As title states, if I decide to upgrade and finance a boat, does anyone know of a place with decent interest rates with no down payment required and 180 mo term. I found a place called essex credit that wanted 30% down and I don't want to put down that kind of payment. If nothing is out there, I can go back to the credit union. Just looking for better rates.

That doesn't exist anymore......

With interest rates blowing out 120bps in 45 days good luck getting someone to commit today at a decent rate. Any loan made within the last 45 days in now sitting on a huge MTM loss.

30% DP is about the minimum per quarterly surveys of commercial banks & credit unions.

As interest rates continue to climb so will the DP % as banks must hedge their risk.

Over the last 45 days on a 180 month note you have lost 34% purchasing power. It's incredibly more expensive today to finance than it was 45 days ago.

Boat prices have not adjusted to the more expensive financing yet. So unless you have found a below wholesale deal, I don't think it makes sense to move forward with a leveraged boat purchase now until market dynamics change.

I financed my boat through my credit Union.. 5.5% no dp

Key Bank offers no money down financing, I put money down but it was not required.

Essex seems to specialize in financing for those that do not have any other options.

Mortgage rates have increased because the MBS market was declining for the last 30 or so days, and then got HAMMERED on July 5th(losing 200bps). I have not seen a dramatic increase in vehicle rates.

We just did this with Key. It was somewhat frustrating from a customer service perspective, but it all worked out in the end. Their rates have certainly increased since we purchased a month ago...

Essex wanted 30% down. I'll have to check Key. My current is with a credit union and I can always go back to that. I was just looking for better rates than what they offered. I did sent an email to Essex asking why 30% when a friend just bought a boat a couple weeks ago through them and required 10%

Just looked at Key and they don't offer anything in Maryland... According to their website at least.

https://www.genisyscu.org/Boat_Leisu..._Loans_79.html

Who I have my boat financed with.

If you can become a memeber try USAA or Penfed. I know they have at least 12 year loans with USAA. But just food for thought if your doing a year loan with no money down, have you checked an amortization table to see what you would pay for that boat, just saying. Not to get into your business but if your doing 15 years because thats the only way you can afford the boat, maybe you need to look for something else.

I do long loan terms on most loans.. As some may think its nuts, it doesn't take me 15 years or even close to pay for it. I do it to have the ability to pay a minimum on a month that I may be going on vacation (for example) and want a few more dollars.. Again, some may think its nuts, but I do it for flexibility.