Loan for used boats

  • olisflyrod
    Lakeville MN
    Posts: 157
    February 25, 2012 at 10:36 pm #1275972

    Anyone know if you can get a loan for almost new boat?

    pool13_jeff
    NW, IL
    Posts: 884
    February 25, 2012 at 10:47 pm #1043015

    You sure can. At my CU, the interest rate depends on how old the boat is.

    a.j.-wiesner
    Ely,MN / Rochester,MN
    Posts: 929
    February 25, 2012 at 11:39 pm #1043019

    i got a loan on my used boat last year. it’s a 2002 crestliner. the thing i will tell u is bank value on boats is pretty wack! don’t listen2 bank values just do your research and spend what u think is a good deal!

    also…some of our members are able2 help u get loans on boats. i have read it in their thing below posts. hope 1of these guys help u out and get u in the right direction

    starvin pilgrim
    Posts: 335
    February 26, 2012 at 1:00 am #1043040

    In my opinion, if you can, join a credit union. If you are a Union Member,join Building Trades Credit Union. Interest rates are unbelievably reasonable. My boat was 4%,new. 1999 car 4.5%,Camper new 6%. Credit Unions are the best way to go. Never ever go through a dealership.

    gonecribbin
    reads landing MN
    Posts: 517
    February 26, 2012 at 1:38 am #1043053

    Quote:

    In my opinion, if you can, join a credit union. If you are a Union Member,join Building Trades Credit Union. Interest rates are unbelievably reasonable. My boat was 4%,new. 1999 car 4.5%,Camper new 6%. Credit Unions are the best way to go. Never ever go through a dealership.

    mxskeeter
    SW Wisconsin
    Posts: 3946
    February 26, 2012 at 1:51 am #1043056

    My credit union rate for 2010 or newer boat was 3.69%.

    Dave Ansell
    Rushford, MN
    Posts: 1572
    February 26, 2012 at 2:19 am #1043059

    My last boat loan experience was that boat loan rates were much higher than used car loan rates. I was fortunate enough to have paid off my truck prior to buying the new/used boat and borrowed against the truck to buy the boat. My credit union was very willing to work with me on that

    dandorn
    M.I.N.N.E.S.O.T.A.
    Posts: 3211
    February 26, 2012 at 11:53 am #1043091

    Quote:

    Anyone know if you can get a loan for almost new boat?

    You can get 2.99% at Wings Financial Credit Union if you open a checking account with direct deposit.

    olisflyrod
    Lakeville MN
    Posts: 157
    February 26, 2012 at 2:09 pm #1043137

    This is a GREAT site Thanks to all for your help!! I will post what I find!

    jackeboat
    Posts: 1
    February 29, 2012 at 11:50 am #1044399

    Those are great rates and credit unions can be a great place to go. Some credit unions also will allow you to purchase with zero down which is less than the national marine lenders offering 10% to 20% down. Usually they will be shorter terms such as 6 to 10 years where the national guys are 15 years above $25k. Money down and shorter terms hopefully will prevent you from going upside down.

    I am actually a boat loan broker and found this post in google. There actually can be quite a bit to getting a loan. Knowing your credit score and debt to income ration before you start is a very good thing. Don’t let everyone pull your credit. Make some calls first.

    derek_johnston
    On the water- Minnesota
    Posts: 5022
    February 29, 2012 at 3:13 pm #1044506

    Yep,. Credit Union is the way to go.

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