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  • #61
    Originally posted by swatguy View Post
    Most of these things mean nothing as rates depend on way to many factors( age of boat, amount financed , credit scores, boats actual blue book value , boats age , and down payment). Sure I am leaving something out. Simply posting your loan rate and terms means nothing for comparison. To give someone an idea people should be posting if it was new or used , the amount of the loan was , what down payment was, what rate and what term was followed by credit bracket. 15 and 20yr boat loans have been around forever. You used to get penalized a lot more on the rates for trying to lengthen the loan out. Nowadays it’s not much different percentage wise.



    Local credit unions are usually the best option. .....However they usually have limits on the years Of a used boat they’ll go a back to in order to finance. Lot of places won’t finance boat older than 7-10yrs. One of the best options for financing older, used boats is Essex credit. I’ve used them on probably 4 of my boats. Probably sent over 100 customers their way over the years. Not one single issue. They’ve been around a long time and are a great source for used boat buyers who have to travel across the country to find their perfect boats.

    If we want to be generic.

    I’d say 5-6% is the average percentage at the moment on a used .....again lots of variables .
    4-5% on New
    Most of the Data you mentioned at the top might not be Data people are comfortable sharing on a public forum, and maybe not even in PM's if its with strangers.
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    • #62
      Originally posted by swatguy View Post
      Most of these things mean nothing as rates depend on way to many factors( age of boat, amount financed , credit scores, boats actual blue book value , boats age , and down payment). Sure I am leaving something out. Simply posting your loan rate and terms means nothing for comparison. To give someone an idea people should be posting if it was new or used , the amount of the loan was , what down payment was, what rate and what term was followed by credit bracket. 15 and 20yr boat loans have been around forever. You used to get penalized a lot more on the rates for trying to lengthen the loan out. Nowadays it’s not much different percentage wise.



      Local credit unions are usually the best option. .....However they usually have limits on the years Of a used boat they’ll go a back to in order to finance. Lot of places won’t finance boat older than 7-10yrs. One of the best options for financing older, used boats is Essex credit. I’ve used them on probably 4 of my boats. Probably sent over 100 customers their way over the years. Not one single issue. They’ve been around a long time and are a great source for used boat buyers who have to travel across the country to find their perfect boats.

      If we want to be generic.

      I’d say 5-6% is the average percentage at the moment on a used .....again lots of variables .
      4-5% on New
      I have never tried financing a boat through a bank so I do not have any experience in that regard. But, rates from the credit union I mentioned do not depend on boat age, whether it is new/used, value, down payment, etc. Will they finance an '86 stars and stripes for $40k with no down payment, probably not. My xstar was 9 years old when I financed through them, I did zero down, and still got the lowest advertised rate. They solely base their rates on credit score. Don't quote me, but I believe the cutoff for the lowest interest rate is 725.
      2006 MasterCraft XStar
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      • #63
        Originally posted by BudmanV24 View Post
        I have never tried financing a boat through a bank so I do not have any experience in that regard. But, rates from the credit union I mentioned do not depend on boat age, whether it is new/used, value, down payment, etc. Will they finance an '86 stars and stripes for $40k with no down payment, probably not. My xstar was 9 years old when I financed through them, I did zero down, and still got the lowest advertised rate. They solely base their rates on credit score. Don't quote me, but I believe the cutoff for the lowest interest rate is 725.
        That’s because an 86 Stars and Stripes doesn’t exist.
        Aric


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        • #64
          Originally posted by MC25 View Post
          That’s because an 86 Stars and Stripes doesn’t exist.
          Exactly. They also wont finance any exotic pets such as big foots, lochness monsters, or chupacabras.
          2006 MasterCraft XStar
          2006 MasterCraft X1 - Sold
          2003 Sevylor Caravelle 7' 6"

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          • #65
            Wow, I did not know financing went over 5 years Because the last time I take Self Storage finance from Clopton capital to start my own business. and They really guide me and treat me very professionally.

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