

My boat is also financed through Resource One.

I hate to be the Devils advocate here, but Resource One, screwed us big time. My wife and I bought a Travel Trailer thru them on a 15 year loan. It's my own fault for not paying attention, but like so many others, I was thinking "hey, 15 year loan, I'll just make the payments, fish, hunt and take life easy." Little did I realize, that they stacked all the interest on the end. About 2 1/2 years into the life of the loan, I got to looking at the monthly statement they sent and thought there must be a mistake. We made around 30 payments, at 230.00 a month and only payed a little over 700.00 dollars off the principle!! We now have a 2008 Trailer that we bought new for 20K, that we still owe 18K on, that we will do good to get 9-1000.00 for. Resource One may be all nicey-nice, getting you to make the loan, but when I called and asked about their practices, they got ugly in a hurry. I now have that Trailer re-financed thru Lone Star Credit Union at a reasonable simple interest rate and the loan is coming down as it should be.

I meant to say that they stacked the interest up front.

Yep, if you look in your loan document you will see a clause that explains "rules of 78" financing. Anytime you see this, ask the interest to be charged as simple interest monthly. Most banks will make the change if asked then. Afterwards, nada, as they already gotcha.

Why do people finance stuff 15 - 20 years anyways that's just stupid all the way around on your part no matter how the do the intrest its dumb just to get a cheaper note.

I am looking to find 7 or 8 year loan for around 17k, that can beat 5.75% any help

lamoon78, I think you were a little rough calling me "stupid", especially on an open forum..... people do make mistakes from time to time. That being said, I AGREE wholeheartedly with what you are basically saying. Short loans to NO loans, is the best way to go: my wife and I are paying off our debt and our intention is to stay debt free, if at all possible.

Looks like you signed up for a loan you couldn't afford in the first place.

I work with Luis at Resource all the time. They are great people!!! Never had a issue. When I lost my job they worked my payments to make sure I had food before I paid my truck. All around good people. Get-bit have you been to Mi Dia?