new boat financing

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

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.

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.

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?

Ck. with Credit Unions.

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!!

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.

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.

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.

Try Resource One Credit Union

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

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.

I got a better rate going through a dealer this April. I shopped around, but the dealer's bank offered a better deal.

Inquiries on your credit will effect your credit score so don't over do it.