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Old 01-26-2016, 06:39 PM
huntercj huntercj is online now
Join Date: Sep 2015
Posts: 21
Default New boat financing

Looking for advice on where to get the best new boat financing. I live in northern Minnesota very few banks up here to choose from.
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Old 01-31-2016, 11:58 AM
spyguy spyguy is offline
Join Date: Jan 2016
Location: NE Wisconsin
Posts: 11

Credit Union - interest rate is extremely low depending on your credit score.

Mine - 2.99%
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Old 02-02-2016, 09:44 AM
Calvin Svihel Calvin Svihel is offline
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Join Date: Jun 2005
Location: Twin Cities Metro
Posts: 95

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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Old 02-02-2016, 07:27 PM
Slim03 Slim03 is offline
Join Date: Jan 2016
Posts: 41

Dealers typically have access to many different lenders for loans and will work with them to get you the best possible deal.
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Old 02-02-2016, 10:42 PM
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97roughneck 97roughneck is offline
Join Date: Sep 2009
Location: S.Deezy
Posts: 690

I've mentioned this on this forum before to limited response, so I don't know why people are adverse to the idea but if you have good equity in your home, a HELOC (Home Equity Line Of Credit) is a good way to go.

Mine is set up for 5 yrs @ 3.75%. It's interest only payments so it's up to you how fast you pay down the principle. So you have to be pretty disciplined.

The huge advantage of this loan to me is the interest is deductible on your taxes, same as the mortgage interest you pay on your house. The 2.99% rate at the credit union is just consumer debt and not deductible.

I'm very adverse to paying consumer interest so this is a way I can have a toy without saving all the money for it upfront. Even though I still pay interest, it's good (deductible) interest. If there is such a thing.
"On the plains of hesitation lie the bones of millions."
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