Financing a used boat


K

kdavighi

New member
Anyone have an tips on banks they have used for used boat bank loans? Rates out there seem to be around 5%. I'm Massachusetts and the boat will live in New Hampshire up at Winnipesaukee.
 
If you qualify check out USAA. They were great to work with...

Aside from that; make sure you have a place to store the boat on Winni...if you plan to keep it in the water the market for slips right now is crazy! Very difficult finding one at this point.
 
My plan is to moor it short term. We have two mooring permits on our water front. My father in law has a boat and a dock but not sure how much longer he will keep his boat now that I have one. He doesn't use it very much.
 
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HellRaZoR004 said:
If you qualify check out USAA. They were great to work with...

Aside from that; make sure you have a place to store the boat on Winni...if you plan to keep it in the water the market for slips right now is crazy! Very difficult finding one at this point.
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Unfortunately, I'm not in the military or married to anyone who is or was in the military. Having said that both my father and brother served but i don't think that helps me. :(
 
If your father insures through USAA you can get an account there. While I have not financed a boat, I have used PennFed for loans previously - my grandfather served which qualified me. They are not as competitive as USAA, but I cannot speak highly enough re: their services and they were much cheaper than anything I could find on bankrate for either of the cars I financed through them.
 
Give John Wiley a call at Offshore Financial. 860-966-0486. Tell him Jason referred you. I am currently using him to finance a used Formula.
 
If your credit unit has visa balance transfers, you can use that.

Mine offers like 2.9% for over a year. you basically pay cash for it, then after a year it goes to 9.9%

You get the boat title day 1, and within a year either pay it off or roll to another card.

this method isn't for everyone... you have to be creative and disciplined to make it work to your advantage...

or, if you own your car, most credit unions can refinance that. hand over your car title, get cash, pay for boat. car loans are much cheaper/easier.

for reference, a 5 year should be like 2.5% or maybe 3% on the car. with no fees...

Not to mention HELOC options. However thanks to commander bananna's it's no longer tax deductible.
 
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