Need Boat Financing Co. suggestions

[Courtney Stone]

purchasing a used Bennington pontoon. Top condition. Only 6 tanks of gas ran through it. Stored properly. I’m excited. I have a loan through my bank secured, but was wondering if their are better interest rates out there. Bank wants short term loan with 6% interest. Surely there is better out there. Searching the web is overwhelming! Suggestions?

 

[Rick from Rocky Mount]

Our dealer had a local bank they do a lot of business with find us a loan. When I looked on line to compare different rates available, they "magically" were able to come down a full percentage point and match the lowest rate I found online. My wife and I both had extremely high credit ratings as well. It certainly pays to shop around! Forget the exact rate but think it is the 5's All depends on the term and amount, of course.

 

[SEMPERFI8387]

We went with State Farm. No one could touch them. We are in the high 4’s if I remember correctly

 

[mattb]

State Farm as well.

 

[cwag911]

Home equity line might be cheaper.

 

[Jim Rampello]

Bought brand new with a credit rating of 827, got 5.49% for 15 years!!!! Boat will never be paid off!!

 

[Michiman]

I'd check with a couple of local credit unions as well.

 

[lakeliving]

Ours is paid off but we initially financed through a credit union. Lower rates and there was a local branch. Super easy

 

[Devin]

4.24% for 10 years at local credit union. I shopped about 10 different places and my home bank was the best, go figure.

 

[WV Girl]

Local credit union. 3.75%. Now I just need the boat to arrive!

 

[Dennis T.]

we went credit union as well. rate was lower than i am earning on my investments so made sense to finance vs pay up front.

 

[Jack M]

If you have a 401 ,take a loan from yourself and pay yourself back

 

[tlcaud]

Boat rate was 7%, refi the pickup at 2.99% at 48 or 3.09% at 66 months. I took the 66 months. I now make a boat payment on my pickup.

 

[BigKahuna]

What is this boat loan thing you guys are talking about??? Ha!

 

[Remediation]

I did 100% down payment $0 a month

 

[Alicedream]

I did 100% down payment $0 a month

Me Too....

 

[Nautical]

I just checked mortgage rates yesterday and they're between 4.5% and 5% so I'm surprised anyone is getting vehicle loans for cheaper. Shop around for sure, just don't get sucked in to one of those crazy 18 or 20 year loans the dealers are dangling in front of people these days. Try what Carl suggested - home equity line.

 

[banditz]

My credit union was at 4.9% this past April so I ended up just writing a check for my new boat. No payments and the boat is all mine.

 

[Nater]

Find out who your local boat dealer uses.

 

[Roblou15]

Try going thru Costco. They have excellent rates with various lenders.