scoop on boat loan rates?

Interesting thread.

I currently have a 6.25 note for < $50K (700 + credit score and minimal debt). I was thinking of calling and discussing lowering my rate. What % rate do you think I should start with?
 
Fountain - when did you get your loan, and where?!. We just recently (within the last month) got financing and we did considerable research, we have two incomes, we had significant down payment, and we have top notch credit and couldn't find rates like that. I'd really like to hear some first hand current rates. As stated before, we checked all the major players that others are referring to - Sterling, Essex, Excel, BoatUS, etc.
 
I seen 6.2 offered at Seattles boat show in January, I wonder if these boat builder will ever begin to start up their own finance companies like GM and others have? I stil think with the slow sales there goanna have to come up with something sooner or later to stimulate business.
 
navman, Was that on new or used/re-fi? I can believe the new rates at that, but couldn't find that on used when we were shopping.
 
best rate I could find for 20 year fixed was 6.12%.

best rate for 3 year arm was 5.63%.

Walter, with that rate when you go to sell the boat you ought to see if there is a way someone can take over that loan!
 
I sent an inquiry through Sterling's website and they replied within an hour with a quote of 5.99% fixed 20 year loan for a refi over $100K.
 
quote:
Originally posted by JeffR

Fountain - when did you get your loan, and where?!. We just recently (within the last month) got financing and we did considerable research, we have two incomes, we had significant down payment, and we have top notch credit and couldn't find rates like that. I'd really like to hear some first hand current rates. As stated before, we checked all the major players that others are referring to - Sterling, Essex, Excel, BoatUS, etc.

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My loan is 3 1/2 years and I used New Coast.
 
man,

those are some great rates - here are my credit union posted rates

New 8.0% Up to 60 months $25,000 or less
80% financed, up to retail value (including taxes and tags)

New 8.0% 61 - 84 months $30,000 minimum loan
80% financed, up to retail value(including taxes and tags)

New 11.0% 85 - 96 months $40,000 minimum loan
80% financed, up to retail value(including taxes and tags)
 
quote:
Originally posted by Woodsong

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give it 6 months builders will be hurting for business and fed will be cutting rates again soon ...fuel prices are a curse and a blessing ... my opinion hold off till june july
 
quote:
Originally posted by Woodsong

best rate I could find for 20 year fixed was 6.12%.

best rate for 3 year arm was 5.63%.

Walter, with that rate when you go to sell the boat you ought to see if there is a way someone can take over that loan!

Click to expand...


Bank Of America

Loan Amount Term Rate
$5,000 - $9,999 - 84 -13.25

$10,000 - $14,999 144 8.75

$15,000 - $24,999 144 8.25

$25,000 - $49,999 180 7.75

$50,000 - $74,999 180 7.50

$75,000 - $149,999 180 7.50

$150,000 and up 180 6.99
 
Ray-
I talked to Sterling again and they gave me that rate too- it had dropped that next day after I first talked to them. However, my current lender is still offering a better rate than that. I know rates may drop further but reality is I have no idea if I will even own the boat in July so I'd just as soon go ahead and do now it since it's a substantial savings over my current loan.
 
Wood, had you locked in with Sterling at the first rate, they would have automatically given you the lower rate when they wrote the contract---happened to me on my last loan.
 
I am in the process of purchasing a new boat. I got approved for a rate of 5.99 with no closing costs. However, that is for new and over 100k. The rate will depend on those 2 factors. I was also told to expect a decrease in rates over the next month or so. I am financing through Anchor Finance. You can google them for a contact.
 
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