Baller skifreak Posted April 16, 2012 Baller Share Posted April 16, 2012 Hi all! Just wanting to get some feedback from anybody who's gotten a boat loan. My husband and I are shopping loans now and are curious who others have used. Any input on rates, closing time, how you get the money, etc would be greatly appreciated. Thanks! Katie Fennell Link to comment Share on other sites More sharing options...
Baller ForrestGump Posted April 16, 2012 Baller Share Posted April 16, 2012 My credit union beats every bank or dealership rate I've seen. I'd find a local to you credit union and talk to them. Link to comment Share on other sites More sharing options...
east tx skier Posted April 16, 2012 Share Posted April 16, 2012 Second the credit union. Have used mine for boats and cars for years. Link to comment Share on other sites More sharing options...
Baller Steven_Haines Posted April 16, 2012 Baller Share Posted April 16, 2012 If you can't pay cash for it, you don't need it! Oh.... Wait a second, thats only my dads reality. Carry on.... d;-)> Link to comment Share on other sites More sharing options...
kfennell Posted April 16, 2012 Share Posted April 16, 2012 Well I normally pay cash for everything, or tried to pay cars off in a year etc, but with building a house I can barely afford and needing to pay top dollar to get zero off... It looks like I have no choice! BTW, we did find a local credit union that was almost 2% lower then what we had found online, yay! Link to comment Share on other sites More sharing options...
Baller A_B Posted April 16, 2012 Baller Share Posted April 16, 2012 While I was in college and working, I used a sturdent loan for a down payment on a Promo SN. I think they follow the money a little closer today though. Link to comment Share on other sites More sharing options...
Baller usaski1 Posted April 16, 2012 Baller Share Posted April 16, 2012 Also, Keven, while I'm sure you are really set on a new 200 or TXI, or 197, consider older boats with the Z-box. I'm not here to tell you how to spend your money, but just don't overlook all your options! So far, the Z-box has been great. Now I just wish I was skiing better. Link to comment Share on other sites More sharing options...
Baller jedgell Posted April 16, 2012 Baller Share Posted April 16, 2012 Just curious, what kind of rate are you getting for a 5 year old boat? When I bought my boat in 2003, boat is a '95 SN, I got 6% interest for up to 12 years. Link to comment Share on other sites More sharing options...
Baller Jordan Posted April 16, 2012 Baller Share Posted April 16, 2012 I used a line of credit from my bank. Prime...could pay it off whenever I wanted. Link to comment Share on other sites More sharing options...
Baller ForrestGump Posted April 16, 2012 Baller Share Posted April 16, 2012 I got 4.5% when I bought MS's 2008 promo 196 in late 2009. My credit union here in texas is still doing those same basic rates, last time I checked. Link to comment Share on other sites More sharing options...
Baller skifreak Posted April 16, 2012 Author Baller Share Posted April 16, 2012 @jedgell - they said 4% for 66 months. Term is based on the age of the boat (2012 actually), rate is based on credit score. I get the best rate offered. :p Link to comment Share on other sites More sharing options...
Baller 6balls Posted April 16, 2012 Baller Share Posted April 16, 2012 Used my home eq line as well for a truck, a car, and a boat. Prime rate which is low right now and tax deductible interest at year end. Make larger pay-offs or smaller payments as I see fit. Once I paid it in full I moved my student loans there so I could deduct the interest as well. Link to comment Share on other sites More sharing options...
Baller thager Posted April 17, 2012 Baller Share Posted April 17, 2012 Sugar Mom Link to comment Share on other sites More sharing options...
Bobbyroy Posted July 11, 2013 Share Posted July 11, 2013 You can consult credit union in your area. Link to comment Share on other sites More sharing options...
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