Interest rates on new boat

Put half down on our new boat in December. 4% loan through Bank of the Ozarks. (Dealer recommended bank) But it didn't matter..... Sold our I/O in the spring. Paid off the loan in May......
Awesome! yep i go zero percent option also....All cash no payment.
 
Is 7% a good rate for 12 yrs on a brand new pontoon ?
My Bennington dealer uses M&T Bank, and just yesterday when I ordered my boat I was approved for 5.49% for $25,000 for 7 years With my 833 credit rating. The bank gives much better rates through the dealer than if you walk in off the street. Heck, the lowest my CU would go is 8.05%. I was shocked! I will make extra payments to the principle and cut a year off that damn interest payment; I hate paying interest. Too many people buy boats just looking at their monthly payment... they don’t realize they could be paying $50,000 over 15 years for a $25,000 loan. That’s a great way for your boat to go upside down in loan-to-value in just a few years. Bad business.
 
When I bought my boat I used my home equity line of credit which was the best rate at the time and also allowed me to deduct the interest paid on my taxes. Was thinking of a new Bennington In the near future but unfortunately the laws changed in 2018 and home equity loans are no longer deductible unless it is for house capital improvement.
 
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