Boat financing

[bassquatch]

Who do some of you use for financing on your boats? I'm looking at one private party and want to get a lender lined up. I bank with BECU and I'm pretty sure they've never actually seen a boat in real life as they have no clue when it comes to valuation 

Thanks in advance 

[gasman]

BECU has my boat loan. Got a good rate  last year when I bought it and had a check in hand to buy it within 2 hours of walking in the door 

But they may want some equity in the boat. (20% down)

[Skillet]

I had my Lund through BECU, was really easy and a pretty good rate if I recall correctly.   If it's an outboard, you have to value the motor and trailer separately then add them up.   The values aren't really what things sell for, but that's how they do it.
What are you looking at?

[bassquatch]

BECU does have good rates, that's why I tried them first, unfortunately they do not account for half the items NADA accounts for when it comes to used boat value 

The lady I dealt with literally asked "what's that" on more than one item that virtually every boat of this type has on it from the factory, when I explained what it was she says oh we don't count those towards the value?? There goes $1500, next item and there goes another $3000....again, all items listed in NADA price guide.

I believe I have found two more lenders so far that do more with lending on vessels so I will try them tomorrow. Glad you guys had good luck with BECU but as stated I was looking for any one OTHER than becu at this point....

[95powersmoker]

Alaska usa credit union is who I have my boat through. That's who three rivers marine helped get me the boat with.

[CAMPMEAT]

I used Alaska Credit Union when I worked on the coast and it was a super easy outfit to get money from. But I have excellent credit and made really, really good money when I worked over there. Plus the manager of the branch loved me too.

[stevemiller]

Thats always a plus lol 

[coachcw]

I really like as last a usa

[boblmc]

BECU has my boat loan, they had the best rate over all the other banks.

[deerlick]

Red canoe credit union

[bassquatch]

Thanks everyone 

[C-Money]

We told our bank what we wanted to spend. We were pre approved, and ready to shop. Was a pretty easy process. Having the bank behind you as you shop is a powerful bargaining tool.

[hawksfan75]

BECU has the best rates, but uses a system called the BUCValu, which you can run any prospective boat through here: http://www.bucvalu.com/ I don't believe it is rooted in anything nearing reality.

I shopped around and settled on Harborstone Credit Union primarily because they would actually roll in tax, title and license into the finance package. We paid it down to reduce principal and over pay monthly, but wanted to account for the extra 12% or so of the purchase price that we didn't have handy in cash.

Based on my research, Harborstone was the only one that would do this. All of the others would finance only up to 80% of the value and in some cases could actually ask for less.

[bassquatch]

Again, thanks for all the input! 

Got BECU approval and doing the dance with the boat seller now... May put the purchase on the back burner pending test results from the doctor next week? May end up waiting until next year to buy, get a bigger down for a couple year newer boat?....we'll see.

Thanks again!

[Encore 280]

WSECU (Washington State Employees Credit Union).

[bassquatch]

WSECU (Washington State Employees Credit Union).

  Was my second option when BECU struggled... 

[yorketransport]

Again, thanks for all the input! 

Got BECU approval and doing the dance with the boat seller now... May put the purchase on the back burner pending test results from the doctor next week? May end up waiting until next year to buy, get a bigger down for a couple year newer boat?....we'll see.

Thanks again!

Good luck with the Dr results!

I was with BECU for a while but switched my business and personal accounts over to Sound CU about 6 years ago. Sound had my boat financed in about 30 minutes. BECU's loan rates seemed too high to me.

Andrew

[bassquatch]

Thank you 

[mikeybuck]

What are current rates? My boat is with fiber cu @ 4%

[HUNTINCOUPLE]

Some folks will take a draw on there 401k and pay themselves back the interest. They like being there own bank!

[yorketransport]

What are current rates? My boat is with fiber cu @ 4%

I think that anything in the 3.5-4% range is fair. Mine is 3.7% for a used boat with 5 year terms. This was from 2 years ago when I bought it. Not sure what the current rates are though.

Andrew

[Big6bull]

Some folks will take a draw on there 401k and pay themselves back the interest. They like being there own bank!

That's what I would like to do, yet to find much info on doing it. Have not called my 401k place yet tho. Sounds like a good deal from what I  uderstand.

[TheHunt]

If you work at Boeing you can do this.  I am not sure about other companies.

[fisheral87]

All 401K plans are different and while this is doable, borrowing against it could create undesirable tax implications.

[h2ofowlr]

3.5% through SECU for mine.

[Romulus1297]

After 2 boats are paid for you still need to make sure you have time to use

[10Key]

Doesn't matter who the bank is, loans on a used boat are going to be tougher than a new boat. Even new boats can be difficult due to options that you may add that add  significantly to the purchase price, but not necessarily to the boat's value (in banks eyes). We just went through this on a new boat purchase and we shopped several banks, big nationals and some local. We ended up where we started, with BECU. They have the best rates and easiest approval process since we bank personally and our biz with them.

Good luck and hope it works out for you.