Is 7.25% a good rate for a loan?
 

I am looking to refinance my boat to get my ex off the loan. Key bank who I am currently with offered me 7.25 which is .5 lower than I am already paying. Is this a good deal?

$80K loan for 99 Baja 342 and trailer

I would think that if you could get a boat loan these days that it would be a pretty good deal. Especially if it is lower than what you are paying now.

I am trying to get one right now. I'll let you know what they come up with in a couple days.

just don't let them tell you one rate and then jack the rate by another .5 after the paperwork starts! :mad:

I got 5.99% from offshore finance 2 weeks ago...the bank was Bank of America

Now if we could just get decent insurance. :(:hitfan::angry-smiley-038:

Bank of America and Key bank I would say are the top player for boat loans. 7.25 is not bad. I am paying the same %. I had 6.5 on my previous boat. Its just the times.
Its just sick to look and the monthly statement 80K for how many years if its 15 or 20. so little goes to principle......thats boating:D

I just got 4.9% at my credit union here in Michigan with 0 down on a 93 36 Apache. Most local banks here are about 5.9%

What credit union was this?

Thanks

Unfortunately, most banks in the past month that we deal with have RAISED rates as much as 1/4 to 1/2% and have removed any special discounts. I was realizing then, that the Feds are lowering interest rates to stimulate the economy, but the banks are raising their rates claiming their cost of funds are up (repos, delinquincy etc) just to put more money in their pockets (or offset losses).
So, lets add fuel to the recession fire...:angry-smiley-038:

Oh, sorry, I got sidetracked. To answer your question, that does sound like a good rate for a 99 boat and $80k. :p