Credit Unions do have the lowest rates when it comes to boat financing. However most of them have short terms, like 60 months or even 72 months. When it comes to 40-70k for some boats, most people want a longer term to pay just in case life throws you a curve ball financially you can pay the smaller amount if needed. Always recommended to pay extra if budget allows on any simple interest loan to ultimately avoid paying more interest than you have to.
So to answer the question about who has the best rate/term. I think most boat dealers have the ability to go longer term than credit unions, but credit unions have the best rate. Set a budget for a boat payment, find financing that makes sense for the budget, and set a goal to have boat paid off that fits family or personal lifestyle.
Its tough to answer financing questions on a forum because everyone has different finance goals, credit, and budgets. Best thing to do is find a boat and payment that fits you and the budget.
Plenty of banks and credit unions willing to lend in Northern MN
Good Luck,
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