Page 1 of 1

Boat loan financing, who did you use?

Posted: Sun May 10, 2015 3:51 pm
by cib11b
Looking to buy a new/used boat in a few months. Ive got a budget of 26k. I have excellent credit and am wondering who you guys used to finance your boat through? Interest rates, term in mo's etc. Any help, and or advice?

Re: Boat loan financing, who did you use?

Posted: Mon May 11, 2015 2:27 pm
by Talib707
Boat financing is high interest rate even with good credit. I have excellent credit and it was still high. What I did to get credit lower is soldo truck to my wife (she wasn't on truck). I took that loan money and bought a boat. The payment is still a payment but 2.49 percent interest on a truck loan is better than 7 percent on a boat any day.

Re: Boat loan financing, who did you use?

Posted: Mon May 11, 2015 4:28 pm
by cib11b
I have considered this, however my wife does not work and we just purchased a brand new vehicle. I don't believe we have enough "equity" in the vehicle. I have seen US Bank offer 4.75%, however I have not sit and talked with them yet. Just wanted to get a feel on what people have good and bad experience with.

Re: Boat loan financing, who did you use?

Posted: Mon May 11, 2015 4:28 pm
by cib11b
I have considered this, however my wife does not work and we just purchased a brand new vehicle. I don't believe we have enough "equity" in the vehicle. I have seen US Bank offer 4.75%, however I have not sit and talked with them yet. Just wanted to get a feel on what people have good and bad experience with.

Re: Boat loan financing, who did you use?

Posted: Mon May 11, 2015 9:28 pm
by Talib707
I used travis credit union but did it for my truck. If they give you anything in the 4% area that is good in a boat. Most banks take another .5 percent off if you do direct deposit/electronic payment.

Re: Boat loan financing, who did you use?

Posted: Tue May 12, 2015 11:36 pm
by cib11b
Thank you for the Info. Much appreciated