Current interest rates on boats

[Mxmark4]

Looking at a new to me boat, have had some crazy rates thrown at me in the past couple days. One place wanted 9.9% and another was 7.49% . I know rates have gone up but what are those who are shopping being quoted and who is it with so I can try and find the best rate possible? Credit is good and down payment is about 20% currently.

[Bigs28]

I wanted to trade in my mojo but the fact that new boats 25k+ more and the best interest rate we could find was 6.5% before this last rate hike i had to pass. We qualify for the best rates offered.

[brad460]

There is a credit union in my area I use as a baseline for best rates (historically they have the lowest). They are at 180 months at 7.24%.

Your 7.49% is about best your going to get..

[larry_arizona]

Just checked my credit union.

Went from 3.49 up to 240 to 7.99 up to 240.

6 months ago it was 3.99.

If you are financing a boat, your payment just jumped 50%


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[russellsmojo]

Just renting a boat at that point!!


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[smitty75]

Couple months ago I went with trident funding. Huge run around but got in at 5.75%. That was with great credit and low dti. Boat was under $100k, anything over had a rate break.

Transaction was a giant hassle though, wouldn’t go through it again. I was going to use Michigan first and catch the tail end of the 3.99, but they would one deal with a boat titles in MI.


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[jcarter20]

Wow….those rates will put halt on boat sales.


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[Mxmark4]

So after going back and forth over a few dirrferent boats and getting hassled by a dealer finance guy who tried to take advantage of me, I went with the 7.49% rate. Not great but will get me by until the rates drop and I can refi it. Have a nice 2019 craz that deal should be done on next week. Pretty well equipped boat with upgraded sound and super clean. Gonna upgrade the ballast and add a heater to try and extend my season as much as I can. Im pretty excited to get it, been anticipating a bigger boat and a new one just wasnt in the cards after the price increases of the past year, but I think this Craz will serve us well.

[Mxmark4]

30720 and of course the obligatory teaser pic

[Bigs28]

My credit union is currently offering 5.75% for 15 years. If you can't join because your in Knoxville you might want to look at credit unions near by before you sign.

https://www.suncoastcreditunion.com/personal/borrow/vehicle-loans-boat-loans-and-financing#tabs

[sandm]

mx,
congrats on the new whip.... it'll make a nice ride.
sorry on the interest rates but as mentioned, check out some local credit unions. some are usually much better than big banks. I kept my credit union account from wisconsin all these years for that reason.

as to the comment on boat sales, check out onlyinboards. it's back up to almost prepandemic levels for sale and half of what's listed are 2022-2023 which tells me the boating market is softening. me thinks 2023 is going to be a rough year for new boat sales.

[KnoxMojo]

30720 and of course the obligatory teaser pic

Congrats on the new ride! guess the Craz Pro fell through, bummer.

[Mxmark4]

Congrats on the new ride! guess the Craz Pro fell through, bummer.

It didnt fall through so much as the finance guy pissed me off and they refused my very realistic offer only to come back the next day and say they would take it. In the meantime I made an offer on this boat and he accepted. The craz pro was nice but this one is immaculate and lower hours. Also found out my buddy was ordering his Supra in green and I didnt wanna be a twin so this works out better.

[eder10986]

That’s awesome! Congrats on the new ride! Time to get the foil out again!!!


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[Guppydriver]

Wow….those rates will put halt on boat sales.


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Which is the intent I suppose.


I know I wouldn't have a boat in the garage at todays rates. The downside is if I were forced to sell, the buying pool just became a lot shallower. I'm sure the vast majority still finance boats as opposed to dropping cash.

[MJHSupra]

30720
and of course the obligatory teaser pic

Congrats!! Looking forward to warmer weather and getting the crew together.

[Mxmark4]

Congrats!! Looking forward to warmer weather and getting the crew together.

Its like Blaines boat 2.0 lol!

[MJHSupra]

Its like Blaines boat 2.0 lol!

I was thinking the same thing - 2.0!!
Now he will get on your boat and want to upgrade.

[Mxmark4]

Brought the new to me boat home tonight, thing is immaculate! Needs backup lights for the trailer, heater installed, want to relocate sub box from under observers area to under helm. Wife got her first look at it tonight and was happy. Got an extra prop with it, ptm mirror had never even been removed from box. Cant wait to get garage done, having good progress as of last week, do not want this sitting out on my muddy yard.

[brad460]

Details on your new garage?

Took me just shy of one year to build this garage myself, but it is so nice having my boat at home that I can check on every day!

