Interest Rates....

[bothomas]

Anybody financed a used boat lately and have a recommendation on who gave them the lowest rate? I'm buying a used boat, not financing a whole lot, and not for that long. Or least compared to all the loans that I hear about for new boats, and long terms.

[Captmikestarrett]

For personal loans USAA or any Federal credit union will have 8% or less loans..

For us commercial guys the best we get is 12% from GM

Capt Mike

[CLENSKH]

They get you good on boat loans! They consider it a luxury and not a need like a car so they jack up the interest..

[WTL]

Financing something as unimportant as a boat is a bad idea almost all of the time. Buy what you can afford straight up. There are many, many very good boats available for less than 5 grand. If you can't afford to drop 5 grand on a boat out of pocket, or dont think you will be able to save up 5 grand in the near future, than what makes you think you can handle the interest that you would be paying should you finance?

Sorry for hijacking the thread, but jmho.


Hey, your from huntsville? Where in?

[bothomas]

WTL,
I live near mooresville rd. and winchester rd. I'd like to go fish sometime if your intersted. If we take your boat I won't have to buy one.... lol.....I'm financing my first boat, prob on a home equity line, I have to pick another work vehicle too and will prob. do both on a home equity line for the better rate. geesh, they really try to give to ya on a small, short term loan don't they?? I usually buy everything on 12 mo. same as cash but I doubt any one is going to give that loan on a used boat..lol. I'm taking the boat out this sat to look at it. If I get it your welcome to come catch a few some time.

[bothomas]

sorry, thats mooresmille and winchester. only lived here all my life, don't know why I don't know where I live..........

[WTL]

We can go fishing sometime. Right now I'm living in tuscaloosa, at least through football season. But I know exactly where you are talking about...I've actually fished the flint many a time - winchester road, oscar patterson, all over really. Its not bad when you got a few hours to kill, and it even yeilds a smallmouth or two every now and then.

But I'm originally from 5 points in downtown hunstville. Wish I lived out yonder though, I'd eat Mary's bbq every day.

[millsryno]

Home Equity is probably your best bet if you have it available. You can write off the interest so really a 8% interest rate on a Home Equity loan is like getting a boat loan for 6%.

[bothomas]

Yeah I decided to go with the home equity. I close in a couple of days, maybe mon or tues. taking the boat out tomorrow morning to check it out. I'll keep you guys posted. thanks for all the help.