No, I'm not going for the loan, hubby is. We were talking with a couple of dealers, Glasstream & Pursuit. Decided on a 28'. Prices here in the Tampa bay area, FL are not cheap but they're trying to unload some of these but we don't plan on buying until we get our HELOC. Looked online on the boat financing site and the rates aren't that great. 3.5-4.5. I thought it seemed a bit high? We don't really know since we never had a boat loan. Just bought smaller boats and paid for them. These are 90-150k. So it will most likely be a 20 yr loan. Do they give you a better rate if your score is higher like auto loans? Should we try for a lower apr if his fico's are between 840-850? We just don't want to go in there and not know a thing. Thanks all. 
That's an interesting question. I don't have experience with boats, but I would have initially assumed it would be similar to an auto loan. But then again, at those prices, I'm not so sure. I certainly think you should shop to see if there is a better rate out there, this is a big investment.
I'd think the higher the score, the more likely the rate would be better in most cases. Those are great scores too, so it may be worth keeping the options open. Btw, love the Tampa area, Clearwater in particular! Go every year for Vac from Pittsburgh. Beautiful place.
I'd think the higher the score, the more likely the rate would be better in most cases. Those are great scores too, so it may be worth keeping the options open. Btw, love the Tampa area, Clearwater in particular! Go every year for Vac from Pittsburgh. Beautiful place.
Thanks for the info. We're not sure how to proceed and don't want to look like idiots. Yes, it is a bit investment. But everywhere we look, they seen to be the price of a pretty cool car! Well, they did say high 700's was the way to go. I did read where you should go through a boat lender. I guess it's more like buying a home?
Hey, Clearwater was my old stomping ground!!! Was there at least 3 times a week. There was a much better spot, Honeymoon Island. Not the place the tourist go, but the real beach with all the beauty to make your jaw drop. Since I found that spot, I was there all of the time. So calming. The tropical storms washed away alot of the sand and they put rock jetties out there and totally did it in. Clearwater is the place to swim.
Found another place not far from Panama City called Cape San Blas. Going to check it out next year for a week during the 4th of July.
My mom was from Scranton. Lots of snow! 
Oh wow! That sounds like a good rate! Thanks so much. Would have never thought they would do boat loans.
Good suggestion theskyisblue! I'm always mentioning credit unions and am suprised it didn't cross my mind. SandiB, I'm going to look up that island lol.
@Anonymous wrote:No, I'm not going for the loan, hubby is. We were talking with a couple of dealers, Glasstream & Pursuit. Decided on a 28'. Prices here in the Tampa bay area, FL are not cheap but they're trying to unload some of these but we don't plan on buying until we get our HELOC. Looked online on the boat financing site and the rates aren't that great. 3.5-4.5. I thought it seemed a bit high? We don't really know since we never had a boat loan. Just bought smaller boats and paid for them. These are 90-150k. So it will most likely be a 20 yr loan. Do they give you a better rate if your score is higher like auto loans? Should we try for a lower apr if his fico's are between 840-850? We just don't want to go in there and not know a thing. Thanks all.
That rate is actually not all that bad, all things considered. And something to consider -- like RVs (motorhomes/travel trailers/5th wheels), boats are considered a luxury item by many lenders, hence the higher interest rate. And in the price range you are looking, the 90-150K range, that would certainly fall under this classification. There is also a difference in rate if one is buying new versus pre-owned. And if buying pre-owned, look to see if there is a limitation on the year of the boat. With RVs there is usually a 7 (and in rare cases 10) year limit on what a lender will finance. This may also be the case with boats. My experiences have been limited to RVs but the lenders that I've dealt with also did boat financing and stated that all of these "luxury" items generally follow the same guidelines. Just a heads up on something to be aware of, when you are looking.
One of the largest lenders is Essex Lending, for these types of luxury items. I've used them and they were quick and painless. Loan actually serviced through Bank of the West. May want to see what they have to offer.
Also, regarding credit unions, some do/some don't. Depends on the size of the credit union and their diversification. In the Rocky Mountain region, many credit unions have gotten out of the business of financing luxury items. Worth checking out, but they may or may not be able to assist.