Boat loan

[phatbass]

Does anyone have any good recommendations for a good boat loan for buying a private party boat?
Thanks

[Thedukeca]

Mocse credit union was by far the best . Nationwide is an absolute joke.

[Bassman53]

Lightstream is awesome. They give you the loan quickly and don't hold the boat as collateral. Basically a low interest personal loan.

[marconi306]

Try Medalion Bank.. They are not super friendly with any Boat/RV Loan applicant in regards to the APR %, but they will accommodate your needs most likely.. Keep in mind that you need to come up with min of 10% down payment in order to get the loan.. Also keep in mind that any boat/RV loans are considered to be a luxury items and therefore the loans are very risky for the bank so that is why they will offer you based on your good credit if you lucky a 9.99 % APR to 15+ % APR.. Don't be surprised to see 18%+ APR for 12-15 years loan.. Also there are not many banks offering this kind of loans, special when it comes to boat loans in particular.. Anyway, I used them for my first boat loan, and it worked for me.. Good luck..!!

[phatbass]

Thanks for the help gentlemen.
I ended up buying new and got a smoking deal on both boat and loan.
Tight lines.
Sal (phatbass)

[jeff bradshaw]

I know you already have your boat loan Sal but just replying for others that may read this and have interest. As someone posted previously Lightstream is a great way to go if you have good to very good credit. Better the credt Lower the interest rates are currently they are 3.29%-6.59%. I used them for one of my boats. As a second choice I would go with a credit union.

https://www.lightstream.com/boat-loan

[Newbassfisherman]

Another option especially if you are buying a used boat is an unsecured loan from lending club. The longes term is 5 years I think and max loan is 35k so that might not work for some borrowers. The int rate is heavily tied to credit rating but the funding is fast especially if you have w2 income

[Talib707]

I bought used and found best way to get lowest interest is if you own your truck sale it to yourself. Don't do a lean. Do an actual sale with a loan. It is easy to do at any bank and you can really adjust your payments and get low interest. Just walk in to a bank and say you want to buy a truck give them information on your vehicle and get the loan with checks made out to you and deposit into your account and go buy the boat. i got 1.9APR. To do a boat loan for same amount the best I could get was 9%.

[reddog]

Just FYI. I also found the Lightstream deal online to be fast and efficient. No lien, no problems, just send in your info and they fund to an account for you to move forward. If you're SERIOUSLY shopping and get to the point where you have a couple picked out and want to go "deal" it's a great way to be able to close a deal immediately and maybe save a couple bucks while easing the sellers mind with funding.

[spinnerbait70]

Check out Essex credit. got approved quickly at 5.49%. lower rate (4.87%) for loans over 50,000. rates will be determined by the usual, credit score etc.

[Rob R.]

Go to myeecu.com . I got my boat loan for 1.79% for five years on used boat.