johnny b good

Is there any better rates out there than 7.25% to refinance a boat? I have a 1997 Powerquest which I am into about 5 years on a 15 year loan with Citizens Bank. I know the home mortgage rates have really dropped but it seems the boat loans haven’t budged. Any info would be appreciated.

Griff

I would stick with what you've got. It will be hard to finance a 13 year old boat with a good rate and without getting a fresh survey.

johnny b good

Thats what I was thinking, but figured I would check around anyways.

1MOSES1

do you have a mortgage you can tack it onto...

when i purchased last month i put 14k onto a home equity account that i only pay 4.24% on...

Blueabyss

I would not even think of refinancing your boat even if I found 4.75%.. Here is why.. At the begining of your loan you are paying mostly interest. Each month the amount you pay on interest goes down and the amount you pay on principal goes up. If you are a third of the way through you are getting into the principal more.. You don't want to start that over. If you are planning on keeping the boat, the best thing to do is pay an extra payment every 6 months or 2x a year.. Make sure they put it towards principal..

Chris

FuelinAround

Shoot I financed my 89 for 8 years at 6.5 through credit

johnny b good

Thanks, I was just seeing if I could get a lower interest rate for the same time and money that is left on the current loan.
But I know what you are saying.

fkboatman

look around and see if you can a new credit card with enough limit to pay loan off. if you shop around and can pull top beacon report you can still get cards with lower rates then that. and pay loan off on credit card. then you have your lower rate. you have title to boat if you ever need to borrow monety against it in case of emergency. i did that with my truck. rate on card is 2.9 % for life of card. and truck interest rate was 7.5% on my used truck. its not the best way but it lower your rate.

fkboatman

its called creative financing. banks and goverment do it so why canty we