What company is the best place to finance a boat

[Decade]

Hi I am a lil new to boating and i found a great deal on a boat i was just wondering what the best place/company would be to finance a boat i did some research I am not looking for a long term Just need some tips on some companies and ill do the rest of the research on them Thank's for the help....
Jay G.........

 

[BamaAlum97]

Re: What company is the best place to finance a boat

Hi I am a lil new to boating and i found a great deal on a boat i was just wondering what the best place/company would be to finance a boat i did some research I am not looking for a long term Just need some tips on some companies and ill do the rest of the research on them Thank's for the help....
Jay G.........

Figure out the terms of the loan that you want and call your bank. If your credit is good and you have an account in good standing you can likely get exactly what you want. (assuming it is reasonable).

 

[drewmitch44]

Re: What company is the best place to finance a boat

your bank

 

[ovrrdrive]

Re: What company is the best place to finance a boat

I just got 6.75% on an extended term loan with a local bank...

 

[bruceb58]

Re: What company is the best place to finance a boat

Check out your local credit unions.

 

[drewmitch44]

Re: What company is the best place to finance a boat

or your bank

 

[Dakota47]

Re: What company is the best place to finance a boat

Bank of Mom & Dad..

 

[ArkBoater]

Re: What company is the best place to finance a boat

Bank of Mom & Dad..

That's what I'm talking about! Dakota's mom and dad!

 

[stacyt]

Re: What company is the best place to finance a boat

I used to work for Wells Fargo Bank, and if you have them in your area and have good credit, they are the place. They lend to your credit, not what your buying. Also, you can try a signature loan if your looking at an older boat, something 6 yrs old and older.

Hope this helps.

 

[jtexas]

Re: What company is the best place to finance a boat

your credit union will almost always be your number one best choice.

 

[Hashi]

Re: What company is the best place to finance a boat

Yup..CU's have just about the best rate out there but I was able to find US Bank-RV/Marine Division a few percentage points lower than CU's in my area.

 

[ilmostro99]

Re: What company is the best place to finance a boat

I used GEMB Lending Inc.
My bank (Credit Union) had a better rate, but I now live in Oregon and they are only in California, and will only finance boats that are registered in CA, so unfortunately they were not an option. After checking with a few local banks, GEMB had the best rate.
Good Luck -
Erik

 

[sickwilly]

Re: What company is the best place to finance a boat

bypass the bank. Use a credit card check if you have good credit and no balance. Mine just send me a 2.9 for the life of the balance offer. Then a) pay it off fast and b) don't miss or make a late payment or else!

 

[jtexas]

Re: What company is the best place to finance a boat

bypass the bank. Use a credit card check if you have good credit and no balance. Mine just send me a 2.9 for the life of the balance offer. Then a) pay it off fast and b) don't miss or make a late payment or else!

those cc companies are vicious!

I have one of those low-for-life balances, too, set up for on-line pay.

Make d*a*n*g sure it's *not* a variable rate. Even then, anything goes wrong, you could get stuck paying some loan-shark-type of rate.

Here's the thing: if you do that, *don't* use the card for anything else. Your payments will all be allocated to the low-interest balance, while 27% (or whatever) interest piles up on the other stuff.

 

[ovrrdrive]

Re: What company is the best place to finance a boat

I checked the CU's first around here and ended up beating their best rate by .75% at Bank of America.

Check around and don't pick the first place that approves you. If you have a dealer check for you they can check 10 different banks without checking your credit everytime and killing your beacon.

I would not advise using a credit card even if it is a low rate one. If something happens and you are late on a payment they can -- and will -- double or triple your rates. I've had it happen to me years ago. Bad news...