Mikemapva
Active Member
- Aug 6, 2007
- 631
- Boat Info
- 2001 Chaparral Signature 300
- Engines
- Twin 5.0 Volvo DPs with 7KW Kohler
I have a loan from The Pentagon Federal Credit Union. Costs $5 to join. Penfed.org
12 year note amortized as 20 years so the payment is pretty low. 5.75%. The thought is most people don’t keep a boat that long before moving to another one. $100k max loan.
Had my 340DA with them also. Called them up when I was looking at the 400DB. They basically walked through the NADA website asking me questions of what was on the 400DB. Gave me the max they would loan on the boat based on the NADA value (was much more than I needed). The lady said “Hold on a minute”. Came back to the phone and said “Your loan is approved”. “We will mail the check in the morning.” It was 18 minutes.
Also have my mortgage through them. 2.75%. They came to my house with the paperwork.
Very easy to deal with.
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.