Anyone have any recommendations on who to use for a boat loan?
Considering upgrading, and doing my homework first.
Thanks.
Considering upgrading, and doing my homework first.
Thanks.
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If you have at least 50% down, take a 2nd mortgage on your house, it will be your best interest rate.
Anyone have any recommendations on who to use for a boat loan?
Considering upgrading, and doing my homework first.
Thanks.
If you have at least 50% down, take a 2nd mortgage on your house, it will be your best interest rate.
That is definitely true. I did a deal last fall and ended up going with a separate boat loan (financing) vs a home equity loan or home equity line of credit. The loan ended up being something in the high 6's versus home equity lines in the 3's. At that time my bank had put a temporary stop on certain home equity loans, plus the time to close was 2-3 months. If I had it to do over again, I would get a HELOC in advance, so when I found the right boat I was ready to go.
We all have our own personal comfort/risk zone and with the loan to value under 33% and enough in my market account to pay it off 3 times over.... Let's just say I was very comfortable with my financing arrangements...No please, I would never tie a depreciating asset to your home to save a few bucks...
I've always used a local credit union. My current boat loan is at 2.75%. I'm not sure you can beat that with many second mortgages or HELOCs?