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What kind of financing terms are out there?

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Old 04-06-2011, 09:34 AM
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Default What kind of financing terms are out there?

Hey guys,

I generally pay cash, but I'm curious if I find a boat a little nicer if financing would be a reasonable option until my next bonus hits. I've never financed a boat, so I have no idea what terms to expect.

Thanks!
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Old 04-06-2011, 09:56 AM
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The credit union I use has 4.74% for up to 60 months. They typically have some of the better rates around MI. Not sure where you are located, though.
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Old 04-06-2011, 11:07 AM
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I dont know what others are seeing, but it def. isnt like it was years ago (even only 5 years). When I was looking a few months ago, the rates were around 8-12% depending on the length of the term. Credit unions that I talked to typically had lower rates but the terms were shorter also (around 6-8 years).
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Old 04-06-2011, 08:45 PM
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Interesting, so it's pretty comparable to buying a car with bad credit. I heard that boats sometimes had longer terms, but not the case anymore?
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Old 04-06-2011, 09:42 PM
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Quote:
Originally Posted by Captain YARRR View Post
Interesting, so it's pretty comparable to buying a car with bad credit. I heard that boats sometimes had longer terms, but not the case anymore?
Lol, There are still 15 year loans out there.
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Old 04-06-2011, 11:51 PM
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I think the bank I listed goes up to 12 years but you add a percent or two to the rate.
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