# Boat loans?



## slewis (Sep 8, 2015)

A lot is going to be dependent on your credit/debt to income/etc.. My new boat being built is financed through Marker 5 (local company) currently. Previously, I used the equity line against my house, which if a possibility may be the best route because its tax deductible.


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## GG34 (May 2, 2014)

Lou, check with local banks or with a bank the dealer works with. USAA hasn't been competitive with these for years whether cars, boats, or houses.


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## mtoddsolomon (Mar 25, 2015)

I went with the local credit union and got a great rate. Check around for that.


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## duppyzafari (Jul 9, 2015)

Your local retail bank with whom you have a checking account isn't interested in marine financing. (Or motorcycle, or RV, or anything that ain't a house, really.) Nearly every bank will ask that the hull, motor, and trailer be no more than 7 model years old - a few will go as far as 10, with absolutely no consideration to hours, recent refits, etc. The rates won't be great and the credit requirements will be conservative. Nobody lends on salvage titles.

If it's an option for you, an equity line against your home is going to have a lower rate and usually the tax benefits mentioned above. That's my first recommendation to anyone who asks about marine loans.

USAA has better marine rates than most retail banks but a dedicated marine lender will probably be a bit better.

Dealers usually work directly with marine lenders and can beat nearly any bank rate.

Get a quote from your bank, ask about an equity line while you're there, then check with dedicated marine lenders online. You can play with the payment calculators to see which option is the best for you, at this point.

Good luck! Keep us posted.


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## MariettaMike (Jun 14, 2012)

duppyzafari said:


> Get a quote from your bank, ask about an equity line while you're there, then check with dedicated marine lenders online. You can play with the payment calculators to see which option is the best for you, at this point.


SunTrust has an online lending affiliate called LightStream that will lend you what YOU are worth at competitive rates on an auto debit basis. They specifically say they don't want to know what you intend to do with the money. Good credit only.

https://www.lightstream.com/?fact=2...tream&ef_id=WF1iaQAABJkhUUZO:20170319005316:s.


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## Smackdaddy53 (Dec 31, 2012)

Nationwide is on your side...


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## Limp Shrimp (Aug 23, 2015)

I had good luck at my local credit union...


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## Shadowcast16 (Mar 5, 2017)

Marker 5 in Fort Myers, FL is the way to go. My family has used them for 3 boats over the years. They will get you the best available rate and the customer service is second to none! Wherever you are they will mail you the paper work sign and mail back done! I made my fist Ankona payment before the boat was finished and I waited to the last minute on financing.


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## sotilloa1078 (Mar 27, 2014)

www.essexcredit.com


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## Str8-Six (Jul 6, 2015)

Not for everyone but this is what I did. I purchased my boat on two separate credit cards that I already had. I got a new USAA card with 18 month no-interest on balance transfers and no transfer fee. Transferred over the complete balance from those two cards to the new USAA card. Used the credit card points to help outfit my boat. 

You can also borror from your 401k depending on where it's held. The interest you pay back goes back to you since it's your money.


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## AfterHours2 (Aug 2, 2010)

If you have great credit, Lightstream is the easiest route. Money is deposited into your checking the next day and you hold the title. Competitive rates as well.


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## THX1138 (Dec 20, 2016)

Thank you guys for all the input. I cant tell you how much all of your assistance means to me, I feel blessed to have stumbled upon such a great little community. As it stands right now, looks like Essexcredit might be my best bet. Thanks again, I will be sure to let you guys know it turns out.

Lou


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## SomaliPirate (Feb 5, 2016)

USAA actually pissed me off so I went with Pentagon Federal and did pretty well.


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## csnaspuck (Apr 2, 2013)

USAA was the best rate for me. I tried PenFed, BoA and local credit union and USAA had them beat by few points.


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## tomahawk (Mar 9, 2012)

MariettaMike said:


> SunTrust has an online lending affiliate called LightStream that will lend you what YOU are worth at competitive rates on an auto debit basis. They specifically say they don't want to know what you intend to do with the money. Good credit only.
> 
> https://www.lightstream.com/?fact=24542&cid=PS|Brand|LightStream|Exact|LS|GOOG|LightStream&s_kwcid=AL!4229!3!78833885103!e!!g!!lightstream&ef_id=WF1iaQAABJkhUUZO:20170319005316:s.


+1 on Lightstream or Lending Club if your credit is good enough.


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## PG350 (Jan 19, 2012)

If you cannot pay cash then you don't need the boat. Rich people ask how much, poor people ask how much a month.


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## Outearly (Oct 20, 2015)

No offense intended, but PG350 is correct. I have made every financial mistake there is, so I know what I'm talking about. I married a woman with Dave Ramsey DNA, haven't borrowed a dime except for home loans. Life gets simple when you go down that road. