boat financing- rates

[mattttt25]

Anyone get a quote lately? I can get 6.39 through USAA which seems to be a good deal, but wanted to double check. Thanks-

 

[topdawg1817]

Re: boat financing- rates

That is a great rate. I'm financing at 7.99.

 

[Bondo]

Re: boat financing- rates

Ayuh,........

Sounds like a Great Deal,..........

'ell,....... That's a point,+ 1/2 to 2 points Cheaper than Both of My Mortgages.......

 

[dingbat]

Re: boat financing- rates

I got mine at EFCU 2 years ago for 5.05%, 60 months.

Today they are quoting 5.89-6.39%

 

[Dhadley]

Re: boat financing- rates

It'll be interesting to see what the rates are at the Miami show this year. A bunch of lenders in one place all competing for the same few buyers.......

 

[Pursuit2150]

Re: boat financing- rates

Why not try for a Home equity Line of credit?

 

[dingbat]

Re: boat financing- rates

Why not try for a Home equity Line of credit?

Not a real good idea to finance a depreciating asset with depreciating home equity. Good way to get in over your head in a hurry.

 

[External Combustion]

Re: boat financing- rates

I like my boat and love spending time on the water, but how does something that I always put money into and never earns me a dime be called an asset?

 

[Bondo]

Re: boat financing- rates

I like my boat and love spending time on the water, but how does something that I always put money into and never earns me a dime be called an asset?

Ayuh,.........

That's Why I'm paying 2 mortgages on 2 waterfront houses.................

 

[mattttt25]

Re: boat financing- rates

fortunate to be in one of the good areas of the country as far as home prices.

but don't see any benefit to a home equity loan. rates appear higher than the 6.39. i plan to finance half the boat and will pay it off in 1-2 years anyway. and i can still write off the interest since it qualifies as a second home.

 

[sickwilly]

Re: boat financing- rates

Credit card check -- 3.99 for the life of the balance. Just be sure to find one with a high limit and one that does not charge you a 3% check fee (or one that limited it to a couple hundred dollars). You will have to pay it off quicker than a traditional boat loan, though.

 

[BobS14127]

Re: boat financing- rates

I went to Key Bank yesterday and was quoted 8.75 for 60K if the payment is automatically deducted from your account, 99.00 origination fee and a 100.00 prepayment penalty if paid off in the first 2 years.
HSBC Bank does not offer marine loans any more which surprised me.
Local credit union is 7.5 for 72 months, 10 years is 8.25.
Boatus.com shows 6.75 to 9.5 depending on financed amount.

Good luck.

 

[roscoe]

Re: boat financing- rates

I like my boat and love spending time on the water, but how does something that I always put money into and never earns me a dime be called an asset?

I guess thats why they call them depreciating liabilities.

 

[LG_Jugdish]

Re: boat financing- rates

Essex Credit (summer 2007) - 15year term $50K @6.62%, financed through US Bank, $35 fedex fee at closing................