Captain YARRR

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!

Cousineau181

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.

DirtyJerz

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).

Captain YARRR

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?

DirtyJerz

Lol, There are still 15 year loans out there.

Cousineau181

I think the bank I listed goes up to 12 years but you add a percent or two to the rate.