New Boat Financing

[BiXLL]

I am wondering if I should decide to go with a new boat over a used boat what kind of rates I could expect so far as financing. Do dealers ever offer 0% like car mfgs. do?

[badmoonrising]

There are no more zero down loans anymore, and rates are based on your credit score. Thanks to the housing market/bad economy/Obama, most banks are requiring 20 percent down and "substantial" (perfect) credit for luxury items like boats.

Also gone are no money down mortgages.

Your best bet for the best rates and terms are credit unions these days. Even Boat US financing will no longer write loans for pontoon boats (no explanation provided).

[PlaynDoc]

I bought mine in May with 10% down, and 4.15 apr for 5 years.
This was financed thru the dealership and BB&T bank. I tried talking with the bank, directly... I wanted the same terms, but able to go to whatever dealership I wanted; kinda like a car loan. The bank said 'no' they didnt offer this rate anywhere except thru the dealership. Of course, this makes me feel there was going to be a higher price for the boat
- to give the bank a kickback, but when I shopped around dealerships for my exact boat, it was still cheaper at the place I purchased.

Your experience may vary. I haven't heard of anyone else getting a better finance rate.

[Kim in FL]

BiXLL,
You might look into Bank of America. I took advantage of the online application process and got a response in 24 hours. I think they were offering better rates online vs going into the branch. I'm financing 84 months at a rate of 4.87%. I'll actually pay it off in 36 months, but wanted to keep the required monthly payments very low just in case unexpected expenses arise. I added a ton of options to my boat so I put down almost 35%.

I shopped other banks and rates ranged from 5.15 to 6.9% for pre-approval.

[1roadking]

10% down 3.65% for 36 months and it is at 2.65 for 36 now. Granite state cut Manchester nh

[dockholiday]

Just originated a construction loan and people were telling the truth. They are really tough on their requirements. I had to put my remaining boat loan on my home equity. Seems the banks are more concerned with how much you owe per month than your total amount of debt. Probably a good thing cause now I can deduct the interest. Found out years ago from the credit union they were easier on new boat purchases over used boat purchases. Not sure if new boat loans are tough as home loans now, but in 08 I got a great rate but still not as low as the equity line. Only down side is that is not fixed in the event rates rise.
doc

[BiXLL]

This is just something I was thinking about, I will most likely buy used and pay cash.

[PlaynDoc]

10% down 3.65% for 36 months and it is at 2.65 for 36 now. Granite state cut Manchester nh

wow... that *is* a great rate!

[mjpjsugars]

Wanted to bump this thread -- what type of financing is available to boat users?

Is there one or two or four big national players/lenders in the space (like a GMAC or Chase for automotive)?

Does boat leasing exist? Any creative financing programs?

Thanks!!

JQ

[FLOUNDERPOUNDER225]

USAA was awesome for ours. over 35K qualifies for 180 months, (15 yrs) we paid it off, but the rate was around 3 or 4% so the monthly was cheap cheap.. until we were ready to pay it off.

[mjpjsugars]

[quote="FLOUNDERPOUNDER225"]USAA was awesome for ours. over 35K qualifies for 180 months, (15 yrs) we paid it off, but the rate was around 3 or 4% so the monthly was cheap cheap... [/quote]

Wow.. .that sounds like a great rate for such a long term. May I ask when that was? Recently?

Thanks!

JQ

[ron nh]

Depends what you're looking for. Long term loans Iv'e found the big nationals can't touch local credit unions. 7 to 10 year are usually cheaper with the national guys.

[mpilot]

We bought ours new with no money down needed (we put money down anyway) because it's based on the Loan to value and we got the boat in the 30's and the sticker was in the low 50's. We got sub 3% and it was for either 10 or 12 years....I don't remember which off the top of my head. They would go 15 years on loans over 45k I think.

[BoatCop]

One note on the previous posts, Bank of America no longer does boat loans. I got mine from them in 2012. 100% finance, no down, @ 4.4% - 7 years.

Not sure if that can be touched, now days.

[Bryden24shp]

Bryden24SHPLOANS.... 40 year term, 0 down, 250% interest and the first 2 born as collateral. If you don't like your first 2 kids, I may take a sister, sister in law, even a mother in law, if you are under 25.