Yes rates have gone up.... We just closed with Key a few weeks ago and with an excellent credit score we ended up at 5.99%.... Essex is offering rates in the 3.5%-4.0%. Rates vary on amount borrowed. I believe but they require a decent down payment. With Key we actually financed well over NADA. Because the boat is an 01 but motors are 06. They seem to be one of very few banks that realize NADA is a guide line and not the bible when it comes to boat financing.... We did not have to get a survey either. I even got agreed value insurance on the boat through Foremost without a survey. The agreed value came in at just under $5k less than what we paid. If I get the survey done, I can get that extra $5k covered...

Damn key isn't in florida.

They might still finance out of state...... Not sure.

Actually they are, ask my banker last week. The have 1 branch, not sure where but it gets them in the state.

I was a first time borrower with Key, just opened a checking account with them so they can electronically withdraw payments. If there rate gets lower I can refi for about 125 which will be worth it if it drops back into the 4% range which it usually does durning spring.

Credit unions are are great if you borrow less. I called my local credit union and they had great rates but only on lower borrowing amounts. The more I borrowed the higher the rate.

That's the exact opposite with Key.... I borrowed $35k so we were on the low side. I think th rates are the same from $25k-$49k. At $50k the rate goes down a bit..

My first boat was a 88 240 sport in which my credit union approved 100% of average retail plus taxes, tags, and trailer. Average retail based on NADA values. They would have lent $14,000 on that boat and trailer combo if i needed it. When I bought my 2nd boat 92 24ft outlaw, they would have went to $22,000 for boat and trailer. So banks/credit will lend on boats, even older ones

Key doesn't loan in Texas. Kelly tell your buddy to just go to a local credit union and talk to a loan officer and they will give him the do's and don'ts before hand so he knows. What side of town is he on?? I will tell you that most in the Houston area won't go longer than 6-7 years. I also have used penfed and msufcu. If he has access usaa is a good option. A credit union will be his best bet IMHO. I just went through this last year...

I bought my outlaw in 2011 and my credit union loaned me 100% of money. It was only a 36 month note though.

Key banks website doesn't list florida.

https://www.key.com/personal/vehicle...boat-loans.jsp

Never finance toys!