Caribou Gear

Boat loan interest rates?

coleslaw

Well-known member
Joined
Jun 13, 2018
Messages
385
Location
Wisconsin
Anybody get a new boat recently? Currently getting financing options for a new Tracker Pro Team 175 TXW. I Actually found one at a dealership here in WI and put a deposit down. The out-the-door price is $28k with the current setup. Not sure what I'm going to put down just yet and I really have no idea what a "good interest rate" for a new boat is so I am wondering if anybody had any insight to that.
You can Google it all you want, but most sites advertise a too-good-to-be-true rate that not even a perfect credit score is going to get.
From what the dealer ship is telling me, the lowest they have seen lately is 4.9% and that 6- 6.5% with terms from 10 to 15 years is pretty typical. My credit score is pretty good, so I want to make sure I am not going to get screwed before I ink anything. I got an insurance quote from my agent for like $13/ month... at least I know that part is damn good.
 

MTHunter1321

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Joined
Nov 10, 2015
Messages
444
Location
Great Falls, MT
If it’s through a credit union you’re probably looking at 5-6.50% for 10-15 years. I wouldn’t even waste your time with a bank because you’re likely not going to get the longer amortization. I work at a bank and I encourage people to go to CU for boats and rvs.
 

Doublecluck

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Joined
Jul 6, 2016
Messages
1,658
Location
MT
Mid 5’s is what We just got for a 55k 5th wheel purchase. We have had a good luck with first interstate on boats and RV’s in the past. I always shop rates before we purchase than just give the dealer the opportunity to match it.
 

nick87

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Joined
Dec 12, 2014
Messages
6,748
Location
Northern Illinois
I'm not sure about a boat but I'm pretty sure they do. I would look up sheffield financial very competitive and I've been happy with them for a couple purchases in the past. First zero turnmower I bought they were running a promo deal of 0 down 0 interest. Why not? Bought a different one a few years later and called them up they weren't running zero percent anymore asked if they'd do it again for a repeat customer, yup sure will. Can't complain about that also a person answers the phone anytime I've called.
 

Redman

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Joined
Mar 31, 2017
Messages
1,347
Location
Indiana
Ugghhh I am not going to let my wife see this! We went to our states Boat, Sport, and Travel Show and we almost left with that very boat. I talked her out of it and she hasn't brought up getting a boat lately. I fear here in a week or two we will be fishing and her boat want will be revived. I just don't want to go into debt on a boat especially since fishing around here is not the greatest and the closest waters are the rivers. I feel a bit guilty because she loves fishing and she goes on hunting adventures with me. Maybe I should take Mr. Newburgs approach and buy her the boat and take her out in it every weekend during the summer 🤔
 

SwaggyD

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Joined
Jan 26, 2022
Messages
397
On consumer products (boat loan) a bank may match a credit union or even an online rate. Depends on your relationship with them. CU do have better rates, bonus of being a ‘non-profit’. Longer term = higher rates.
 

coleslaw

Well-known member
Joined
Jun 13, 2018
Messages
385
Location
Wisconsin
Just a follow up... I ended up shopping around a little bit more and was able to find a credit union out of Minneapolis and they gave me 4.9% on a 12 year. Should have it paid off well before that though.
Signed the loan documents today and now just have to wait on the dealership to prep the boat for pickup and install a 24v trollingmotor... hopefully soon. Already missed the spring Walleye run and now the bass/ panfish are staging after a few 90 degree days here.
 

JohnFeldman

New member
Joined
Jun 7, 2022
Messages
1
I read that a boat loan is an installment loan with fixed monthly payments, usually for a period of two to 20 years. You can get a boat loan from a bank, credit union, or online lender. I usually use the trice loans service to get funding. Interest rates and loan terms vary depending on the lender, loan size, your credit score and income, and whether the loan is boat secured or unsecured.
 
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