Ive read the posts here. Key and USBank don't do finance in mississippi. Im buying this winter. Approx 40k boat.
Can I get some companies to start to call.
Any try boatus, Essex, Or any of these others that show up in google?

I would check your local credit unions first!

pen fed credit union, you just have to become a member of voices for american troops and your in. just got approved, real easy process, decent terms ok interest rate. Where I am at local credit unions are ok but most of them have the same quirks as banks, they constrain years, terms, etc.

Not to hijack but Trav, way to go on selling your boat so quickly!!!
I look forward to seeing y'all in a new boat at the Toys run this year if it doesn't conflict dates with our vacation to Maui.

back to topic, when financing toys I've had good luck with local credit unions too.

See ya,
Kelly

do credit unions do longer than 6 or 7 year loans? for me i believe boatus: 5.99% APR for loans $25,000 - $49,999 (terms up to 15 yrs)

boatus wont touch high performance boats, asked and got told no! penfed will go 10 yrs if over 25k, my other credit union would go 10 yrs if over 40k. Just call and ask the loan officers, they will tell you what their terms are.

@ Kelly, thanks happened way faster than I could have imagined! Hope we have one by then, getting them narrowed down now.

PEN FED has excellent rates their ease of use I would have to disagree with. They are not so strict per say but they do have some hoops to jump through. Although the last loan I got through them was in 2009.

Personally USAA is the ultimate if you are a vet or your parents were then you get in. The interest rates are usually the best or at the very worse mid range, but their overall ease of getting a loan is a 10.


And as far a 15 year loan IMO is not the brightest idea.

Plug that into a amortization table and that 40k boat cost you 60k when you are done. Vs 7 years at 49k and 5 years at 46. Thats with a 5.99 rate so basically your paying 20 grand in interest. But i guess if your doing to keep your payments low and pay down chunks as you go, it could work.

But another thing to think about at 15 years your payment will never keep up with your boats value unless you got it at steal, and if something came up and you had to sell. your either walking away without any cash or cominto closing with cash.

Im no pro but I at least like to pay 50% down on toys that way when push comes to shove or I want to upgrade I always have some equity, plus it keeps payments lower.

I fully agree. I have 100% and can free up 50%. I want to put chunks down, so next years bonus 3-5k would go straight there. As well as any overtime. I want to make sure if something financially happens I have some options. I'm fully willing to take a loss if needed but don't think that would be a problem because I don't have credit cards or a car payment. Just student loans, home with equity, and then a soon to be boat.

You don't have to be a member to use USAA bank, I just used them on a 1999.

Navy federal is also pretty good