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Author Topic: Boat financing  (Read 14234 times)

Offline bassquatch

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Re: Boat financing
« Reply #15 on: May 23, 2015, 10:57:13 AM »
WSECU (Washington State Employees Credit Union).

 :yeah: Was my second option when BECU struggled...  :tup:
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Offline yorketransport

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Re: Boat financing
« Reply #16 on: May 23, 2015, 12:00:13 PM »
Again, thanks for all the input!  :tup:

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. :twocents:

Andrew

Offline bassquatch

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Re: Boat financing
« Reply #17 on: May 23, 2015, 03:25:30 PM »
Thank you  :tup:
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Offline mikeybuck

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Re: Boat financing
« Reply #18 on: May 23, 2015, 03:57:27 PM »
What are current rates? My boat is with fiber cu @ 4%

Offline HUNTINCOUPLE

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Re: Boat financing
« Reply #19 on: May 25, 2015, 08:58:37 AM »
Some folks will take a draw on there 401k and pay themselves back the interest. They like being there own bank!
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Offline yorketransport

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Re: Boat financing
« Reply #20 on: May 25, 2015, 09:09:04 AM »
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

Offline Big6bull

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Re: Boat financing
« Reply #21 on: May 26, 2015, 09:38:18 AM »
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.

Offline TheHunt

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Re: Boat financing
« Reply #22 on: May 26, 2015, 09:47:01 AM »
If you work at Boeing you can do this.  I am not sure about other companies.
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Offline fisheral87

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Re: Boat financing
« Reply #23 on: May 29, 2015, 09:57:58 PM »
All 401K plans are different and while this is doable, borrowing against it could create undesirable tax implications. :twocents:
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Offline h2ofowlr

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Re: Boat financing
« Reply #24 on: May 29, 2015, 10:30:07 PM »
3.5% through SECU for mine.
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Offline Romulus1297

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Re: Boat financing
« Reply #25 on: May 30, 2015, 12:27:34 AM »
After 2 boats are paid for you still need to make sure you have time to use :bash:

Offline 10Key

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Re: Boat financing
« Reply #26 on: May 31, 2015, 12:40:53 PM »
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.

 


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