Been thinking about buying myself a new boat for my 30th bday(November of 2013). After reading on here some it seems that a lot of people find it easier to get money from a credit union than a bank. I found one in my town that is community based, only requirements to join are to live within a 5 county area. The online reviews seem to be good. The interest rates are a good bit lower than banks are offering. Is there anything I need to be aware of before I join or any questions to ask? It seems like a good deal I just don't know much about credit unions. Any advice or input would be appreciated.

Get the lowdown on how they loan on boats and what they require because they are all different.

I don't know what info your looking for and I am sure others will have better info than me. I've been with my CU for 20yrs and am very pleased. Great rates and never an issue with loans. I fo all my banking online and built enough credits to lower my refi 1% point. My only real complaint is I don't have credit cards or ATM card and if I am not near a branch I couldn't access my money. As of a few years ago mine joined in a shared network and I can go into any place on the list and do my banking or get cash with no fee. IMO CU is the only way to go!

Thanks for the advice. I was thinking maybe doing a savings plan of sorts to get my foot in the door and keep my checking at the bank for now. I'm more interested for the loan perks more so than running my daily funds and bills thru them. I was just wondering if there was any kinda smoke and mirrors to the seemingly good deals they offer on borrowing money.

Your success will have a lot to do with the amount...I perfer credit unions over banks but Key bank was the only lender that would approve me...

I joined a local credit union in the 70's. The only thing I ever used it for was car loans. Fast forward 40 years, my mortgages, money market accounts, checking account, credit lines, all there. I have never spent a dime on any fees, appraisals, etc., including mortgages. Checking account earns interest, not much, but better than a fee.

ATM card is free at any credit union. If I have to get money from a bank, I pay their fee, no other.

Do credit unions require surveys on the boat or send someone out to appraise the value?

Im part of a credit union.. When I bought my boat, they just hold lein to the title while you are paying it off. No survey was required, no pictures of the boat etc.. You just have to provide the title info for the lein (you will get the title back with the banks info as lein holder on it). They will base the loan amount on NADA value plus percentage in most cases for taxes, reg, title.. The credit union Im with will finance 125% of the NADA value to cover any taxes and fees.

Some will require a survey. Most I know just use NADA.

I am not part of a CU but some how I get all my loans with a CU, the last loan we got was 4.2 boat loan with direct deposit.

Not many financial institutions will still loan 125% of NADA value. That's pretty good.