Boat Financing

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Matt 020906

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Nov 10, 2009
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Where is the best place to get boat loans for around 14k? I am seeing alot of places have higher minimums.
 
mnypitboat

mnypitboat

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Re: Boat Financing

I have my boat thru Insight Financial Credit Union, but only borrowed $13000. I allready had the title in my hand, and didnt pay nearly that much, but the rate was awesome, and I paid off all my credit cards and a couple other loans with the money. That was a while ago though. It also depends on the year. If its newer most banks will finance it, as it gets older, just about nobody will. Especially with the economy.
 
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bchandler02

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Jun 21, 2010
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Re: Boat Financing

Matt, I posted a similar thread earlier today and got some good info - but the difference is I am looking at a loan in the low-mid 20k range. One place that was recommended though was Trident Funding.. other forum members said they have had some luck waiving the minimum amount (but I don't know if they mean only a few thousand difference, or that much).

Pentagon Federal CU appeared to have some good rates, and anyone can join if you become a member of the military family association, which IIRC was about $20. Bank of America used to have some decent rates, but only for newer boats.

USAA if you are military, unfortunately I am not.

Good luck, keep us posted, i'll let you know if I see any killer deals.
 
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Brewman61

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Re: Boat Financing

Check local lenders, and see if they'll offer you anything reasonable.

I bought my boat with a loan from Capitol One, the credit card giant. They gave me a 5 year unsecured loan for $15K at about 5% apr. Made $100 per month over the minimum payment and paid it off in closer to 36 months or so.

Not sure if they're making those loans anymore. That was before the bubble burst.

Loans are likely to be tougher to get, I think people actually have to prove they are creditworthy and can repay them unlike 4 or 5 years ago when they practically chased you down and tried to stuff money in your pockets.
 
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Matt 020906

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Re: Boat Financing

Brewman61 said:
Check local lenders, and see if they'll offer you anything reasonable.

I bought my boat with a loan from Capitol One, the credit card giant. They gave me a 5 year unsecured loan for $15K at about 5% apr. Made $100 per month over the minimum payment and paid it off in closer to 36 months or so.

Not sure if they're making those loans anymore. That was before the bubble burst.

Loans are likely to be tougher to get, I think people actually have to prove they are creditworthy and can repay them unlike 4 or 5 years ago when they practically chased you down and tried to stuff money in your pockets.
Click to expand...

wow thats a good deal, I dont even see boat loans on there site now.
 
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Matt 020906

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Re: Boat Financing

Trident said 8.5%, i have a 780 credit score and its a brand new boat. what the heck?

there has to be a better rate somewhere
 
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JimJam

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Re: Boat Financing

Matt 020906 said:
Trident said 8.5%, i have a 780 credit score and its a brand new boat. what the heck?

there has to be a better rate somewhere
Click to expand...

US Bank current interest is 7% (any term) in CA but they don't do business in NJ.
I would suggest you visit home pages of banks that do business in your state; current rates may be accessable there.
 
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Pdf11026

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Jul 13, 2010
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6
Re: Boat Financing

Go to a credit union in your area. I got 4.9 on an 06 boat last month and could have gotten 4.25 on a new one. My score is similar to yours. This was on a 60 month loan.
 
scutly

scutly

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Aug 20, 2009
Messages
368
Re: Boat Financing

for reference sake, i just copied these rates from my credit unions website

1-6 years - (no minimum) - As low as 4.49%*
7-12 years (min of $25,000) - As low as 6.34%*
13-15 years (min of $25,000)** - As low as 6.64%*
16-20 years (min of $25,000)** - As low as 6.99%*

*The above annual percentage rates (APR) are the lowest rates offered to applicants with direct deposit of net pay and a checking account. Applicants who are not approved at these rates or terms may be offered credit at a higher rate and/or different terms. All loan requests and rates are subject to credit approval.

**Must meet IRS requirements for a home mortgage interest deduction.
 
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Pdf11026

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Re: Boat Financing

I am in Alabama sonny credit union is not going to be able to help you but my brother just financed a boat through pentagon federal via Internet and got a rate as good as mine. They are a national credit union and you can join and take advantage of great rates. I don't have their web site but a google of pentagon federal credit union should turn it up. Good luck.
 
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Matt 020906

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Nov 10, 2009
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Re: Boat Financing

Pdf11026 said:
I am in Alabama sonny credit union is not going to be able to help you but my brother just financed a boat through pentagon federal via Internet and got a rate as good as mine. They are a national credit union and you can join and take advantage of great rates. I don't have their web site but a google of pentagon federal credit union should turn it up. Good luck.
Click to expand...

isnt that for military only?
 
Ki Ki

Ki Ki

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Jul 12, 2010
Messages
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Re: Boat Financing

Besides a mortgage I'd stay clear of taking in this kind of debt. Cars sometimes require payments; however, buying a boat under payments can be quite detrimental in the long-term picture.

If you can find a 36 month loan with a boat that has a 3 year warranty, then I'd say enjoy the loan.
 
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JimJam

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Re: Boat Financing

Ki Ki said:
Besides a mortgage I'd stay clear of taking in this kind of debt. Cars sometimes require payments; however, buying a boat under payments can be quite detrimental in the long-term picture.

If you can find a 36 month loan with a boat that has a 3 year warranty, then I'd say enjoy the loan.
Click to expand...

IMO probably the best advice yet.
 
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Brewman61

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Messages
996
Re: Boat Financing

Matt 020906 said:
wow thats a good deal, I dont even see boat loans on there site now.
Click to expand...

It wasn't really a boat loan, it was an unsecured personal loan- I could have used the money for anything.

I don't exactly see the point advising the original poster to not borrow money- people need to make those decisions for themselves. Just use common sense as applied to your individual financial situation- you can either take on the payments or you can't. Far be it from me to decide that for anyone other than myself.
 
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Matt 020906

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Joined
Nov 10, 2009
Messages
34
Re: Boat Financing

I found a new boat that is local thanks to my friend SpikeItAudi (posted above in thead)who I was talking to on AIM today. I am going to see it tomorrow. After the credit approval they approved me for 7.99% 10 year. After all the fees and taxes its only $150 a month. I plan on adding another 100 to each payment, pay it off in 5 years. Here is a link to the boat, not the exact one but you get the idea...
http://www.iboats.com/G3_Boats_168_fc/nb/moi118466
 
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