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Other Activities => Fishing => Topic started by: bassquatch on May 17, 2015, 12:36:50 PM

Title: Boat financing
Post by: bassquatch on May 17, 2015, 12:36:50 PM: 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 :bash:

Thanks in advance :tup:
Title: Re: Boat financing
Post by: gasman on May 17, 2015, 12:44:30 PM: 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 :tup:

But they may want some equity in the boat. (20% down)
Title: Re: Boat financing
Post by: Skillet on May 17, 2015, 12:48:01 PM: 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?
Title: Re: Boat financing
Post by: bassquatch on May 17, 2015, 05:13:11 PM: 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 :dunno:

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....
Title: Re: Boat financing
Post by: 95powersmoker on May 17, 2015, 05:16:25 PM: Alaska usa credit union is who I have my boat through. That's who three rivers marine helped get me the boat with.
Title: Re: Boat financing
Post by: CAMPMEAT on May 17, 2015, 05:50:39 PM: 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.
Title: Re: Boat financing
Post by: stevemiller on May 17, 2015, 06:07:36 PM: Thats always a plus lol :yeah:
Title: Re: Boat financing
Post by: coachcw on May 17, 2015, 06:38:01 PM: I really like as last a usa
Title: Re: Boat financing
Post by: boblmc on May 17, 2015, 06:45:00 PM: BECU has my boat loan, they had the best rate over all the other banks.
Title: Re: Boat financing
Post by: deerlick on May 18, 2015, 07:20:26 AM: Red canoe credit union
Title: Re: Boat financing
Post by: bassquatch on May 18, 2015, 08:47:45 AM: Thanks everyone :tup:
Title: Re: Boat financing
Post by: C-Money on May 18, 2015, 09:14:40 AM: 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.
Title: Re: Boat financing
Post by: hawksfan75 on May 18, 2015, 01:48:56 PM: 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.
Title: Re: Boat financing
Post by: bassquatch on May 23, 2015, 08:24:59 AM: 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!
Title: Re: Boat financing
Post by: Encore 280 on May 23, 2015, 09:21:18 AM: WSECU (Washington State Employees Credit Union).
Title: Re: Boat financing
Post by: bassquatch on May 23, 2015, 10:57:13 AM: Quote from: Encore 280 on May 23, 2015, 09:21:18 AM
WSECU (Washington State Employees Credit Union).

:yeah: Was my second option when BECU struggled... :tup:
Title: Re: Boat financing
Post by: yorketransport on May 23, 2015, 12:00:13 PM: Quote from: bassquatch on May 23, 2015, 08:24:59 AM
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
Title: Re: Boat financing
Post by: bassquatch on May 23, 2015, 03:25:30 PM: Thank you :tup:
Title: Re: Boat financing
Post by: mikeybuck on May 23, 2015, 03:57:27 PM: What are current rates? My boat is with fiber cu @ 4%
Title: Re: Boat financing
Post by: HUNTINCOUPLE 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!
Title: Re: Boat financing
Post by: yorketransport on May 25, 2015, 09:09:04 AM: Quote from: mikeybuck on May 23, 2015, 03:57:27 PM
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
Title: Re: Boat financing
Post by: Big6bull on May 26, 2015, 09:38:18 AM: Quote from: HUNTINCOUPLE 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!

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.
Title: Re: Boat financing
Post by: TheHunt on May 26, 2015, 09:47:01 AM: If you work at Boeing you can do this. I am not sure about other companies.
Title: Re: Boat financing
Post by: fisheral87 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:
Title: Re: Boat financing
Post by: h2ofowlr on May 29, 2015, 10:30:07 PM: 3.5% through SECU for mine.
Title: Re: Boat financing
Post by: Romulus1297 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:
Title: Re: Boat financing
Post by: 10Key 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.