View Full Version : current interest rates
rogerm52
03-12-2002, 02:40 PM
I am curious on the interest rates that some of you have seen available. I was quoted a 7.8% rate for 15 years from the marina. Seems high.
If you can give me the bank you got the quote from, I would appreciate it.
Thanks,
Roger
casey
03-12-2002, 02:49 PM
I got 7.1%, zero down, 6 years. Through my credit union
For 15 years??? That's a pretty decent rate if the other guy is getting 7.1% w/ zero down. I'm surprised it isn't closer to 9. Also, rates will be moving up 9-12 months from now and the banks can sometimes be 3-6 months ahead of that schedule. My point, I doubt you will get a better rate from the same bank in 2 months.
Good luck,
NC
WalleyeJason
03-12-2002, 03:09 PM
I just bought a boat, my credit union gave me 8.5% over 5 years. 7.1 is great!!
WJ
wheels
03-12-2002, 04:39 PM
My credit union is 6.1% for 5 years or 5.9% for 4 years.
"Friends don't let friends fish for trout!"
I work at a local bank in Fargo.
Boat loans here are :
5.9% up to 60 months
6.9% over 60 months
Not Easy Money
03-12-2002, 05:19 PM
I'm paying cash for my new boat. I don't have the money like you guy's,I can only afford to pay for my toys once!! Just being honest.
I got 7.5% 15 yr.at E-Boat loans with 15 % down.
Rich
Hogslammer
03-12-2002, 06:01 PM
Chad, I also work at a bank. My advise to anyone buying a boat is to not take out a loan for longer than 60 months. If you do, the boat will be depreciating faster than your loan is paying down. Personally, if you need to go futher than 5 years, you're probably buying more boat than you can afford.
HeavyC
03-12-2002, 06:30 PM
You are exactly right. I see so many guys who make $40,000 a year buying a boat which is $32,000 it makes me sick. The majority cannot afford it and taking a loan out on a boat for 10-15 years is not a solution. I can afford anything if I pay for it long enough. I would say 5-7 years is long enough to pay for the boat, but that is just my opinion. Oh wait, I advise people every day on their finances so I guess that would be my expert opinion.
If your spending more than 30% of your annual income on a boat AND have to take a loan for 10+ years, you can't afford it.
Good luck!
punch1
03-12-2002, 06:42 PM
I have 0% on my credit card until January of 2003. I will then transfer the balance to a different card that offers a 9 month 0% teaser rate. I have been playing this game since 1998 and have had zero problems. You just have to be on top of it. Works for some people and can be very bad for others. I just like the idea of saving almost $1000 in interest for little more work. It's not for everyone though!
Pat
Your the kind of person who makes me sick!! If someone wants to buy a 32,000 boat and take a 10-15 year loan out so be it, who cares your not making the payments.
skor
I got 7.5% for 5 years with no downpayment, but I put downpayement anyway throught my Voyager Bank. Now two more years to go.
Broke
03-12-2002, 09:02 PM
My wife denied my loan!!
PrimoWi
03-12-2002, 10:03 PM
Ask at the bank about home equity loan. They are usually lower rates and interest is deductable for taxes.
HeavyC
03-13-2002, 06:41 PM
Skor,
I agree it really isn't anyone's business how other spend their money for the most part. But then again there sure are lots of people declaring bankruptcy these days along with other significant problems which do affect both of us. Sure, the majority of those who purchase boats know what they are doing, but since I see this type of thing every day I feel I am accurate in saying many people spend much more money than they can really afford.
The performance of your 401(k) and/or other investments is directly related to people who spend more than they can afford. I'm getting off track here, but Americans in general have a terrible habit of buying now and paying later.
Some day it will catch up to us all.....
HeavyC
Didn't mean to sound like an ***hole. I agree there is alot of people who just look at the payment and don't realize in the grand scheme of things what it is really costing them and what they can really afford.
skor
HeavyC/Expert,
How about enlightening us on how someone buying more boat than you think they can afford relates to my 401K.
Jack
youngeye
03-13-2002, 07:35 PM
7.8% for 15 years is a great deal. Local rates are over 8% if you are looking for a 15 year loan.
The Guide
03-13-2002, 07:45 PM
I just signed today. 5.8% and zero down for 60 months went through the credit union, simple interest.
can't wait to use the new 2002 20 fisherman.
Jack,
I would be glad to. When people spend more money than they actually have or can afford, this creates a demand in the marketplace which cannot be maintained. Therefore, companies are selling more product to consumers who cannot afford it and will not be repeat buyers. Companies tend to expect to meet or beat previous quarter numbers and enough purchases like this will make that difficult if not impossible. This creates instability in revenues because these revenues cannot be repeated or anticipated which equates directly to earnings expectations. This is just one way it directly effects the market. Another way would start out the same as I described before, only having the investor (boat buyer) liquidate his or her holdings in order to pay for the purchase they could not afford in the first place. This can also have a negative effect on the market because the investor ends up selling his/her investments when normally they would hold on.
I'm not saying buying a boat which is a little out of your means will crash the whole economic system, but it does have a real effect on the stock market.
It's called the "wealth effect" and it is widely accepted on wall street.
Thanks,
HeavyC
Bull1
03-13-2002, 08:59 PM
I like going for a longer term loan to keep the payments down even though I can afford a larger payment. That way if money is short on occasions I am comfortable with the payment. I had a 7 year loan on my last boat and payed it off in 4-5 years.
If you buy a Lund it won't depreciate faster than you can pay it off. :-)
HeavyC
03-13-2002, 09:13 PM
Bull1,
I agree with you. 7 years really isn't that long and after the first 3 the depreciation curve starts to flatten anyhow. I took my loan for 4 years and should have it paid off in 15 months. Boat was only a Rebel, but I will own it none the less pretty soon!
We'll be on the water soon!!!!!
HeavyC