Does anyone have any first hand advice on lending institutions for boat loans?

[Sea Ron]

I would like any comments or feed back, if any members have first hand experiences on the use of specialized lending institutions for the purchase of a new boat. I have seen the ads for Essex Credit, in some of the boating magazines, but not sure if there are others.

 

[320Bob]

BoatUS Finance is who I currently have and got a good rate but were a royal pain to deal with. Bank of America is another one that I got Internet quotes and approval but their rates were not quite as good. Both require USCG documentation.

 

[Alegria]

Used Essex on our first boat. Very nice people to work with. They pretty much shop your loan around and try to first get you approved then try to get you decent rate. The rate of course is directly related to you and the amount financed. Of course they show you the lowest rates which usually translate to a large percentage down and superlative credit.

Have Key Bank now and again no issues there either, also got a better rate through them then BoatUS. Funny thing is Essex used key bank also on our first boat..

 

[Hellman Huddle]

Try U.S. Bank. They were very easy to deal with.

 

[Gofirstclass]

I used Essex on my first two boats but used Trident Funding on this one. They beat Essex' rate by 1/2%. Trident subsequently sold the loan to Bank of America so they now hold the title to the boat.

 

[alnav]

I've used JustBoatLoans a couple of times and they were easy to deal with as well. www.justboatloans.com.

 

[slagterd]

If you can get into Pentagon Federal Credit Union - they are "first class!". www.penfed.org for both fixed and adjustable rates.

 

[Rocket]

Trident Fundign as well - they are located in Conneticutt and are brokers that represent several banks. I have done 3 loans with them and they are very good, always had the best rate. Currently i am with BB&T bank. Speak to Bob Dunford.

 

[Iprof]

I just cut a cheque, I don't like to finance toys and that's what a boat is.

Just the way I am but maybe one day on a new 50 + footer we will finance it.

Ken

 

[CoralReefer]

Try a local "open community" credit union. Usually about $25 bucks to join but well worth it. I'm in the auto biz and they are by far the easiest lenders to deal with. Not sure if they'll stretch terms to 120 months but usually go in with boat info, bookout sheet, and they'll cut a check on the spot.

 

[petern]

I second the credit union idea.......easy to deal with, and if the deal should be done, they'll get it done!

 

[boughtabouy]

Just refinanced with Trident at 5 7/8%. It was great working with Jeff Long, out of the Newport Beach office.

 

[MonacoMike]

If the recommended institutions financed your vessel more than 24 months ago the entire financial world has changed. Many banks no longer offer boat loans except to multi-line customers. Key bank for example, used to be at many boat shows looking for loans, now they rarely do them.

MM