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Boat Financing
- Thread starter needham
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With good debt ratio and a 720 score, you wont have any problem getting a loan. They can do up to 30 years. My buddy got a 16,800 loan and for 10 years it is like 180 a month. His score was like 715. I dont think you will have a problem. If you are a member of a credit union, try them. If you arent a mamber of one, you need to be. Do some research and find one you can join.
pcmandevon
New Member
I agree, a credit union is going to give you the best rate. Plus its a very good idea to have a good lending history with one. Devon.
I dont know anyone personally that has used the online places, but I have heard some bad stories, but dont have a specific name.
My other forum addiction is one geared towards credit stuff.....i have read a lot stories where people used the online places and their credit was ran numerous times...kinda like using dealership financing when buying a car. I would stick with a credit union or bank...but trust me...a credit union would do many good things for you.
My other forum addiction is one geared towards credit stuff.....i have read a lot stories where people used the online places and their credit was ran numerous times...kinda like using dealership financing when buying a car. I would stick with a credit union or bank...but trust me...a credit union would do many good things for you.
Sea Doo in House
Sea Doo financing is through Sheffield which is not a bad company but not as good as a credit union. Sheffield also deos cycles and other powersports toys.
You can join a credit union with $ 25 it is no hassle at all. You dont have to be a specific job or company for most credit unions.
Sea Doo financing is through Sheffield which is not a bad company but not as good as a credit union. Sheffield also deos cycles and other powersports toys.
You can join a credit union with $ 25 it is no hassle at all. You dont have to be a specific job or company for most credit unions.
If anyone is interested, I can give ya some tips on how to get into some good credit unions.
Barely a Wake
New Member
I have to give the thumbs down to Sheffield Financial. My credit rating isn't the greatest, but I still didn't deserve the 14.9%/120 month loan they gave me. I called up inquiring about making double payments each month and whether the entire extra payment would go straight to the principal. The lady gave me some weird runaround story about how it would, but it would also go towards next months payment as well. Huh? 
I tried to get her to explain how that is possible, to go the principal AND the following months payment, but she couldn't. So...I logged on and paid the boat off! Their customer support rep caused them to get less than a months worth of interest out of me. They should be ashamed of themselves anyway...charging $18K interest on an $18k loan! 
I tried to get her to explain how that is possible, to go the principal AND the following months payment, but she couldn't. So...I logged on and paid the boat off! Their customer support rep caused them to get less than a months worth of interest out of me. They should be ashamed of themselves anyway...charging $18K interest on an $18k loan!
Needham...PM sent. :cheers:
dsw222
Active Member
I'm 24 and have a good job as a software engineer, but still have a hard time even getting credit cards... not because i have bad credit, but because i just flat out dont have credit (no car payments, school loans, house payments, etc).
I would love to hear some tips!
There is a message board with a wealth of information just like this...but for people interested in credit issues. It is amazing what you can accomplish with a little knowledge. I dont wanna post a direct link, but anyone wanting to know where to find it PM me or if you wanna ask any quick questions I might be able to help.
seadoomichael
New Member
Buy a house. Tomorrow.
Get a credit card, run it up each month, and pay it off each month.
Done.
I have 778 credit rating and getting a boat loan was NOT easy. Took me two weeks and I ended up ducking out.
First bank wanted 14% interest. 2nd bank wanted 6.5% :hurray: but 3/4 way through the paper and phone call process, they will only finance up to year model 2004 (Bank of America, by the way. Best deal out there if boat is new enough). Mine is a 2003. Walk away. Most banks, by far, will not even offer boat loans.
My credit union offered me 7.5% for 6 years, but the paperwork was horrendous! On top of that, the seller is in the process of getting divorced, and boat was in wife's name with her maiden name on it. Trying to get $14,500 but there needed to be 3 different power of attorneys signed, title signed over, etc. The guy hit his wife up for all of this, but when we got to the table to hand the money over, there was one more form the wife needed to have signed and notorized.
I then put all the paperwork in the garbage and asked for a "signature" loan. How much can I get for just a "cash in my hand" loan. $10,000 at 8.5% for 5 years. Sold my challenger, gave that money over to the seller, and took out this simple one-page application loan, and had the check written to his name.
