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bamabonners

best boat loans this month? Who you guys recommend

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bamabonners

my credit union rate is 100% financing, 4.89% for up to 12 years.

I can use USAA, but have never used them before. They will do 4.25% for up to 15.

Who is offering better terms right now?

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ahopkinsVTX

My dealer works with mainly local Credit Unions and they seem to (generally) off the best rates.

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WakingMeHappy

I'm really going to try to refrain.

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jwl019

my credit union rate is 100% financing, 4.89% for up to 12 years.

I can use USAA, but have never used them before. They will do 4.25% for up to 15.

Who is offering better terms right now?

USAA is great! You call them, give them all the boat info and #'s, they do 100% if fairly new and will overnight you a check to hand to the seller. If it's a dealer then I think they will just send the check there if you tell them you want the boat.

Cars/trucks work the same way with them.

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jwl019

Essex looks like it has some good rates but have never used them.

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bamabonners

just called US Bank. they don't lend directly to Alabama residents.... something about lack of shoes and teeth. I don't know...

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mrnate450r

Bank of the West through my dealer.

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REW

I'm really going to try to refrain.

Me too,

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wedge88

We used our credit union. I have primary accounts at USBank but they weren't even close. Essex caught my eye online as well but never dealt with them so I went the safe route. Our CU was 4.75% up to 12 years then it jumped to 6.25 for 15 years. We shopped two other CU's that didn't really do much with boats and they were higher.

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klewislx

Essex looks like it has some good rates but have never used them.

Sorry not trying to knock your suggestion as I agree they look great at first glance, but please DO NOT use Essex!!

We started down the path with them through their partnership with Costco, thinking if Costco endorsed them all would be good.

Just type "Essex credit reviews" into google and enjoy the show! I know most people that post reviews are dissatisfied people, however the amount and consistency of the specific issues is hard to ignore.

Mainly their communication was super awful. They'll be good up front and then go radio silent and ignore repeated emails for 3 straight weeks. They also tried to require info like the factory invoice, but the dealership cited dealer agreements with Malibu that prevented them from providing that. Since they couldnt get it Essex wanted an additional amount down.

In the end the dealership found us financing that worked from a local credit union. So +1 on that mention above. Plus working through the dealership puts all the workload on them, you dont have to do any of the legwork and that's worth something.

Edit: Here is one review site example http://essex-credit.pissedconsumer.com/

Edited by klewislx

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victoryismine06

my credit union rate is 100% financing, 4.89% for up to 12 years.

I can use USAA, but have never used them before. They will do 4.25% for up to 15.

Who is offering better terms right now?

4.25% for 15 years, dam!

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That Guy

Best I saw was 2.49% for 5 years through a local credit union but you've got to live or work in the county to qualify and it was only for LTV of up to 80%.

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ThinkinBu

MCF

$100K 20yrs 4.74%

over $100K 20yrs 4.99%

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Kmart25

I just got my used vlx at 4.74% 10 years through Wsecu. Dealership did everything for me. From what I researched it's between about 4.5-5% so 4.74 sounded fair to me.

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IXFE

Cue the boat financing haters in 3....2....1

They are already here... it took all of 4 minutes for them to show up (see post #3)

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happyfeet

Don't get me started on credit unions...

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mrnate450r

They are already here... it took all of 4 minutes for them to show up (see post #3)

My bad. I was looking for the "soap box" post.

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Pnwrider

Don't get me started on credit unions...

Don't get me started on big banks...

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Pnwrider

For comparison my CU is 20% down 4.24% for up to 15 years on loan amounts under 100k. Over 100k and it's 30% down can finance up to 20 years and 4.24%.

Why not use a heloc? Interest rates are lower and interest can be tax deductible...

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Lance B. Johnson

I'm really going to try to refrain.

Good idea.

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burider

3.74 to 84 months

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Sixer

2.99%, 84 months at a local Credit Union.......10 year at 3.99%

Edited by Sixer

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ah2oguy

Essex/bank of the west 4.1 % at 240 months with 10% down

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WakingMeHappy

Good idea.

Still refraining. :)

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