Boat loan rates

Jettin' Fool · 04-29-2001, 12:24 PM

Anybody know were to get the best rates out there for boat loans? looking at 144-180months [img]images/icons/shocked.gif[/img]

Pete · 04-29-2001, 01:09 PM

Steven's Marine is advertising 9.9% on some of its new boats. My credit union will do 7.4% fixed for 60 months, 8.1% for 120 months and 8.4% for 180 months. They'll do 100% of book if the boat is new or in good condition.

WaterDog · 04-29-2001, 01:17 PM

Keybank is 9.00%@144 months.

12 years to pay for a toy. [img]images/icons/rolleyes.gif[/img] Then the 5 years to pay for the truck to drag that toy around. Then there is all the tackle, rods, reels, gagets, and equipment. I remember when a $20 spinning combo(gift), some hooks, spilt shot, some worms, were all a guy needed.....

brshooter · 04-29-2001, 04:18 PM

You might check with your bank about and equity line on your home. The advantage is that you can write off the interest. It is getting harder and harder to find a write off, so this was a nice feature for us. Our equity line is a variable rate tied to the prime. Currently we are paying 7-1/2% and have the option of locking in an amount at a fixed rate with no additional cost. We want to see what the fed does next month. There are rumblings about another 1/4 point drop. If it does, we will probably lock in at 7-1/4%.
Just keep in mind what a 144-180 month contract does to the total price of the boat. Go with the shortest term you can afford.

Killertraylor · 04-29-2001, 05:01 PM

I purchased my $45,000 North River in November of last year and I got my loan through Key Marine online. I filled out the application on-line and had an approval in a day. The link for the loan app. is:
https://keyextp1.keybank.com/scripts...xtSiteName=KEY

My rate for 180 mo's was 9.53. Also, they will let you borrow 100% of the boat value if you want to.

[ 04-29-2001: Message edited by: Killertraylor ]