$206/mo for 5 years. That is $206 for the payment, not for gas, repairs, parts, cleaners, bimini top, wakeboard mirror...
First bank wanted 14% interest. 2nd bank wanted 6.5% :hurray: but 3/4 way through the paper and phone call process, they will only finance up to year model 2004 (Bank of America, by the way. Best deal out there if boat is new enough). Mine is a 2003. Walk away. Most banks, by far, will not even offer boat loans.
My credit union offered me 7.5% for 6 years, but the paperwork was horrendous! On top of that, the seller is in the process of getting divorced, and boat was in wife's name with her maiden name on it. Trying to get $14,500 but there needed to be 3 different power of attorneys signed, title signed over, etc. The guy hit his wife up for all of this, but when we got to the table to hand the money over, there was one more form the wife needed to have signed and notorized.
I then put all the paperwork in the garbage and asked for a "signature" loan. How much can I get for just a "cash in my hand" loan. $10,000 at 8.5% for 5 years. Sold my challenger, gave that money over to the seller, and took out this simple one-page application loan, and had the check written to his name.
$206/mo for 5 years. That is $206 for the payment, not for gas, repairs, parts, cleaners, bimini top, wakeboard mirror...
USAA is very good. I would rate them one of the best. The BEST is Navy Federal if you have a way in. I highly recommend either if you can get in.
What kinda rates are USAA and Navy FCU offering for high credit score holders?
Depends on the loan. I havent bought anything recently with them. Looking at NFCU website it says they will do 7% for 15 years on boats.
That is who my truck loan is through. bought it a little over 2 yrs ago when I had just got my credit score to 690 and they gave me 6.0% on the auto loan which was amazing at the time compared to the 10+ everyone else offered.
Looking at USAA, they offer 6.39 to 7.39 on boat loans.
That is who my truck loan is through. bought it a little over 2 yrs ago when I had just got my credit score to 690 and they gave me 6.0% on the auto loan which was amazing at the time compared to the 10+ everyone else offered.
Looking at USAA, they offer 6.39 to 7.39 on boat loans.
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Hey! Those are awesome rates!
They are both very good...and there are other great credit unions out there. I just try to tell people to get into 1, they beat most banks 99% of the time.
Wow, I'm surprised that anyone with an excellent credit rating is having trouble getting a loan. I went to one of my credit unions, one that I don't really use much and got their 6.25% fixed rate for 10 years. I would think that is about what most credit unions would offer. No pre-payment penalty, and interest is not pre-calculated so extra payments are applied to the principle.
When checking for loans, you may need to look at "RV loans" as banks/credit unions often lump boats in to the "RV" category.
Most people can join a credit union just by being a resident in the area the credit union serves. Some offer memberships to employees of certain companies, government institutions, or spouses, children or parents of the same. Credit unions are like banks, except they are not-for-profit and are technically owned by their members. Usually, they either offer better savings interest rates or better loan rates than banks. Sometimes both.
For "Barely A Wake": what the customer service rep failed to explain is that you can pre-pay additional principle of your loan, and since interest is calculated daily, doing so will reduce the total amount you would repay as well as the total interest paid. However, the credit union does you a favor and credits the amount you pay toward future payments so that if times get tough, you may be able to skip a payment (or more, depending on how much you'v prepaid) and not be late on your payments. When getting a loan, the two factors you ask about are pre-payment penalties (there should be none) and whether interested is calculated daily on the principle balance.
When checking for loans, you may need to look at "RV loans" as banks/credit unions often lump boats in to the "RV" category.
Most people can join a credit union just by being a resident in the area the credit union serves. Some offer memberships to employees of certain companies, government institutions, or spouses, children or parents of the same. Credit unions are like banks, except they are not-for-profit and are technically owned by their members. Usually, they either offer better savings interest rates or better loan rates than banks. Sometimes both.
For "Barely A Wake": what the customer service rep failed to explain is that you can pre-pay additional principle of your loan, and since interest is calculated daily, doing so will reduce the total amount you would repay as well as the total interest paid. However, the credit union does you a favor and credits the amount you pay toward future payments so that if times get tough, you may be able to skip a payment (or more, depending on how much you'v prepaid) and not be late on your payments. When getting a loan, the two factors you ask about are pre-payment penalties (there should be none) and whether interested is calculated daily on the principle balance.
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