California based sailor looking to finance used boat

[chovy]

My bank offers 7% on boat loans. The brokers I’ve talked to told me that’s way to high and I should be able to get around 2%

I tried lendingtree boat loan application but all I got was a bunchn of spam for auto loans.

Is there a reputable website where I can compare used boat loans from lenders?

California Monterey Bay Area.

The used boat is 130k and I have about half that.

[Celestialsailor]

Check Latitude 38. There are a couple of financing companies listed in the vendor page.

[Phyrcooler]

Try Sterling Acceptance. https://www.sterlingacceptance.com/

I have no connection, but used them with a previous boat loan. Peggy Bodenreider was the associate I dealt with and she was outstanding to deal with.

2% doesn’t sound plausible though. I’m guessing slightly more than mortgage rates... so 3.5 - 4%.

Hope this helps.

[Lonestaralaskan]

Newcoast Financial Services is who I plan to contact when we are ready.

https://www.newcoast.com/

[Greatest Lakes]

Do any of them finance older boats? 70s-80s stuff?

[JPA Cate]

Don't do it, guys! Boats NEVER increase in value, unless you're in the business, and very careful about the purchases. If you can't afford yet to buy it, how are you going to pay for its marina berth, its insurance, and whatever else it has decided it wants this month?

The "hole in the water that you throw money into" definition of a boat has years of background to it.

It may not be for you.

Ann

[Captain Bligh]

Originally Posted by JPA Cate

Don't do it, guys! Boats NEVER increase in value, unless you're in the business, and very careful about the purchases. If you can't afford yet to buy it, how are you going to pay for its marina berth, its insurance, and whatever else it has decided it wants this month?

The "hole in the water that you throw money into" definition of a boat has years of background to it.

It may not be for you.

Ann

What is that supposed to mean? Financing half a boat is hardly risky behavior.

Plus you are wrong. Boats do increase in value. Ever heard of covid? That time when boats doubled in value?

[Captain Bligh]

Originally Posted by chovy

My bank offers 7% on boat loans. The brokers I’ve talked to told me that’s way to high and I should be able to get around 2%

I tried lendingtree boat loan application but all I got was a bunchn of spam for auto loans.

Is there a reputable website where I can compare used boat loans from lenders?

California Monterey Bay Area.

The used boat is 130k and I have about half that.

I think you may be out of luck unless you can find a boat that is less than 15 years old. That is the magic number to get the low interest boat loans.

[JPA Cate]

Hi, there, Captain Bligh,

Well, perhaps you are right. But i kinda doubt it. Basing one's financial security on a small blip in a market that I've been around for the last 35 yrs. or so, just seems a bad idea to me. Clearly, your mileage may vary. Much of what I've seen since Covid 19 became a factor has more or less made my hair curl.

Ann

[SeaStory]

BoatUS and Essex Credit tend to be fairly good. NavyFed and USAA are often even better, if you are eligible to be a member.

Age of boat will make a bigger difference than the actual amount. The math may also work to sign up for a larger loan, especially if you commit to paying it off early.

[Campfirekitten]

Following. I'm guessing you're in the same boat as me with a solid income and the brains to do the math to make it happen. So many people repeat the same thing: Don't wait, do it now while you still can, make the dream happen, ignore the (few) nay sayers. So I'll also encourage you and hope to see you out there sooner than later.

[Captain Bligh]

Originally Posted by JPA Cate

Hi, there, Captain Bligh,

Well, perhaps you are right. But i kinda doubt it. Basing one's financial security on a small blip in a market that I've been around for the last 35 yrs. or so, just seems a bad idea to me. Clearly, your mileage may vary. Much of what I've seen since Covid 19 became a factor has more or less made my hair curl.

Ann

Many finance their boat at below 4% and use the equity they otherwise wouldn't have to earn 8 to 11 percent elsewhere.



Other just dont have that money and its a better idea to finance rather than not boat or buy something that does not fit their needs.


There are lots of good reasons to finance a boat rather than outright pay for it.