Interest Rates on a new boat

Ok, another new boat post. Anyone buy a new boat lately if so what was your interest rate. I would say I have good/great credit and planning on putting 20% down on the purchase price. At the boat show 2 dealers said basically the rate would be about 5%. I said what if I only wanted 5 years on the loan and not a 10 year loan. They said the interest rate would still be 5%. Didn’t make any sense to me but I am not a banker. I thought someone on here recently was talking about 3% or 3.5%? Thanks!

Chad

my bank is about that same 5% with 20% down

Wings financial had 2.99% this morning.

Join a credit union.Should be able to get a loan for 3.5 to 4 with a credit rating in the upper 700’s

Credit Unions are best. My local GECU here in LaCrosse is 1.99% on a new boat, down payment depends on the boat and your credit I believe. In September I bought a 2006, got a 10 year loan and an interest of 4.49%, granted I plan to pay it off by the 5 year mark, but assume the rate could go up at the end of the 5 years if you don’t have it paid off……or have a lump sum ready to pay it off with….or be prepared to re-finance the remainder.

Checked my credit union web sight – 48 months = 4%, 36 months = 3.5%, 60 months = 4.5%

Good luck with your purchase!

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Wings financial had 2.99% this morning.

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X2 for Wings, that’s their rate. Call Bob Bowman, he is a member on this site:

Bob Bowman
Branch Manager
Minnetonka Office
Wings Financial
Office (952)-997-8000 ext.6402

My credit union has a deal right now, “Anything on wheels for 2.14%”

That includes boats and campers etc….

I have my truck loan through Think Bank and they’ve been great to deal with. Current rates on fixed secured loans 2.75% up to 60 months, 2.99% for 72 months and 4.19% for 120. Hope this helps, good luck.

https://www.thinkbank.com/rates/loan-rates.php

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X2 for Wings, that’s their rate. Call Bob Bowman, he is a member on this site:

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Alot of my insured’s have obtained their boat financing through Wings and have been very happy with them.

X3 Wings Financial..I have 2.9% on my new boat last year, or check with Affinity Credit Union also

x2 on wings financial….. great place to work with. in fact i transfered all my loans there!!!

I would think that with a cedit score in middle to upper 700’s a 5 year loan could be had for less than 2% on new models. You might need to shop but it shouldn’t be too difficult.

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My credit union has a deal right now, “Anything on wheels for 2.14%”

That includes boats and campers etc….

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My credit union is offering a similar deal. I didn’t look up the terms of this one specifically, but when I’ve received similar promos in the mail in the past, I’ve seen that they’ve included some fine print * terms similar to these:

– Must be a Member for X months prior to origination of the loan.
– Minimum average monthly balance on all accounts must be greater than X for the previous 12 months.

These are not the exact statements, but it was stuff like this.

If a credit union will just let you sign on and take out the loan, so much the better. Dumping your MegaBank is almost always a great move.

BTW, I’ve always been able to negotiate with my credit union to match whatever the “best rate” is that I’ve found out there. It pays to ask.

Grouse

Anybody who would finance a boat should be drawn and quartered…where have I heard this before? Seriously, either a lowest interest rate loan or a home equity loan that stands alone so you don’t pay on it forever. Home equity has tax write off on interest, talk to tax advisor first.

I got 1.99 on a ten year loan through Infinity plus, Good luck

I cannot believe all the people on here that pull loans out to pay for a boat. You should all pay cash!

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Anybody who would finance a boat should be drawn and quartered…where have I heard this before? Seriously, either a lowest interest rate loan or a home equity loan that stands alone so you don’t pay on it forever. Home equity has tax write off on interest, talk to tax advisor first.

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Hmmm. Are you actually doing any of what you’re advising here? I’d say you’d better get some serious professional advice from people who actually know something.

The only thing dumber than a long term boat loan so you can get a boat that you can’t afford, would be putting your home at risk for a boat loan that you can’t afford.

At least with the boat loan, the only asset they grab if you were to default is the boat.

I’m going to say that you’re probably blissfully unaware that if you were to default on a home equity loan, it doesn’t matter what it was used for. The asset backing your home equity loan is your home, not your boat. See any potential problems with this strategy?

Wow.

Grouse

I’m no spring chicken and have had 2 home equity loans in my lifetime. Both have been paid off without consequences. That was a personal financial decision on my part. Just as its this persons personal decision depending on their factors. I’m just pointing out avenues that are of potential use, not advocating one over the other. Unless this guy is an 18 yo kid, sorry for offending the younger generation, he’s a grown man and can make his own choice at the end of the day.

I don’t think any home equity loans interest rate can be had for less than a new boat loan rate if you shop around. The tax advantage WILL NOT offset the higher interest costs plus fees for home equity loan. This will cost you more money in the long run.

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I cannot believe all the people on here that pull loans out to pay for a boat. You should all pay cash!

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To each his own.

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I cannot believe all the people on here that pull loans out to pay for a boat. You should all pay cash!

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They do pay cash,some would rather use the banks “cash” and save theirs.