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Discussion Starter · #1 ·
Are there many banks out there that will give you a 20 year loan on a boat under 100k. And if so does anyone have any experience with the rates at that long of a term.
 

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It all depends on the bank and your credit history and the age of the boat . . .





I was offered a 20 year loan when I financed my last boat (it was under $40K). I did go with a 6 year note at 7.9 %. This was a 20 year old boat. My credit score was upper 700`s.
 

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Discussion Starter · #3 ·
How long ago was this. Is there banks out there that specialize in boat loans, with decent rates. Other then formual whats the best rate buyers are getting now. Used of course.
 

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Bank of the West has the best rates generally speaking but they only do indirect loans, which means you need to be a dealer set up with them to get money.

For John Q average consumer, Bank of the West owns Essex Credit where you can get a loan at comparable dealer retail rates.

To get a good rate at any of the top tier banks, you will need a credit score at or above 740, debt to income ratio under 35% and your unsecured revolving balances (credit cards) totaling less that 25% of your annual income. You can find a loan if you don't have all that but it will cost you more in rate. If you have a history of slow pay, you'll find the credit market to be very unforgiving at the moment.

But if you meet the criteria, you're going to find 20 year money on a recent model used boat around 100K to be on either side of 8% this week.

I've had three 25 basis point bumps up in rate over the last 4 weeks from all of my sources.

The fed has stopped dropping rates, the next move from the fed is up.

If you're going to buy, you better do it now! Money is getting tight and expensive.

One more tip. Don't embellish your income on the credit application. You could be very embarrassed when they ask you for your most recent tax return!
 

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When I was buying my boat they told me you had to want over $75,000 to go 20 years, but that was 5 years ago
 

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Bank of the West & BB&T will do 20 years over 50K. US Bank needs 100K to go 20. Each bank has a different requirement, which can change if everything does not fit their criteria.
 

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s022mag said:
Are there many banks out there that will give you a 20 year loan on a boat under 100k. And if so does anyone have any experience with the rates at that long of a term.
i did but i am with a local credit union here in GR MI. And My rig is a 87. I think i am @ 9.2 this was sept of last year. Plus i had no money down.
 

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Discussion Starter · #9 ·
ghart said:
Bank of the West & BB&T will do 20 years over 50K. US Bank needs 100K to go 20. Each bank has a different requirement, which can change if everything does not fit their criteria.
Yeah, I'm with USbank also and they told me the same two years ago.

I just got on boattrader.com and saw that keybank was going as low as 7.2% over 75k for at up to 20 years.

The cool thing about my bank US bank was that they gave there lowest rate as long as you were approved, but it sucks you need a boat over a 100k to get a 20 year loan.

I can't believe rates are so high on a hobby thats got to be one of the most expensive.
 

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Key is the bank that does the financing for Formula.
 
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