Interest Rate On Loan

[joaquin12345]

Just curious as to what people are paying as far as interest rate on their boat loans. I know some of you are actually able to afford to pay outright for your boat but for some of us that cant and do have to get a loan I was curious as to the average rate people are getting. I understand that alot goes into it as far as credit score and all that but at the same time there is an average.

Mine is a 9.9% on A $61000 LOAN over 120months. Of course i would like and am trying to pay off faster but thats where im at. I bought my boat used so loan wasnt on a new boat.

[robert theisen]

Just curious as to what people are paying as far as interest rate on their boat loans. I know some of you are actually able to afford to pay outright for your boat but for some of us that cant and do have to get a loan I was curious as to the average rate people are getting. I understand that alot goes into it as far as credit score and all that but at the same time there is an average.

Mine is a 9.9% on A $61000 LOAN over 120months. Of course i would like and am trying to pay off faster but thats where im at. I bought my boat used so loan wasnt on a new boat.

Your best bet now is a home equity loan.That is if you have enough equity.I got 3.99 on mine but it was a good equity position for the bank and also good credit score.The bank is looking to be in a low risk situation.If you have savings in the bank and are borrowing 60% or less of the value of the boat and have good credit.You will get the best rate.

[bkstroop]

5.25 for 120 at my local credit union.

[wallacmc]

5.25 for 120 at my local credit union.

That's pretty fortunate to get a 120 month boat loan from a credit union. And, that interest rate is insane. I got 7.9% and thought I made out pretty good considering it was after the economic/lending collapse. My credit union will only do a boat loan for up to 60 months

[Iwndr]

6.3% @ USAA

[thtrog]

4.99% @ BB&T

Bank of America would have been my second choice:

Loan Amount Term up to (Number of Months)1 Annual Percentage Rates (APR) As Low As (%)2
$5,000 - $9,999 60 10.55
$10,000 - $14,999 72 5.69
$15,000 - $24,999 144 5.55
$25,000 - $49,999 180 5.49
$50,000 - $74,999 180 5.15
$75,000 - $99,999 180 5.15
$100,000 and up 240 4.99

[talltigeguy]

I was just quoted 6.5% for 120 months. 80% LTV.

[jbort]

Might look into Boat US.

[Ewok]

6.3% @ USAA

X2

[tnvolgrad]

1st Security out of Washington is offering 240 months at 6.5% so long as you have 760 beacon score. 700-760 will get you 6.5% to 8.49% depending on the loan term. They will only work with dealers, so you will have to have your dealer call them.

[sooner25]

That's pretty fortunate to get a 120 month boat loan from a credit union. And, that interest rate is insane. I got 7.9% and thought I made out pretty good considering it was after the economic/lending collapse. My credit union will only do a boat loan for up to 60 months

We just got 4.99% on 180 months at our CU with zero down. No way I'm paying that long on it though. We paid about 50% of it off within two weeks.

[leboeuf45]

5.15% x 120 months at a local credit union in Austin called Amplify fed credit union. In austin if your a member of University federal credit union I could have gotten 4.25 but for only 72 months and thats with direct deposit and withdrawel.

[Jeffe]

08 RZ4 Paid Off...$0000.00 @ 0.0% = 0

[Nobody]

That's pretty fortunate to get a 120 month boat loan from a credit union. And, that interest rate is insane. I got 7.9% and thought I made out pretty good considering it was after the economic/lending collapse. My credit union will only do a boat loan for up to 60 months

Same here but hope to pay it off in 1/2 the time.