Boat financing

[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.