What Finance Rates are you finding?

144 months at 5% 0 down $28,000 financed I am ok with paying the bank interest otherwise I might not get a boat. I am not disciplined enough to save for one thing hunting land might come for sale or something else.

[Millerlite]

If the interest rate is what everybody is worried about, isn't it lower on a new boat then it is on a used boat?? I know it was for me when I bought my new truck last year.

[reclending]

Originally Posted by Millerlite

If the interest rate is what everybody is worried about, isn't it lower on a new boat then it is on a used boat?? I know it was for me when I bought my new truck last year.

Boat loans and auto loans are most often different. Most lenders we work with have no difference with used. Others will have a slight bump at about 10 model years. Even then, the difference is not terrible. The auto stuff is different because the builders need to keep the factory going so the specials are often on the new. A used car sale does not directly feed the factory.
Let us know if we can help.
Thank you,
Ken

[Homegrown1]

$35,000 for 6 years - 3.99% from a local credit union, best I could find.

[Billebob5]

Any updates out there? Looking to grab an 18 or 19 in the next few months

[Farmerj]

When I got my boat in June, I found it was easier to just fill out the dealers application and go with it. Came back with several options. And the cheapest interest rate for the deal. I tried calling around and couldn't touch the package they came up with.

[TrollMasterCalculator]

Originally Posted by black white face

ditto! I bought my HOUSE/ ACREAGE for 15....
(to each their own I guess)

nice

[3M TA3]

Originally Posted by black white face

Home equity loan is the way to go for financing boats if needed and or if the equity is available. Interest deductible and pay as much as you want as long as the interest is paid each month. It's like having a "line of credit" at your bank

Some banks will require you to renew the loan every 5 years

There are so many reasons for not doing this. For one,your income level has to be pretty darn good and you have lots of deductions already to be able to deduct the interest if you choose to itemize deductions. The Standard Deduction (at least for a married filer) eliminated a very large number of itemized tax returns. Itemizing your boat interest because of home equity loan for a toy is just plain nuts and very unlikely anyway unless of course you're already itemizing. Curious as to why anyone would place their home at risk when faced with financial difficulty because they bought a boat or any other 'toy' with a home equity loan. Makes no sense to me. The fact that you're adding the boat loan at the front end of a home mortgage makes even less sense. Just my opinion.

[Snowking]

If you are still deducting boat Interest from a home improvement loan. You better hire an accountant to make sure that is still legal. I think unless it has a sleeping berth and you are using it as a home. Here is a nice link that explains some of the changes in the 2017 tax law. https://themortgagereports.com/41468...-boat-purchase
As far as using a home improvement loan for a boat. Unless you have 85 percent of your house paid off already. I would not do it.

[KenLamain]

Just an update for this old post.
Interest rates have not had much movement yet this year. There are a few signs that a couple of the "Covid Rules" and loosening a bit. Not the rates so much, just some of the program changes and verifications that were put in place.
Let us know if we can help.
Thank you,
Ken