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  1. #1

    Default Financing options any help appreciated

    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.

  2. #2
    Join Date
    Feb 2018
    Location
    Boating on Lake Martin, AL
    Posts
    637

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    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.
    Last edited by haknslash; 02-10-2020 at 11:48 PM.
    2019 Moomba Max "MOOMBAE"
    Mods: Wakemakers Bag Buster upgrade
    2016 Yamaha AR192 - sold

  3. #3

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

  4. #4
    Join Date
    May 2018
    Posts
    1,537

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


    Sent from my iPhone using Tapatalk
    2018 Supra SA 400
    Michigan

  5. #5
    Join Date
    Sep 2017
    Location
    Ft Gibson Lake OK
    Posts
    122

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    Quote Originally Posted by larry_arizona View Post
    Pretty good rates right now, my lender is at 3.99% for any time up to 240 months.



    Sent from my iPhone using Tapatalk
    Can you share that lender or is it a special one?

  6. #6
    Join Date
    May 2018
    Posts
    1,537

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    Michigan first credit union


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


    Sent from my iPhone using Tapatalk
    2018 Supra SA 400
    Michigan

  7. #7
    Join Date
    Aug 2018
    Posts
    25

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    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.
    Last edited by Mdavfx4; 02-11-2020 at 12:57 PM.
    2015 Yamaha 242 LS - Sold
    2018 SL 450

  8. #8
    Join Date
    May 2018
    Posts
    1,537

    Default

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


    Sent from my iPhone using Tapatalk
    2018 Supra SA 400
    Michigan

  9. #9
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    5,545

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    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.
    Last edited by sandm; 02-11-2020 at 01:37 PM.
    '06 Supra Launch 20SSV-gone but never forgotten

  10. #10
    Join Date
    May 2010
    Location
    Salt Lake City, Utah
    Posts
    1,144

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    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.
    Scott
    2007 Mobius LSV with a lot of great upgrades and mods

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