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typical boat financing terms

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Old 05-12-2007, 11:53 PM
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Default typical boat financing terms

Just curious what the typical terms for boat loans are, i cant seem to find anything on the internet. Im looking at 93 model thats asking 35k. What kind of down payment is the bank going to ask for on monday and what kind of length of payments can i expect, and interest rates?

Any help?

Not perfect credit, but not poor by any means.
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Old 05-13-2007, 02:01 PM
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It will depend on the bank's policies, value of boat, credit score, down payment, and amount borrowed.
My bank always just refers to chart with the information and I negotiate from there.
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Old 05-13-2007, 02:16 PM
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Credit unions do ok but there is a 7yr cut-off for a decent rate.I'm pretty sure everyone in here just wrote a check..
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Old 05-13-2007, 03:57 PM
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We did ours thru eboatloans, which was a 97. For that yr & dollar amount, u will prolly need 10-15% down, & max term length 8 yrs maybe 10.
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Old 05-13-2007, 08:04 PM
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You need to speak with Loan Ranger here on OSO aka Kyle.

www.newcoastfinancial.com

He is a GREAT guy with a LOT of programs. You can find him all over the board, and he posts his cell phone number too. I can dig it up if not.
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Old 05-13-2007, 08:20 PM
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thanks, ill see if i can round him up.. Im trying to find out if im going to be able to get the loan i want for ~$500 a month with 10 % down and 8-10 year term...
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Old 05-13-2007, 10:29 PM
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Quote:
Originally Posted by waterboy222 View Post
thanks, ill see if i can round him up.. Im trying to find out if im going to be able to get the loan i want for ~$500 a month with 10 % down and 8-10 year term...
I don't see why you would not be able to get that.

32k at 8% for 7 years is $499/month, 8 years is $452/month
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Old 05-13-2007, 10:44 PM
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The original financing for my '92 model (thru a local credit union) required 10% of the book value down, and choice of 10 or 12 years, at 7.99%.

A couple of months ago, a CU in KC offered a "special" deal, up to 10yrs for 5.9%, so I refinanced.
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Old 05-14-2007, 08:18 AM
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Quote:
Originally Posted by waterboy222 View Post
Just curious what the typical terms for boat loans are, i cant seem to find anything on the internet. Im looking at 93 model thats asking 35k. What kind of down payment is the bank going to ask for on monday and what kind of length of payments can i expect, and interest rates?

Any help?

Not perfect credit, but not poor by any means.
Waterboy,
As long as the loan amount is at least $25,000 we can go as long as 15 years. With "not perfect credit" it would be tough to quote you a rate so please give me a call or click on my link and complete an online application and I will see what I can do for you. Thanks.
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Old 05-14-2007, 08:35 AM
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Quote:
Originally Posted by Shorgasm View Post
I'm pretty sure everyone in here just wrote a check..

...and continue to do so every month.
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