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Boat Financing


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I don't know if there are any in your area but I use Sunmark credit union I got in at 2.49% on an $11k my truck with no credit and me and my father had a joint deal lined up with them on a boat for $18,000 and the rate was 1.99% but the deal fell through on the owners end.

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I had read and heard that is is difficult to get a boat loan on boats that are 15 years old or older. Have the boat loan lending practices changed? I never have tried, but only going by what I have heard.

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I think the suggestion of a credit union is the best option usually. They usually have the best rates. I have even had banks admit to me that they can't compete with the credit union rates. Also they seem more flexible in their loan policies. You may want to think about setting up a direct deposit/checking account with one and they may be more amenable to the loan.,

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Rob,

Best way to finance anything, would be threw a Home Equity line of credit  (HELOC loan) on the house (if possible) basically a revolving checkbook.. Every month you make a mortgage payment  the available amount of $$ equity rises.  Advantages are low monthly payment AND you can pay any extra $ you earn plowing/ charters to pay on principle anytime at bank. BEST ADVANTAGE is the interest is %100 tax DEDUCTION.........(easier at tax time than business deduction  were you show earned TAXABLE income against expenses to get tax refund). Interest Rates vary by amount of line ===$30 K HELOC is 4.7%==$50K HELOC is 4.1%  My rate is Prime rate ---minus 1/2 % point.  Once you have a equity line loan you can pay off all credit card/car loans ETC at a much lower % rate AND consolidate many non-deductible payments into 1 convenient way to pay AND now a tax deduction.

 

Or .........I know a few Italians , just come over to my house...................

 

Jerry

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I thought about the HELOC like Jerry said, in the past to clean everything up. The issue I had with it was, god for bid something happens where you could not pay on your HELOC loan your house is held as collateral is it not?

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