Boat financing

JasonLepore

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How hard is it to get boat financing? What scores are needed? What are the interest rates? Does anyone recommend a bank? I think I'm in the mid 6's with score and looking to put 25-30% down will this work???
 

bassn429

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How hard is it to get boat financing? What scores are needed? What are the interest rates? Does anyone recommend a bank? I think I'm in the mid 6's with score and looking to put 25-30% down will this work???
Getting boat financing is pretty simple. Your score should be good enough as long as your debt to income ratio will support it. And yes I would recommend a bank loan sharks are a bad bad idea lol . 25-30 would be more than enough. When we ordered ours we only had to put down 10% . Good luck with youre new purchase and let us know what happens. And I wouldnt go with the loan sharks :D
 
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JasonLepore

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Debt to income ratio is great... We wanted to put more down but also wanted a good rate.. no late payments in over 2 years... Just submitted it,, hoping for the best
 

Gastonguy

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May want to consider a credit union you are a member or eligible. Often the boat dealer could provide suggestions too.
 
G

Geewest

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I just got a boat loan for 5-3/4 % credit score in the upper 700'sPulled the trigger on a Q
 
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amr7333

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I just got a boat loan for 5-3/4 % credit score in the upper 700'sPulled the trigger on a Q
Oh man, a Q. There is a green eyed monster on my shoulder whispering in my ear bad stuff about you. Seriously, congrats. That would be my Bennington dream.

And to the OP, good luck on the loan. It was going to be easy for me with my dealer but chose to move some money around in my investments and save the interest.

andy
 

RedRaiderTooner

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Jason,

When shopping for loans, I found "recreational" loans to have a higher than normal interest rate, I looked at banks and credit unions. One of my customers is a president of a bank branch, and I was able to secure 4.57% for 48 months. Not bad, but considering car loans are available in the mid 2's, I'll take it. I put 25% down and my beacon score was 798.

Will
 

Remediation

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Found this option for our new boat.  SunTrust Bank offers loans on almost anything if you credit score is high enough and they are not a lien holder on your boat. 

Your loan application has been approved! Your interest rate will be 2.99% based on the loan purpose you selected, the terms of your loan and your credit profile. Please note that you must use your loan proceeds for the loan purpose that you indicated in your loan application.

Remember, with a LightStream loan, buying your boat/RV/aircraft couldn't be any faster or easier:

  • Totally paperless experience with money in your account on the day you choose.
  • Shop and buy as a true cash buyer.
  • Buy any boat/RV/aircraft from anyone. Get the same low rate.
  • Own your boat/RV/aircraft free and clear, no lender lien headaches.
We look forward to having you as our customer!

LightStream

Important Reminder:
Do NOT have LightStream listed as a lienholder on your boat/RV/aircraft title or loss payee on your insurance policy. If your lender or insurance company inquires, just tell them that you did NOT use secured financing. This will save each of us paperwork hassles in the future. Thanks!

Not endorsing, just offering an option, but it is working for us.

Application took 5 minutes, had answer in 2 hours.
 

Jack M

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If, you have a 401, you may be able to take a loan from that .The rates are much less and the interest goes back into Your account  You would get burned  if you default on the loan  .Then they ( company holding the 401 ) charge it as a " withdrawal " then you get hit with the taxes and penalty's for early withdrawal .

Last time   I checked the rates at my institution they were 2.75%
 
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Link

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To me a home equity was the way to go.  On top of a low interest rate there was also the tax deduction.  All paid off now and totally debt free as I prepared for an early retirement
 

Jack M

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I almost took a withdrawal from my 401 ,besides the  taxes on the withdrawal ,it would have moved me two tax brackets higher .

So a loan from my 401 was the only way to go .Plus I am still adding back ( interest )  to my 401 even though I am retired .
 
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Remediation

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What I like is that there are no liens attached to this loan.  It leaves me my free cash for flexibility and opportunities.  The home equity was a higher interest rate and a long process and the credit union wanted a 4% spread for their money.  

SunTrust is operating like the old small town banks used to.  I remember going to the car auction on Friday and buying cars.  Then going to the bank on Monday and meeting the manager.  He would ask how we did and how much did I need.  We did signature loans for years on my word and his trust.  

Had a line of credit with that bank for 25 years till they got bought for the 3rd time and then I didn't "qualify" anymore. 

Lots of things are better now than the old days but banking is not one of them. 
 

lakeliving

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My bank is open 7 days a week. I like having access to my money on Sunday in the event I find something I need on craigslist!
 

Willb

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Check out Costco boat and rv financing. They use Essex. rates are some the best that I have seen. Costco also gives you gift card for using them which pays for the membership.

I know a lot of people that used them so I tried them and it went great. Based on the price tag and low rates, I took the 20 year option. It's letting me to continue to add extra to kids college funds during the next few years.
 

Link

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Willb, just my 2 cents but this does make sense to me...if the kids are going to be enjoying the boat as I would expect then rather than going to college and having expense let them skip college, get jobs and help pay for the boat :lol:
 
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lakeliving

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You can tell Link desn't have kids!!! His wife heard about his plans for them and she said no way!!
 

Willb

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Willb, just my 2 cents but this does make sense to me...if the kids are going to be enjoying the boat as I would expect then rather than going to college and having expense let them skip college, get jobs and help pay for the boat :lol:
I like the way you think. I had a welding job, delivered pizzas, and worked as a bouncer during college. My wife still has a 100k in student loans 15 years later.

What I have saved for my daughter is more than I spent going to a private university. Now she says her dream is to get into Yale.

Looks like I will be delivering pizzas on the side again...
 

TomS

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I like the way you think. I had a welding job, delivered pizzas, and worked as a bouncer during college. My wife still has a 100k in student loans 15 years later.

What I have saved for my daughter is more than I spent going to a private university. Now she says her dream is to get into Yale.

Looks like I will be delivering pizzas on the side again...
I did the same through college, 2 PT jobs pieced together, etc. We wrote our last tuition check to private school last November. "Joy" is a totally inadequate to express that feeling, but our daughters have both started their careers undergrad student loan free (one a top notch graphic designer, other one an MD). Watching your kids actually realizing their dreams is indescribable, worth everything to us. Sooooo blessed we are... even if we had to deliver a few pizzas, not a half bad deal. Boats on the other hand, come and go.
 

Willb

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Tom you always make my day.

Alexa just turned 13. She said "if you can survive cancer twice, then a hillbilly's daughter can make it to Yale". Her introduction letter to Yale had a photo of her covered in mud on her 4 wheeler next to her President of student council pic. She called it Brains with personality.
 
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