Ifinallygota21v

loan rates

260 posts in this topic

Who has the best loans rates lately? I am seeing 4.3-4.99% and up to 8%!!! any better out there?

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Boat, car, house, or credit card ?

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chemical bank in michigan 4.24. 180. they lend down to route 6 in Indiana. If you live north of there, Chemical would be a great one to check out

Edited by edgeski1

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Borrowing money for a toy? Not a good plan, but good luck.

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Borrowing money for a toy? Not a good plan, but good luck.

I've been on both sides of this. First boat, the kids were younger, and I wanted to buy one outright. But that would have meant I would have been spending a lot of time on an older boat, etc. I suggested we wait a year, and my wife correctly pointed out that "the kids aren't getting younger." That's a non-economic factor. From an economic perspective, there is a general rule to not finance a depreciating asset. But unlike cars, these boats have not really been depreciating much. I actually sold my A22 for $500 less that what I paid for it after 4 years and 160 hours. Now granted, I paid it off (early) in about 3.5 years, so there was little chance that I would ever be upside down.

But when it was time to upgrade, yes, things changed. The boat was no longer a tangible asset that provided a valuable service of family enrichment, and yes, it went to a toy. Paid cash for this one.

To the OP. I financed my 2011 A22 for, off of memory, 2.99% for 60 months. When I had it for sale and was looking at a loan to help me get by on the VLX, they were 2.44%. They are now, through my CU, 2.50% for up to 72 months. https://www.utfcu.org/rates/

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Borrowing money for a toy? Not a good plan, but good luck.

Its all about buying right and financing right if that is the only option you have for owning a comp boat. If you put enough money down, get a good rate and pay off early there is a lot to be said for keeping your money in the bank these days.

Good luck 21V.

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Borrowing money for a toy? Not a good plan, but good luck.

According to dealers at the boat show, 80% are on 20 year loans. I couldnt stomach a mortgage for a toy, so I guess Ill rock an 11 yo boat for a while.

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Its all about buying right and financing right if that is the only option you have for owning a comp boat. If you put enough money down, get a good rate and pay off early there is a lot to be said for keeping your money in the bank these days.

Good luck 21V.

This!! if s*** goes south, come take the boat, big deal, few point off my credit score, but I still have my 100k in the bank!!

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Here is a direct answer to your question.

USAA if you have any military affiliation, seriously any affiliation now a days. 180 months, over $35,000 is at 4.25%.

https://www.usaa.com/inet/pages/bank_loan_recreational_vehicle

Essex Credit if you are a Costco member. Longer terms as low as 3.99%. You pay an application fee and I hear they take a while to approve.

https://www.essexcredit.com/?source=0&type=RV&Boat&keycode=RedirectFromCostcoCoBrandSite&sub_source=1397&promocode=100&Dest=HomePage

If you are looking for a shorter term loan I would suggest a local credit union.

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My local CU is 3.99% and you can borrow for up to 240 months if the loan amount is over 100k, if under can go 180 months.

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Term APR As Low As Estimated Monthly Payment based on As low As Rate

36 months 2.16% $28.71 per $1,000

48 months 2.16% $21.77 per $1,000 60 months, $5,000 minimum 2.16% $17.60 per $1,000

72 months, $15,000 minimum 2.16% $14.82 per $1,000 84 months, $25,000 minimum 3.16% $13.29 per $1,000

120 months, $30,000 minimum 3.16% $9.73 per $1,000

144 months, $35,000 minimum 3.66% $8.59 per $1,000

180 months, $50,000 minimum (RV only) 4.16% $7.48 per $1,000

"As low as" rate includes .50% discount for automatic payment from checking account. Trailer max. length 48 ft and/or width 8.5 ft. Must be titled in California.

My credit union, in Cali though. These are new boat rates. Educational Employees Credit Union Fresno CA.

Edited by LS-One

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2.29 to 2.99 at Credit Unions in MN.

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Ha, ya we all got 200G's floating around with nothing better to do with it. SMH.

Steve B.

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3.99 for 84 months on used at Lake Michigan credit union.

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According to dealers at the boat show, 80% are on 20 year loans.

If you need a 20 year loan in order to afford a boat, you can't afford it. IMO anything you can't comfortably pay off in 5 years is too much - car or boat. A house is about the only thing reasonable to finance longer.

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As sure as the sun sets in the West...

:partytime:

You can set your watch to it! Suze Orman pops into every single financing thread. LMAO.

Same as the guy in the tow vehicle thread (regardless of what kind) who says, "I can't even FEEL the boat back there!"

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You can set your watch to it! Suze Orman pops into every single financing thread. LMAO.

Same as the guy in the tow vehicle thread (regardless of what kind) who says, "I can't even FEEL the boat back there!"

Don't forget captain safety tellin you your hitch isn't rated to tow your boat!

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If you need a 20 year loan in order to afford a boat, you can't afford it. IMO anything you can't comfortably pay off in 5 years is too much - car or boat. A house is about the only thing reasonable to finance longer.

I don't want to derail the thread but I am a big believer in nothing over 5 years.

With my current loan at 3.99 and my performance in the market the last few years I am making more with the loan. But of course the boat is my ONLY debt outside of the mortgage. Cars and lake house I paid cash for. Also because I bought used I can get out of it for around what I paid. With new boats and cars you can get upside down.

Rates are good now, but the long term mortgage type boat loans hurt us. My 95 echelon was 27k new. What is a new response with every option?

I think the prices of inboards have shot up with the availability of long term loans.

Edited by 95echelon
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Wheres the lease option on these boats?

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Wheres the lease option on these boats?

With boat prices going up the way they are, keeping depreciation to a minimum, that's basically what most of the flippers are doing. If you buy it right, put ~10% down (to guarantee an equity position) on a long term loan, your payments are low. Essentially it's the same as leasing IMO. Especially if you trade them in. In some cases, it's better than leasing. Again, this is my humble opinion.

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If you need a 20 year loan in order to afford a boat, you can't afford it. IMO anything you can't comfortably pay off in 5 years is too much - car or boat. A house is about the only thing reasonable to finance longer.

I have a different view. Borrowing $$ at 4% is cheap. Timing is off to make a good example of the market at a 7% avg return however, there are other great investments out there right now (ie. real estate). If you can get a 20 yr loan because you have great credit, do it all day long as this is a great rate and we don't know how long these low rates will last. Put enough $$ down (at minimum 10%) to never get upside down (although as mentioned these boats hold their value incredibly well) and use your excess $$ for investments that will yield a much higher return than a 4% slowly depreciating asset will.

Edited by NCSurfing
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I have a different view. Borrowing $$ at 4% is cheap. Timing is off to make a good example of the market at a 7% avg return however, there are other great investments out there right now (ie. real estate). If you can get a 20 yr loan because you have great credit, do it all day long as this is a great rate and we don't know how long these low rates will last. Put enough $$ down (at minimum 10%) to never get upside down (although as mentioned these boats hold their value incredibly well) and use your excess $$ for investments that will yield a much higher return than a 4% slowly depreciating asset will.

There is something to be said for this as well. Depreciating that interest on a house helps too. Bird in hand or 2 in the bush I suppose. Now would be a prime time to take any available cash one had and invest it though.

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