Interest Rate

[rwvw415]

I am looking to finance the new boat with a 15 year loan. So I was wondering what people are paying for interest. I have been quoted 6.25% which sounds pretty good but would like to know what other people think. For those of you in the money business do you think that rates will drop much lower on boat loans in the near future? Did any one see any better deals at the Miami Boat show last week?

 

[jimdavi]

6.5%, Closing the end of the month.

 

[JV II]

That's a good rate. They have been above 6.5 for a while and only recently dropped. A recent string on boat loans discussed this. I doubt you will see loans significantly lower any time soon. I don't see them going up much in the near term either.

http://clubsearay.com/forum/showthread.php?t=6540&highlight=boat+loans

 

[Hampton]

I'm at 6.5% and I shopped real hard 15 months ago. For a boat, 6.25% is about as good as you will ever do, unless it's a dealer incentive to get you in the boat, in which case you paid for that rate in cash.

 

[trebbel]

https://www.fun-loan.com/boat.htm

This company is advertising 5.99%. I do not know the specifics but hopefully will need to know soon. Showed my boat to a nice family and they seemed to like it. Cross you fingers we can sell and continue up the SR line...

 

[boater4life]

5.75% offered at the Miami Boat Show on a 20 year for over $100,000. Not sure of the other details.

 

[rwvw415]

That is great news . I know they always have lower boat show rates. Do you remember which company had that 5.75% rate?

 

[boater4life]

Offshore Financial.

 

[capt_jack]

im at 8% on around 20k loan

 

[Weave]

6.75% for 9 year ~22K through Key bank

 

[Bridog]

At our local boat show it was 6.25% 20yr fixed rate.

 

[Dancin Dave]

I saw 5.75 in miami at the essex booth, that may be for 20 yrs
They are also offering 25 and 30 year terms. No thanks

 

[comsnark]

30 year boat loan? I suspect that is worse than an "interest only" loan on a house. . .

 

[Hampton]

30 year boat loan? I suspect that is worse than an "interest only" loan on a house. . .

Worse? It's almost exactly the same. In the house, you don't whittle away at the principal, so you don't gain equity (unless it increases in value). In the boat, you pay principal but it depreciates at least as fast as the payoff value decreases, so you don't gain equity. The house is probably a lot better, unless you buy high - it'll appreciate over time. On a 30 year boat loan, it would probably take over 20 years to get out from being upside down. I have a buddy that probably won't be able to sell his '06 320 for anywhere near the loan payout and he's probably on a 12 or 15 year loan.

 

[Dancin Dave]

I just remember seeing 4% on 1.5 m yachts over at Galati yacht sales booth at the brokerage.