Boat Loans

[cifly2002]

Where is the best place to get a boat loan?

[BradNautique]

US Bank or local credit union.

[swc5150]

Uh oh, you unkowingly opened a can of trouble with this post! You're certain to get a lot of "if you don't pay cash, don't buy it" responses. I had a number of boat loans in the past, so I'll cut you slack Local credit unions are great, but then there's M&I and Essex. BOA used to offer good terms, but I'm not sure if they're still in the boat loan biz. I've used both M&I and BOA in the past with no issues. M&I even offered $0 down (last year).

[east tx skier]

Local credit union is the best way to go. I don't regret one little bit the 2.9% I paid in interest for my first ski boat. The family memories are worth more to me. Paid cash from sale of the first boat for the Nautique.

[luckee37]

My local credit union had a good suggestion... Since I owned my car outright, they suggested that I take a loan out on my car, instead of taking a loan out on the boat. They said the paperwork would be much easier and the rate would be much better. So, I did a cash-out refi type of loan on the car, and they gave me cash to go buy the boat.

Granted, this doesn't work if you need to loan a huge sum or you don't own the car outright, but it worked for me when I only needed a bridge of about $15k for a couple of months.

[AirTool]

My local credit union had a good suggestion... Since I owned my car outright, they suggested that I take a loan out on my car, instead of taking a loan out on the boat. They said the paperwork would be much easier and the rate would be much better. So, I did a cash-out refi type of loan on the car, and they gave me cash to go buy the boat.

Granted, this doesn't work if you need to loan a huge sum or you don't own the car outright, but it worked for me when I only needed a bridge of about $15k for a couple of months.

That's a good idea.