Money??

[fishin58]

If a guy was to buy a boat from a private party, what kind of interest is he looking at paying. Are there any banks that offer special financing for boats. I have not seen any? Also don't deales have like 10 year loans on boats??

[setterguy]

The best rates I found for used boats were right around 9. I went through wells fargo because they take off .25 if you do automatic withdrawal. The finaincing all depends on how much you want to borrow but yes they will go up to 12 years on a used boat loan.

[fishin58]

The boat I was looking at was around 13,000, Why kind of rates do dealers offer. I would think somebody would have low rate.

[blakjack23]

I got a three year loan on my used boat from City & County federal credit union and I'm pretty sure it was right around 5%. This was three years ago though.

[MinnesotaMongo]

Credit Unions are better. I could get a 5 year from Wells Fargo for about 8.25%, but before hand they said that the lowest they went on these types of loans was 8.5%.

Shop around - especially Credit Unions.

BTW - they would have gone up to 10 years on a used boat at WF.

[blakjack23]

Yeah, I think since my boat was older than 3-5 years they would only do a three year loan at the credit union.

[Mid-Lake Rock]

I purchased a used boat earlier this year. I received an interest rate of 7.5% at a small bank. The boat is a 2003 and they would not finance it more than five years. I think the best thing is to shop around. I found interest rates ranging from 6.9% to over 11%.

Also, look at the various contractual provisions of the loan. Some will charge you a fee if you sell the boat before the term of the loan expires. Find out what will happen if you are late on a payment. As you can see, I did not finance my boat with the bank offering the lowest interest rate. The financing I agreed to allows me to sell the boat at anytime without paying a penalty, and allows me to make late payments with out accelerating the interest rate or payment schedule.

Interest rates are important, however consider everything that is involved.