Boat loans and financing??

[FishinChef]

Hey guys I was hoping to get some advice/info on financing a boat. I have looked into a couple different places but the length of loan terms seem a little short. Any suggestions on companies or lenders to go thru? What kind of terms and rates to expect? New boats vs used boats? Thanks guys

 

[burnett1988]

RECLending. They'll stretch em out like a fat guy on a couch....

 

[FishinChef]

Thanks I will check them out. How's the interest rates?

 

[derek81]

State Farm does well also

 

[beetlespin]

Tennessee Valley Federal Credit Union or another credit union. Waste of time to call Reclending or anybody like that.

 

[FishinChef]

Yeah I've been approved thru Tennessee valley, but I was really hoping for a longer term. A new boat can become a big Payment real quick. I don't know how some guys do it with the higher end rigs. I must be in the wrong profession lol

 

[riggerfish]

Well I was going to say TVFCU but you already tried that and did not like the terms. I am no expert but I did just finance a boat through TVFCU. It is all about debt to income ratio from what I saw. I was so fortunate that my wife agreed to be on the credit app along with me for more income to list. If you are married and both have good credit it may help. Twenty years ago when I did not have good credit I got pinched with a new big boat payment as well. But I had to go through with it because fishing addiction is real and I had blinders on. But after a couple of years of solid payments I refinanced it at a lower rate and longer term to help ease the amount monthly. I wish you luck and restraint. Remember that boat loans are a "recreational" item and you rarely if ever get that 0.9% rate or whatever like truck and car dealers offer. But you can usually get a 10 -15 year term but at a higher rate depending on your score. Just my take. Again.....good luck.

 

[churly]

The depreciation on a boat is so great, you may consider bitting the bullet and saving up enough cash to go by a used rig. Do your home work and you can find a deal.

 

[Bassman tr21]

TVCU is the best in town. Most of the dealers in town use them too.

 

[bullshot]

IMO get a Home Equity Line of Credit (HELOC). If you have enough equity in your house and the rest of your credit/debt to income ratio etc are in good shape, then it should be no problem getting low rates and long terms. Any flaws and it will show when you apply for the HELOC. Of course, failing to pay the HELOC could cause issues of keeping the house.

 

[ezebassn]

Idk if you have 401k but borrowing from it you are just paying yourself back. Comtrust seems to have good rates but idk about boats. They are easy to borrow from, quick and simple.

 

[JaSkynyrd]

This may be a tough pill to swallow, but if you're needing to stretch the loan term out past what a typical lender considers reasonable, it may be a sign that you are buying too much boat.

 

[lafae7]

I have TVFC and they are a joke. The Only ones worse than them are Wells Fargo.

 

[WarEagleChatt]

TVFCU can finance 12-15 years according to their website...not sure you are going to find a longer term than that.

 

[FishinChef]

Just wanted to take a moment and thank all you guys for your insights and advice. It was all very much appreciated. Like I had stated I did have approval for my loan thru tvfcu. But anytime I make a big purchase or any purchase I just like to gather all the info I can to make the best decision for me. I knew how much and where I wanted to be with financing but also wanted the best rate I could find. With that being said I found what I was looking for. Today I signed paperwork with the guys at Bunch Marine and will be taking delivery on my new boat within the next two weeks. Working with them has been a great process so far and they were able to find me better rates and terms than the local credit unions. I would suggest them if you're in the market. Once again thank you to everyone who chimed in and shared their experience! And hopefully I will see you on the water soon.

 

[Jmax]

beetlespin - 3/21/2019 8:56 PM

Tennessee Valley Federal Credit Union or another credit union. Waste of time to call Reclending or anybody like that.

If your buying a new boat I will second this all day. I did a loan with TN Valley on my last Ranger. They beat everybody hands down. emoThumbsup Jmax