Financing options any help appreciated

[miltonbradley]

Hey guys new to this forum recently ordered a 2020 moomba Craz, first off don't know if I'm posting in the right section. Looking to see what peoples opinions are for financing the boat. Did you just go threw the dealer or use your own credit unions or banks. And help-direction would be appreciated. putting down 10-15 percent if that is any help in making a decision. thanks in advance for any info.

[haknslash]

I'm not going to be that guy and say you should pay cash. I financed too like the majority of us buying these things new lol.

That being said I ultimately went with my dealer but only because they price matched (actually beat by .2% IIRC) the deal and rate Essex credit (Bank of the West) was giving me at the time. I think during that time Essex had some of the best rate to term deals but things change and may be different now. At first the dealers lender rate was a higher percentage but after negotiating the deal and coming up with a little more down payment they beat the Essex interest rate for the amount of years financed. On top of that my dealer was also offering an additional year of free maintenance if I used their lender. That was in addition to the one free year they throw in for buying a boat from them so this was icing on the cake for me not to have to spend a dime summerizing and winterizing for the first 2 years. This was a promo my dealer threw in during the boat show in addition to other goodies.

[Kirby]

Preapproved through my credit union to shop, told my dealer my rate and they couldn't touch it.

[larry_arizona]

Pretty good rates right now, my lender is at 3.99% for any time up to 240 months.


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[RUGER761]

Pretty good rates right now, my lender is at 3.99% for any time up to 240 months.



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Can you share that lender or is it a special one?

[larry_arizona]

Michigan first credit union


https://michiganfirst.com/lending/rates/#marine-veh


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[Mdavfx4]

Did you confirm this with them? "APR as low as 3.99 up to 240 months" usually means over 800 credit score and lower loan terms. The 240 month rates are usually higher. I found that going through a broker was the best option as they shop multiple lenders. I was quoted 4.74% at 20 years with 10% down through Intercoastal Finance. That was best I could find.

[larry_arizona]

Not sure on what the * means, however I qualified for my loan with the same * and they are a fantastic lender.


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[sandm]

this question or similar pops up on here every 2 years or so.
said it before and again, find a good local credit union and in MOST cases they will be your best option. dealers want you to use their financing as they get a kickback on the back side. did this once- get preapproved at a rate you like. use dealers financing as a negotiation tool and close the loan. take all documents to your credit union and refi the next day. netted us $1000 rebate off on our hyundai sonata to finance thru wells fargo at dealer and then we rolled to our credit union for a lower rate the next day. fargo had the note for 96hrs. no prepayment penalty.

I use capital credit union in green bay wi. have to be local to open an account so not the best choice for most BUT we are at 3.9 for 180 months and 100% financing- we put nada down-credit scores have to be north of 720.. we bought end of season in september and scored a killer deal on a used ride so our "down" is the equity in the end of season fire sale.

we won't buy another boat in the spring. sitting out a season and saving thousands of $$ vs buying in the spring was worth it for us on our current boat. figure it saved us almost $10k buying in september vs same boat for sale the next spring.

[996scott]

i bought used several years ago and our local credit union was the best. 3.9% for 7yrs. I think they are at 4.49% now. We have done several cars through the credit union as well. I think local credit unions are a great option and hard to beat.

[zabooda]

Years past, I refinanced the home to pay for the boat and motor home. Not much incentive to do that now as it is hard to get a tax write off.

[Isaguel]

Michigan first credit union


https://michiganfirst.com/lending/rates/#marine-veh


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Thanks for the link. Those are pretty good rates. This is very timely info for me. I'll be financing in the next 2 months on an upgrade on the Mojo. I'll def give Michigan first a call.

[Azfamily]

I second Intercoastal. Just used them last month, smooth easy process.

[larry_arizona]

Michigan first Credit union is down to 3.49%for up to 20 years.


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[That Guy]

Wow, great rate. Almost tempting me to buy another boat, lol.

[sandm]

my credit union in wisconsin is at 3.49 today as well with 100% financing. general thought is it'll continue to drop as the fed scrambles to shore up the economy.
hoping it drops back to the 1.9 rate I had on the last boat. if so refi time to drop several years off the note...

[Swervy]

Hi Larry,

Do you know if that Michigan First Credit Union is for Michigan residents only?

Thanks!

[Swervy]

I found out the answer...Thanks!

[NewbFam5]

Even though I'm in a coastal state my CU must not like boats because the rate sucks. Best I found was on the web at Trident Funding. 4.24% in 240mo.

