Hello All,
I am looking to purchase a new or used boat this spring. I am wondering if any of you have any recommendations for places to get financing through? Banks, credit unions, dealers, etc.
Thank you,
Mike T.
You will have a hard time getting a better rate than you can get at a credit union.
If your in the air transportation industry ( work for an airline, at airport, fed ex, ups, anything to due with planes in general) try wings financial, they have branches in apple valley, bloomington, at the airport, eagan, chisholm, duluth and numerous others out state.
Mike T.
You have a PM!!!
and no doubt Gary told you the absolute best way is a home equity loan. Usually, the interest paid on a home equity loan is also tax deductible. Additionally, even with the recent rise in interest rates, still likely to be the lowest interest you can find
Home equity is the way I went. We re-financed shortly after at about a point and a 1/2 under our old rate and next thing you know the boat was paid for.
Dont do it. Buy it out rite unless you have a better deal that your money will make you more money at. The only way to get a lone is if your going to use someone elses money to make you money. Other wise you are just digging a deeper hole.
Okay. Back off my soap box now.
Not all of us are loaded like you Mike!! 
Get to take trips to Mexico, meet really cool canadian friends. Sorry pal, couldn’t resist!!! 
Mike, that’s called leverage and is tough to come by unless you have deep pockets…mine have holes in them from constantly digging to find money 
I agree with Mr. Plantz in that your best bet is most likely a credit union. Not saying that you can’t find a better rate but credit unions are non-profit organizations therefor in business for the best interests of their members.
Chris
Stay far FAR away from Wells Fargo! 
Credit Unions are awesome!
Wouldnt say I’m loaded. Atleast not until later tonight. Just enjoy living debt free or very close to it.
Leverage is right on. What in my book might seem harder to get than the money is a good prospect to put the money into. I could go on forever talking about this subject and money.
Back on the subject. The MN building trades credit union seems to offer pretty good boat rates every spring. The deal of rolling it into a home loan sounds good also. If you have to do it might as well get a tax break over it.
If Mike is loaded (or close to it, or debt free, whatever) there’s a reason for it, and the freedom is worth every sacrifice. Read “Rich Dad, Poor Dad”. Good stuff.
That said, if you can’t pay cash I think there are many worse and few (if any) better ways to finance a boat than via a HELOC. Call Gary.
John
Rich Dad, Poor Dad is a good read. Even got in with a group of people that played Rat Race hear in the metro area. I dont live and breath Roberts ideas. Heck I dont even agree with a few of them but it sure was some eye opening reading. It was interisting to see the different paths that the group of people I played Rat Race with have taken to reach for there own freedom.
Sorry about hijacking your post Mike T.
I went to my company’s credit union and got a pretty good deal. 
I would go with a credit union, but I guess it really doesn’t matter with the way interest rates fluctuate. 
I would check the rate at the credit union and also the dealer. The rate I got from the dealer was way better then the rate I could get from my credit union.
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