Financing

[five0.4tluv]

Anyone have good/bad experience lately? Trying to find a good lender. Have already been approved at a dealership but that does not help me if I find a private seller boat. Need 15 year term and have tier1 credit.

thanks.

[suprasam]

My boat isn't financed, but I can tell you I bet one of the best places to look is going to be your local Credit Unions. Almost always better rates.

[five0.4tluv]

yes I agree, the rates are good but the term is short (72m). The longer term keeps my note where I want it and we plan to pay off the balance within 1-2 years.

[moombamania]

yes I agree, the rates are good but the term is short (72m)

If you really are going to pay off in 1-2, then go with the best rate (Credit Union) as a 72m term will not be a problem

[five0.4tluv]

the shorter term increases the note above what I'm comfortable adding to my monthly nut.

[suprasam]

On a side note....if your buying a used boat, most banks aren't going to finance it for that long of a time anyway it some cases. You might be better buying a used/new boat from the dealer if your wanting it to be financed that long. Also you need to make sure you don't screw yourself financing to long incase you can't pay it off in a couple of years....cause then your stuck with a boat you can't get rid of because your so upside down in it.

[five0.4tluv]

again, thanks for all the info

[JONBLARC7]

I'm member of State Farm and they have a bank too that has pretty good boat rates. Might want to take a look into that if you have them around you.

Also when I was looking for my boat Bank of America wasn't bad either.

[blackout_58]

I agree with JONBLARC7, State Farm has a bank that offers pretty good rates if you have not tried there yet. As for BoA, that is another story unless you have an extended credit history.

[dusty2221]

Another here vouching for credit union.