[larry_arizona]

I found out the answer...Thanks!

And what is the answer because I don’t know.


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[Swervy]

It said the following on their website:

"Membership at Michigan First is open to anyone who lives, works or worships in the state of Michigan."

[larry_arizona]

It said the following on their website:

"Membership at Michigan First is open to anyone who lives, works or worships in the state of Michigan."

Thank you sir [emoji106]


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[Swervy]

I'm having a hard time finding anything under 4.5% for a 72 month term here in Minnesota. Would love to find that 3.5% range.

[Isaguel]

UPDATE:

MF, rates down to 3.49 for 20 yrs.


Marine/Recreational Vehicles

Up to 240 Months

APR as low as*
3.49%

Doesn't say anything anywhere about being a Michigan resident

[gtsum2]

Man those are low for a boat loan. I recently refi’d the house to 15 years at 3.012%...hard to believe a rec vehicle loan is almost that low. Heck of a deal


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[larry_arizona]

UPDATE:

MF, rates down to 3.49 for 20 yrs.


Marine/Recreational Vehicles

Up to 240 Months

APR as low as*
3.49%

Doesn't say anything anywhere about being a Michigan resident

See post #21, need to live, work or worship in Michigan.

But 3.49 is epic and I qualify for an additional .25% discount at MF.
When this country reopens, I might have to see what I can pull on a 2020SA.


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[Isaguel]

Worship, huh.:idea:

Does joining an online church qualify?

[larry_arizona]

Worship, huh.:idea:

Does joining an online church qualify?

As long as that online church is in Michigan, worth a try. lol


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[russellsmojo]

The Michigan first says you have to go to a branch to become a member. Has anyone not in Michigan gone through with a refinance?


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[larry_arizona]

Although I live in Michigan, I applied online and have never been to a branch, don’t even know where Michigan First is physically located.

Another Michigan First bonus, on my current boat loan, you earn points as you make payments, points can be used towards future loan discounts.

Currently, I have enough earned points for a .50% discount on my next loan.

3.49% becomes 2.99%


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[russellsmojo]

Although I live in Michigan, I applied online and have never been to a branch, don’t even know where Michigan First is physically located.

Another Michigan First bonus, on my current boat loan, you earn points as you make payments, points can be used towards future loan discounts.

Currently, I have enough earned points for a .50% discount on my next loan.

3.49% becomes 2.99%


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Is that 10 year?


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[larry_arizona]

Is that 10 year?


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20 years.

https://uploads.tapatalk-cdn.com/20200512/26fd602568bedcf024b313c864f28c65.jpg



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[sandm]

my note is 15 years at 3.99 back in '18 and my bank today is offering 3.49 on 20 year rv/boat notes. they did my old tige back in '13 at 1.99% for 12 years. there's other credit unions offering deals if you search around. takes some time to dig but betting a chunk on here can find cheap financing if you want to do the work. search out small local credit unions.

on a related note, closing next week on a refi from Watermark Mortgage. 30 year fixed 3.0%. no appraisal needed for us. $1499 in loan origination fees and $1975 lender credit back. our total out of pocket should be around $2000 and will drop $267 a month off in interest. people should be all over refi if you're note is over 4%.
their 15 year is 2.6%. down side is it's about 70 days to turn a refi but they are running 60 day locks on interest rates.

[DNIXD99]

Think I got 6% for 12yrs. I was offered some 15, and 20yr, but I took the shortest loan offered. I also put 20% down, and set my month auto pay to 50% more. I just cant grasp paying long term on a boat. I look at like a car. I think Ill want a new one in 5-10, and I'd die if i was upside down lol. I'm also in then oil field. Gotta stay in the black, unless you enjoy fire sales

[Isaguel]

my note is 15 years at 3.99 back in '18 and my bank today is offering 3.49 on 20 year rv/boat notes.

OK, do tell, what bank is that?

[sandm]

have to reside in brown county wisconsin to join. small credit union. Capital Credit Union.
minnesota won't do you any good but sure if you look around you can find banks that will offer up similar.
they wouldn't even take my po box there as an address. had to actually provide a physical address with utilities in my name.

great thing tho. they did my mortgage from '13 to '17 on an in-house product. I knew I wouldn't be there long so they did a 30 year note, 5 year balloon and 1.99% interest on a mortgage note. had to put 20% down to get them to play ball but they did. I still have a savings and both my truck and boat are financed there. I'll use them again when we buy a new car.