Is 7.25% a good rate for a loan?
#1
Registered User
Thread Starter
Join Date: Dec 2002
Location: Virginia Beach, Va
Posts: 151
Likes: 0
Received 0 Likes
on
0 Posts
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
$80K loan for 99 Baja 342 and trailer
#2
Registered
Platinum Member
I am trying to get one right now. I'll let you know what they come up with in a couple days.
#4
Platinum Member
Platinum Member
I got 5.99% from offshore finance 2 weeks ago...the bank was Bank of America
#6
Registered
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
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
#7
Gold Member
Gold Member
Join Date: Apr 2008
Location: Tampa, Fl.
Posts: 739
Likes: 0
Received 0 Likes
on
0 Posts
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%
#8
Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,820
Likes: 0
Received 0 Likes
on
0 Posts
#9
Registered
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...
So, lets add fuel to the recession fire...