Recent Boat Lenders

[axeman]

All,

Has anyone applied for a boat loan recently? If so, where and what are their rates? I typically go with Bank of America but they aren't taking on boat loans at this time. Any help would be greatly appreciated!

[beach]

I went with my credit union and got 2% for 6 years. Some of the credit unions use the same rates for boat loans as for car loans. This was for a used boat, I'm not sure how credit unions do for new boats.

[BWB-745-]

I checked a credit union and was told they wouldn't go over 10 years old.

Currently I have a open line of credit through my bank.

[Laketexoma]

I got 5% for 15 years.

[AllianceBJJ]

Buxton sent us through US Bank last year at this time and we are at 4.25%

[nyryan2001]

same here, US Bank ^^^

but that rate is only avail if the dealer does the paperwork, about a point higher if you go to them direct if I recall

[sicktc06]

When I had my loan with US Bank, anything paid extra did NOT go to Principle, it was a "credit" to your next payment. I'm a member of 2 Credit Unions and one did 12 years at 5.25% and the other would only go to 10 years at 4.65%. If I went above the $50,000, then they would go 15 years. But you had to be at that threshold.

[BWB-745-]

Were y'all looking at newer boats or older than 10 years?

[AllianceBJJ]

New G23

[cedarcreek216]

So this thread got me thinking and I did some looking. We are with US Bank at %7.25 with great credit and great income. Guess we missed the "boat" on the crappy terms of our loan. I did some quick research and came across Essex Credit. They seem to have the best public rates, CU's not considered. So I am applying for a much shorter term with a lower rate to get this thing paid for.


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[Brichter14]

My CU likes throwing money at me. My boat is 17 years old and they gave me an 8 year loan. 4.25%.

[79nautiquenick]

I went through my works credit union, 15yrs at 4%, but no fees for paying on the principle which I always pay extra. Definitely don't want to keep this loan for 15years!

[Neverenough]

Hey Axe! You trading in the 230? I took up the 220 Saturday to trade up to a 230.

Buxton set me up with BB&T on the last two. Great to deal with and rate was ok at 4.99 for 15 years.

[TRO]

I got 6%.

Neverenough- you looking to buy a used 230? or a new 230?

[axeman]

Got a little trick up my sleeve this year once I find a bank to work with (always worked with Bank of America). Will look into US Bank, BB&T and Essex. Definitely need to look into any pre-payment penalties since I usually pay extra every 2 weeks. Thanks for all the quick responses!