The LP siding took the longest because I had to hand paint each piece (to match the house), which saved me $6000.

36’ x 50’…

https://uploads.tapatalk-cdn.com/20230110/b8be50bb632776a3ba08f17895c291cb.jpg


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[MJHSupra]

Details on your new garage?

Took me just shy of one year to build this garage myself, but it is so nice having my boat at home that I can check on every day!

The LP siding took the longest because I had to hand paint each piece (to match the house), which saved me $6000.

36’ x 50’…

https://uploads.tapatalk-cdn.com/20230110/b8be50bb632776a3ba08f17895c291cb.jpg


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Nice. What utilities did you run to it?

Post a few inside pics.

[Mxmark4]

Mine is coming along slowly. We got block done last week, and had it poured Monday morning. 30x50 steel building. I bought regular doors insted of roll up doors and I am doing the front facing the road in stone and vinyl on gable to match my house. Should look nice when its done. Also have to build a breezeway to attach it to the house to make the town happy. Just got a quote today for the garage slab at almost 10k! Concrete prices are insane. Just paid 3k to have the walls pumped, footer was 3k block work was 10 k and driveway will be yet another small fortune. The physical building will be the cheapest part of the whole deal.

[MJHSupra]

Mine is coming along slowly. We got block done last week, and had it poured Monday morning. 30x50 steel building. I bought regular doors insted of roll up doors and I am doing the front facing the road in stone and vinyl on gable to match my house. Should look nice when its done. Also have to build a breezeway to attach it to the house to make the town happy. Just got a quote today for the garage slab at almost 10k! Concrete prices are insane. Just paid 3k to have the walls pumped, footer was 3k block work was 10 k and driveway will be yet another small fortune. The physical building will be the cheapest part of the whole deal.Sounds like it will be nice. Nothing but the best in Farragut after they make you jump through hoops.

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[Mxmark4]

Details on your new garage?

Took me just shy of one year to build this garage myself, but it is so nice having my boat at home that I can check on every day!

The LP siding took the longest because I had to hand paint each piece (to match the house), which saved me $6000.

36’ x 50’…

https://uploads.tapatalk-cdn.com/20230110/b8be50bb632776a3ba08f17895c291cb.jpg


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Here is my latest on my garage 30x50 metal building from Eversafe buildings. Adding stone facade and cedar shake siding to front to match house. had new driveway and slab poured last week waiting to hear back on building arrival date approx 4 weeks currently Getting some good forward momentum here in last few weeks with my project as it has been ongoing since starting in June. Just brought boat home today and parked it in there and its making me wish O had gone bigger already.

[Mxmark4]

https://i.ibb.co/Vx8gFD1/20230203-091856.jpg (https://ibb.co/HCQtcYS)

[brad460]

The concrete looks real nice. I wonder when running the garage length-wise will make it feel a bit fuller with the boat inside.

Do you plan on adding a room in the gable? I am so glad I spent the extra money for room in gable trusses- That room has been a great place for storing random crap (wakeboards, tubes, coolers, wood, etc)..The stairs take up a little bit of space, but not so bad..

https://uploads.tapatalk-cdn.com/20230210/66a058af88294cec1c1847755201c6c7.jpg


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[Mxmark4]

Not so much a room as just an elevated platform for junk more or less also gives me a place to have a lit work area to go over my tool boxes and work bench. Cant wait to get in the dry and tear boat apart. Want to add heater before spring gets here.

[MJHSupra]

https://i.ibb.co/Vx8gFD1/20230203-091856.jpg (https://ibb.co/HCQtcYS)

Looking good. How is the town of Farragut treating you on the inspections?

[Mxmark4]

Looking good. How is the town of Farragut treating you on the inspections?

Not too bad, I had more issues with the state electrical inspector than Farragut for the most part. Farragut signed oof on the new hair salon where my attached garage was formerly without any issues.
https://i.ibb.co/KV6Jqpk/20230207-074429.jpg (https://ibb.co/ssjZwdG)

[MJHSupra]

Not too bad, I had more issues with the state electrical inspector than Farragut for the most part. Farragut signed oof on the new hair salon where my attached garage was formerly without any issues.
https://i.ibb.co/KV6Jqpk/20230207-074429.jpg (https://ibb.co/ssjZwdG)Nice.

I do not not know about you, I'm anxious for spring and getting our crew back out on the lake for some weekday foil sessions.

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[Mxmark4]

Nice.

I do not not know about you, I'm anxious for spring and getting our crew back out on the lake for some weekday foil sessions.

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Absolutely. Cant wait to host yall on a boat that can fit more foils!