Recommendations on who to use for a boat loan?

Discussion in 'Ask the Broker' started by cwiert, Mar 30, 2021.

  1. Mikemapva

    Mikemapva Active Member

    615
    Aug 6, 2007
    Potomac River, VA
    2001 Chaparral Signature 300
    Twin 5.0 Volvo DPs with 7KW Kohler
    Been a member with them for around 50 years since my dad set me up with an account.

    They (and Navy Federal) have great service and rates.
     
  2. Steve S

    Steve S Well-Known Member PLATINUM Sponsor

    Jun 5, 2007
    Northern IL.
    2000 400 Sedan Bridge with twin CAT 3116's

    2000 340 Sundancer - SOLD!
    210 Monaco 1987 - SOLD!
    Twin Caterpillar 3116's 350 HP straight drives
    Thinking about opening a checking account with them also.
     
  3. Mikemapva

    Mikemapva Active Member

    615
    Aug 6, 2007
    Potomac River, VA
    2001 Chaparral Signature 300
    Twin 5.0 Volvo DPs with 7KW Kohler
    We use Navy Federal for most of our banking and also had a mortgage with them before paying it off. They are great to work with.
     
  4. Ertandhyl

    Ertandhyl New Member

    1
    Dec 9, 2022
    Boatless
    Boatless
    Before making a final decision, compare the loan offers on the market. Instead of applying for a boat loan, you can request a consumer loan, which may be on more favorable terms. My brother took out a boat loan at 2.75% last year. I think that's quite a lot for a loan. I study finance a bit, so when making a deal, I try to consider cash flow requirements, return expectations, and risk tolerance. This is very important in investments. Of course, it is most profitable to arrange installments, but it implies large payments for a short period. As a last resort, contact a consultant.
     

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