Boat Financing

Fishplay · 03-11-2005, 09:10 AM

Who offers the best rates?

My credit union is at 7.25% on new (2003 and newer) and add .25% for used.

I thought I saw someone advertising at 5.00% at the Sportsman Show.

I have excellent credit and should qualify for the best rate available.

Bendman · 03-11-2005, 09:16 AM

I have never seen it that low (5.00). We just did ours through Selco and they got us in at 5.59. And that was by far the best we found.

corrirod · 03-11-2005, 09:18 AM

That sounds high to me but it depends on how much your financing too. With boat loans, the more you borrow the lower the rate and the longer you push it out the lower the rate also.

Your best bet is to get the longest term loan you can which will give you the lowest rate and then pay it off early as there is no prepayment penalty.

Most of our loans are between 6%-7% right now and usually the local credit unions can beat our rates.

fish_on · 03-11-2005, 10:58 AM

honda has 2.5 if it was new with their engines.

Fishplay · 03-11-2005, 11:25 AM

Honda will finance the boat package??

Tyeebuster · 03-11-2005, 11:44 AM

Key Bank had favorable boat financing. A couple of months ago it was under 6%. I also saw others with comparable financing at the Seattle Boat Show. Hope this helps..TB

Hanapa'a Time · 03-11-2005, 12:00 PM

Ditto what Rod said, smaller CU's. I have 4.25% through my work CU. Selco's not too bad either.

HOGGEMIN · 03-11-2005, 12:17 PM

So Greg what are you looking at??????

foxer · 03-11-2005, 12:38 PM

Honda will do 4.5% for the whole package as long as the main power is Honda..Offer ends April 3 I believe.

Fishplay · 03-11-2005, 12:46 PM

Thats a good deal. Just so happens two of my top choices are new boats with Honda OB.