Boat loan?

teaklejr

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Just wanted to see if anyone has input on a good boat loan company and how they work. Do they offer pre qualification so you can look around and find what you want or do you need to have one picked out? Don’t want to fill out numerous applications and have a bunch of credit pulls that could possibly hurt our credit score. Really just want some input on things to do and not to do.
 

mhinch

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Are you selling your T-Cat?.........hmmmm
 

teaklejr

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Are you selling your T-Cat?.........hmmmm
I have been saying i am getting a new to us boat for a few years but always have a hard time actually committing to selling ours . I think I will put her up for sale the end of the season.
 

Shannon C.

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Have you looked at USAA? If your a vet, thank you! They will get you squared away..
 

TortugaBob

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Had a good experience with Intercoastal. Used them 2X for a Parker and my new to me GW 300 Marlin. All transactions were remote email and mailing signed docs. Same agent used in 2013 & 2019.
Intercoastal Financial Group, LLC
124 A North Second Street
Fort Pierce, FL 34950
 

Fishtales

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I wonder with everything coming to a halt how it will affect lending. On one hand not sure demand is all that high and with some rates coming down it may be a good time. On the other, maybe standards and lending in general will be slower than normal with all the uncertainty out there.
 

RussGW270

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I went to USAA out of boredom a decade or more ago... filled in 50k for a loan and got my answer within seconds. Anywhere you go, it is a boat... expect a higher than what you think it will or should be interest rate. Plan for the worst, hope for the best. Figure what you can easily afford, and stay 10-25% under that. Don't say you plan to put down 5%, because that is all you can afford, plan to put down $0, and then put down what you can, and leave some cash for "play"...i.e. new life jackets etc, because the last thing you want to do is buy this new boat and then not have the money for gas and stuff you need to get her fixed up the way you want....and that amounts to CC debt you did not factor in.

It is easy, it is doable, just get what you can afford, no more. Tons of boats out there... many I wish I had gotten instead for half the price, but, I am still inside the budget I planned.. heh... many do not stay that way due to bad planning.

A credit union is good too, but places like USAA loan up to 100% of the NADA value, so... for instance, if nada's website says the high end value is 50k, you can borrow up to that... and if you get it for 39k... well, then you free your cash up to make a couple early payments or get her spruced up.

R