I bought a new boat in 2009, cash ($24k) sold it last year and want another boat. The boat I want is in the same price range. I would like to know what is needed to finance a boat these days? I have to auto loans now with perfect pay ( I also put $10k each down on these). I have $10k to put down and want a 24-36 month loan. Who should I go to? What are the current rates on a boat loan? Any info is appreciated
Thank you

I just purchased my first boat at LMC Marine Houston. I was told by the finance department that the lowest they are seeing right now even with perfect credit is around 8 percent unless you can go through a credit union. If this is true or not i dont know.

I am no expert, but the best I found was with my Credit Union. They had a promotional going on and I financed less than half of the price of the boat at 2.99% for 5 years. Most places were 4.65% - 5.25%. I only had to finance $19,800.00.

There are some "national" lenders that will do much better than 8%. Some dealers have better options than others. Dealers need to be signed up as an indirect lender with lenders and that can be a process that takes time. Some lenders ever require dealers to be in business for 3 + year before they will sign them up. We also work with a couple Credit Unions. Some are more serious than others about the boat business and you can tell that by the program.
Let us know if we can help.
Ken

I used RecLending, It was the easiest transaction I have every had to make, had the loan in 4 days. Extremely recommended