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Dealer recommended priority one bankSee if your dealer has a recommendation. When we got ours, our dealer recommended State Farm. They had the best rates of all we had looked at, and went way out of there way to take care of us. Even met us at dealer to so we could sign everything at one time. Heck, I still get a birthday card from them every year ...
Thanks for that shareGot a loan through Lightstream (division of Suntrust now Truist).
$72k 4.49% 60 months. No prepayment penalty, and best part is it’s an unsecured loan so the boat does not have a lien on it. This was really a bridge loan until I unloaded some equities once they become long term and the tax on the gain is much less.
Dealer offered a similar-ish rate through their financing vehicle but asked that I not prepay early or they lose their kickback. I was upfront that I was going to prepay so I didn’t want to make them go through the paperwork, hence the loan elsewhere.
USAA had an attractive rate but they told me due to Covid they were capping boat loans at $25k IIRC. You may find other lenders with similar restrictions.
Good luck!
Noe I’m really convinced that 7% is high , thank youI got 5% for 15 years in June...830 credit and 29k financed
That will be quite a bit of money. We just bought ours at 3.5% for 15 yearsIs 7% a good rate for 12 yrs on a brand new pontoon ?