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Boat Loan


Bittle

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Anybody have any advice on my first boat loan. Where to look for the best rate etc. I'm looking at a used boat and haven't been able to find a very good Interest rate.

Any help would be appreciated

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I don't know if it would work for you but, my first boat had three names on the title.. I got two fishing buddies

to go-in thirds with me and we paid cash for the boat and I bought them out as I could...

If you belong to or can join a Credit Union ; they will have the best rates..

I have been with a Credit Union for over of 40 years.

They always have better loan rates, than banks but, their savings rate are usually less than banks..

The other thing is find out if the seller will "owner" finance .....

Good Luck on your first boat !!!!

"Look up OPTIMIST in the dictionary - there is a picture of a fishing boat being launched"

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I tried Reclending also, but had to back out. What the were doing for me wasn't exactly on the up an up.

Interest rates do suck, but that is what you have to contend with when buying a used boat. When someone tells you that they can cut the interest rate in half, it may be to good to be true.

Check with your insurance company. Some of them will do loans.

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I just got a loan through my local bank, but I checked US bank and a couple of others and they were all under 4%, ended up at local bank for 3.99%. It will depend on year, price and value of the boat as well as your credit score and length of loan. mine was for a 2004 Xpress X19 with 200HPthat I was borrowing about 50% of the value for 18 months or 2 years (can't remember exact length).

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Save the amount that you would be spending on the boat each month in a dedicated account (ie pay yourself that boat note for two or three years), then, go buy your boat outright with cash if possible and if not finance it for no more than three years.

Stop reading here if you don't want to read all about my boat history.

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OK, you were warned.

My first boat was a tiny bateau. 14 foot Starcraft with a 32 inch bottom. I bought it for the Princely sum of $560 dollars. When I could afford it, I put a Yammy 15 HP outboard on it. I loved it. I caught a ton of fish out of it. Really got a lot of use out of it. It was in the family from 1986 until 2006.

I saved and bought a Stratos 186 VF. I loved it . I caught a ton of fish out of it. I bought it for $7000 and sold it for $5600 three years later.

I took the money for the Stratos and used that as a down payment for an 18 foot aluminum bass boat style boat for the Red River fishing that I knew was about to dominate my fishing. I loved it My Dad and I had SOOOOOOOO much fun in it ; I'd have to write a book. I fished out of it for >10 years. Got my money's worth for sure.

I was saving for a Bass Cat the last three years I was in the G3. I really wanted to pay for the Bass Cat without having to take out a loan, but the Yammy on the G3 went kaboom and that threw me off schedule. I got some money out of the motor and some out of the hull. I combined that with my savings and got my Bass Cat Cougar (lightly used). I financed it for three years paying the same amount I was saving. I paid early when I could and paid a little extra when I could and paid the boat off in 30 months instead of 36. So my Bass Cat is free and clear and I love it. I've caught thousands of fish and hope for many more years of service.

The point being I've loved all my boats. I've caught a lot of fish and mave very happy memories in all my boats. AND most improtantly, I've never let spending on my toys put me in a financial bind. I wanted a Bass Cat for at least 20 years before I got one, but for various reasons it wasn't the right time to get one until recently. I've made tons and tons of bad decisions about money and spending, but I've been disciplined when it comes to buying boats and I like to think I've made good choices.

Every Saint has a past, every Sinner has a future. On Instagram @hamneedstofish

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I bet Bankrate.com would have interest rates posted for boat loans.

As somebody already said, credit unions are often among the best rates. As with cars, rates for used boats will be higher than for new boats, sometimes far higher if the boat is more than a few years old. Obviously all the usual stuff about credit history matters too.

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I just recently bought my first boat in January. I shopped around but found out that it really depends on you're debt to income ratio and credit score. Lots of lenders advertise low rates, but you will not know what you qualify for until they run your credit. Higher risk = higher rate

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