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Author Topic: New Boat Financing  (Read 1091 times)

LC

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New Boat Financing
« on: December 14, 2017, 11:03:08 PM »

Planning to purchase a new RT188 in Jan 2018, so I'm starting my research on financing.  I spoke with a local credit union and to my surprise, based on the interest rate, it doesn't appear they are really interested in boat loans.  The only other firm I spoken with is Priority One (based in FL).  Would really like to compare Priority to other financing companies so if anyone has recommendations I would like to hear from you.
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Captsteve

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Re: New Boat Financing
« Reply #1 on: December 15, 2017, 03:11:12 AM »

Planning to purchase a new RT188 in Jan 2018, so I'm starting my research on financing.  I spoke with a local credit union and to my surprise, based on the interest rate, it doesn't appear they are really interested in boat loans.  The only other firm I spoken with is Priority One (based in FL).  Would really like to compare Priority to other financing companies so if anyone has recommendations I would like to hear from you.
wow where do you live? Credit union around here will. I financed my boat though EECU. I have a 18.5 fiberglass boat.

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Bassinlou

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Re: New Boat Financing
« Reply #2 on: December 15, 2017, 09:57:39 AM »

Planning to purchase a new RT188 in Jan 2018, so I'm starting my research on financing.  I spoke with a local credit union and to my surprise, based on the interest rate, it doesn't appear they are really interested in boat loans.  The only other firm I spoken with is Priority One (based in FL).  Would really like to compare Priority to other financing companies so if anyone has recommendations I would like to hear from you.

May want to look into companies that specialize in recreational lending. For example Reclending.com there are others, you will see those when you a quick search. Good luck!!
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Re: New Boat Financing
« Reply #3 on: December 15, 2017, 06:09:59 PM »

My credit union does new financing at 4.99 percent depending of course and terms to 180 months, which is just crazy IMO

I'm fortunate enough to own my but I think I was pay about 4.10 percent because of credit and I put over half down on it.
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Sandman7925

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Re: New Boat Financing
« Reply #4 on: December 16, 2017, 08:15:13 AM »

A quick google search will offer up places that do boat financing. But credit unions will offer a better rate than these specialty boat financing places.


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Princeton_Man

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Re: New Boat Financing
« Reply #5 on: December 16, 2017, 09:09:08 AM »

My credit union is 5.24 up to 6 years and 6.24 up to 15 years. Not long ago they were 4.9 as well. You might check with your local dealers as well. Manufacturers and dealers sometimes work financing promotions with lending banks to do things like 0% for 72 months. Doesn't hurt to talk to more than one dealer.

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Nutt

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Re: New Boat Financing
« Reply #6 on: December 19, 2017, 01:58:58 PM »

terms to 180 months, which is just crazy IMO
It is crazy.  That's how a lot of 25 year olds are buying a 50,000 boat and a 50,000 truck now a days.  I remember the days when 48 mo terms were the norm. 
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WTodd

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Re: New Boat Financing
« Reply #7 on: December 19, 2017, 02:46:50 PM »

Planning to purchase a new RT188 in Jan 2018, so I'm starting my research on financing.  I spoke with a local credit union and to my surprise, based on the interest rate, it doesn't appear they are really interested in boat loans.  The only other firm I spoken with is Priority One (based in FL).  Would really like to compare Priority to other financing companies so if anyone has recommendations I would like to hear from you.
The correct answer is; home equity line of credit.


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Sandman7925

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Re: New Boat Financing
« Reply #8 on: December 19, 2017, 05:37:44 PM »

It is crazy.  That's how a lot of 25 year olds are buying a 50,000 boat and a 50,000 truck now a days.  I remember the days when 48 mo terms were the norm.

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Mike Bush

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Re: New Boat Financing
« Reply #9 on: December 26, 2017, 07:25:22 PM »

Ive done 3 boats and 3 vehicles at my CU. Wont go to anywhere else. Good rates and for me, its a simple phone call and telling them how much I want for what I am buying.

Im looking at a new (used) truck in the next few months myself. Ive moved to SC, but I will keep my money with the CU that takes care of me.
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Princeton_Man

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Re: New Boat Financing
« Reply #10 on: December 26, 2017, 07:39:37 PM »

Ive done 3 boats and 3 vehicles at my CU. Wont go to anywhere else. Good rates and for me, its a simple phone call and telling them how much I want for what I am buying.

Im looking at a new (used) truck in the next few months myself. Ive moved to SC, but I will keep my money with the CU that takes care of me.

This is the number one reason I stick with my CU. ~c~
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SteveTX

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Re: New Boat Financing
« Reply #11 on: December 26, 2017, 10:31:04 PM »

Credit Union here as well. Cant beat them great interest rates and as has been said I call them tell them what I want and they say when do you want to pick it up. Of course having a nice credit score plays a big part in it.
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Swamprat26

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New Boat Financing
« Reply #12 on: June 05, 2018, 12:26:13 PM »

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