I am looking for a good source to finance a used boat purchase (privately). Boat US has a 6.99% boat loan, as does my local TFCU bank. Anyone have any good experiences/sources for a loan with good rates?
Boat loan source?
- Thread starter georgemjr
- Start date
I am closing on a loan tomorrow, using Scott Finacial
So far process has been great, good rate and very attentive and helpful with the whole process. I believe they work nation wide, this is who I am dealing with.
Andrew COADY
FINANCE SPECIALIST
andrew.coady@scottloans.com
So far process has been great, good rate and very attentive and helpful with the whole process. I believe they work nation wide, this is who I am dealing with.
Andrew COADY
FINANCE SPECIALIST
andrew.coady@scottloans.com
7% is about as good as you'll find for a used boat, or really any recreational product for that matter.
Term depends on amount and age stipulations of the lender, but for $50K or so you should get 12-15 years if you want it.
They are all wanting more down, but with good credit you should be able to get 10% if you need to.
They will require a survey or nada value depending on the lender and type of craft.
Credit unions tend to be one of the best sources. If it's a high value, a bigger yacht, then a broker specialist can work to your advantage, their niche are the bigger loans, $150K and up.
I don't know if I would finance with BoatUS, but 6.99 for 12-15 is pretty darn good though. And they seem to have a really good insurance progam for boats, stated value and reasonable rates.
We bought ours with our heloc. It's at about 3.5% right now, but it's indexed to the prime rate so that could definitely change. :roll:
Term depends on amount and age stipulations of the lender, but for $50K or so you should get 12-15 years if you want it.
They are all wanting more down, but with good credit you should be able to get 10% if you need to.
They will require a survey or nada value depending on the lender and type of craft.
Credit unions tend to be one of the best sources. If it's a high value, a bigger yacht, then a broker specialist can work to your advantage, their niche are the bigger loans, $150K and up.
I don't know if I would finance with BoatUS, but 6.99 for 12-15 is pretty darn good though. And they seem to have a really good insurance progam for boats, stated value and reasonable rates.
We bought ours with our heloc. It's at about 3.5% right now, but it's indexed to the prime rate so that could definitely change. :roll:
Legend
GreatGrady Captain
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I used Scott Financial to finance a boat in 1988. My experience with them was great. I paid off the loan 3 months after origination with no additional fees. I inquired about a new loan with them a few years ago and they still had a record of me. I think they're great.
Thanks for the replies. I have heard nothing but good things about Scott as well. Will look into that tomorrow. By the way, my Sailfish is for sale over on the for sale forum. Someone buy it so I don't have to borrow too much. Many thanks...george
Legend
GreatGrady Captain
- Joined
- Jun 29, 2006
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- 1,462
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- Southern New England
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- Sailfish
330 Express - can't wait. Though it probably isn't a "smart" decision, as I haven't sold my Sailfish yet, I am going on faith that the Sailfish will sell in the spring and I will be able to enjoy the new express. I probably have the worst case of 2 foot-itis, ever. I was looking at the Marlin and realized as soon as I would get it I would be looking at the Express. I decided to cure myself by going with the biggest boat I could want (I hope) and enjoying it rather than continually shopping.
I haven't grown up. I think there in lies the problem. I just want to play on my boat all day. It was an 8 foot dinghy when I was a teenager, and hopefully an express soon - same idea...