Boat Loan - Interest Rates Since Fed Rate Rise

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.

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.

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.

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.

I thought all the ballars on here paid cash.

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

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?

My CU offers boat loans at 6.75% for 120 months

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

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.

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

10-15-20 year boat payments….. not a boat on earth worth that.

People have more $$$ than sense

I think my CU is at around 7.00 for 72 months. I financed my current boat with them before rates started going up and got in @ 3.00 for 72 months. I paid a big down payment as well.
I'm thinking about upgrading this winter to a rig with newer electronics with FFS, a modern brushless TM, shallow water anchors, most likely aluminum on an aluminum trailer, and a 250 hp motor. An X21 Xpress is the only thing I've seen that fits these criteria. I am wanting this for weight savings while towing and to bay fish out of once a year down on the Alabama coast and not have my trailer eaten by the salt down the road.

Gator Trax is a lot better boat