Boat Loans?

[Mr. Bago]

Im thinkin of gettin a boat within this year or the next. It will be a used boat ranging from $10k-$16k..

as for loans.. Im planning on getting a loan through my local credit uinion.

does anyone know if they charge a higher interest as if it were a personal loan?

I know our car loans were at 5%. would a boat loan be at say higher percentage rate if its just for leisure?

or where does everyone get their loan from?

[Uncle Leo]

Normally higher than a car loan but less than a personal loan. Will be higher for something that is used.

[boneil]

credit union will have a lower interest rate. 

[Mr. Bago]

well.. sounds not too shabby then.. just hopefully i wouldnt be paying 14% for a $15k loan.

[slonezp]

If your credit is decent expect to pay 7 or 8%. Also here in northern IL. there are banks located in "boating" areas that often give better rates than banks that give mostly car loans. The credit union rates should be more favorable than a banks.

[burleytog]

I purchased a used boat in June 2009 though my credit union.  Interest rate is 5.59%.

But they offer the lowest interest rates going.

[Jig Man]

Credit unions are not created equal.  Mine loans to members at 1% above prime while my neighbor was asked 22% from his on a new commercial lawn mower.  I got him a loan through my bank for 5%.

[Mr. Bago]

nice.. so I guess the feedback isnt too bad regarding boat loans.. i guess we'll just have to shop for the best rate..

[Pa Angler]

My credit union is lower that the local banks.

Tight Lines

Pa Angler

[Chaz Hickcox]

www.reclending.com

Todd found me an awesome loan for my boat.  Their service is awesome and my rate is at 6%.  For a boat that's pretty awesome.  They make things easy and they all are guys like us who would spend 365 days on the water if they could.  They also have a good deal on aftermarket warrantees and a line with an insurance company.  Give them a try and shop around for a good loan.  You will end up back with them anyways.

[=Matt 5.0=]

www.reclending.com

Todd found me an awesome loan for my boat. Their service is awesome and my rate is at 6%. For a boat that's pretty awesome. They make things easy and they all are guys like us who would spend 365 days on the water if they could. They also have a good deal on aftermarket warrantees and a line with an insurance company. Give them a try and shop around for a good loan. You will end up back with them anyways.

Plus 1. Reclending was able to get me 7% when the best i could find localy for a new boat was 10 to 12%.

Reclending   

[GrundleLove]

I always thought there was financing through the boat dealer...or is that the same thing here?

[Jig Man]

I always thought there was financing through the boat dealer...or is that the same thing here?

Financing through a boat dealer is them having someone who calls various banks depending on how good the credit of the buyer is and arranging loans.  There are also companies that do it for the boat dealers.  I have never seen a dealership big enough to carry loans.

[Lund Explorer]

All good advice.  The only thing I would add is that you should arrainge for that loan prior to shopping for the boat.  This way, you'll have the chance to know what the loan will cost you monthly, and you can shop according to how much you can borrow.

Watch out for any loan that forces you to purchase credit insurance!