How come no special finance on boats?

[gtsum2]

That’s an amazingly low rate. We got 4.99 with credit over 800 and that was the best we could find without putting a massive amount down


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[larry_arizona]

Michiganders can still get 3.49% for up to 20 years


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[Isaguel]

Michiganders can still get 3.49% for up to 20 years


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Yeah, go ahead and rub it in

I just got 4.74% on an SL 400 using newcoast financial, underwritten by US bank. It did require a sizeable down payment though. And freakin' a banks have a lot of rules and stipulations before they approve a boat loan these days!. My dealer said he see's it all the time. PITA. Oh well, I'm picking her up tomorrow. Hoping for nice weather.

[mgswake]

That’s an amazingly low rate. We got 4.99 with credit over 800 and that was the best we could find without putting a massive amount down


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What is a sizable down payment 25%, 50%? Just wondering if you want to share, thank you.

[gtsum2]

We put 15% down and got 4.99%. We were limited as we also got a seasonal place at the lake for our fifth wheel, so there were only so many funds in the jar available if you know what I mean. I think banks get a little tight once they’ve lending over 150k on an inshore pleasure boat?


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[larry_arizona]

10%


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[Firsttimemoomba]

I was quoted 4.24% with Vantage Recreational Finance. They’re in Florida and I’m in MN. I thought that was a pretty great rate…but are there better rates out there? Hearing others in the 3’s is surprising. I’m looking at 15/20yr rates. Everyone’s in different positions and I’d love to do a 5yr…but I don’t think my family would grow tired of 60months of Ramen noodles. Haha

[larry_arizona]

4.24 is really good, I would jump on that.

I know the 3.5% rate in only good for Michigan residents.


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