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Depends a lot on your credit score, but I can tell you I recently purchased a new 24' bay boat and got 6.99% for a 15 yr term with 10% down - financed through one of the banks that a larger volume dealer does a lot of business with.
I recognize the market is tight, as it theoretically should be, but now it's vacuum tight; however should anyone have a specific recommendation in terms of who to call or avoid, the information is appreciated.
Call Jim at Fish Boat Loans. He'll give you several options. I used him on the purchase of my last boat and am getting ready to use him again. Jim Scharfschwerdt
Marker Seven Corporation
President/Senior Analyst
866-599-5445
904-669-8353 Mobile
904-395-9195 Facsimile
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27 Contender- Current boat
2010 200 HPDIs
Credit unions can do much better than banks on rates and terms.
I've found that to be true in the past - although in this case and even when looking recently at some car loan rates, my two Credit Unions actually were carrying higher rates, and shorter allowed terms. Generally the Credit Unions run a less risk-adverse lending policy, so I can understand both the shorter term and higher right to protect the member-owners a little better than the mega-banks are concerned about with their shareholders....
One thing that makes this tough is how much "shopping" you want to do - I did not want to have a bunch on inquires on my credit from different sources - they say that as long as its within a 30 day period for a similar loan than the multiple hits won't affect things, but I was not willing to chance it - I asked for some verbal quotes from several folks asking them to assume excellent credit and the rest of the terms I was looking for, but ultimately only did the one applicaiton as once I got the commitment ofr a 6.99% based on the other rates I'd been verbally quoted I decided it was not worth it to go through multiple other apps to try and save perhaps a 1/4 point.
Just had great luck with Vinny at Trident Funding. Got 6.2%, approved in 12 hours. It was a lot easier than I thought it would be. Give them a call and they will let you know based on your info without even submitting a application.
Call Jim at Fish Boat Loans. He'll give you several options. I used him on the purchase of my last boat and am getting ready to use him again. Jim Scharfschwerdt Marker Seven Corporation President/Senior Analyst 866-599-5445 904-669-8353 Mobile 904-395-9195 Facsimile
There's rates as low as 5.87 out there right now and terms of up to 20 years. But good credit is a must and most want 20% down. Also if it's a "New" '08 or '09 they are going to treat it as a used boat, which means a higher rate and shorter term and if it's a "close out" from a company that's out of business, then many of them won't touch it at all! The warranty is no good and the banks just aren't buying it.
Boat Loan, Financing 
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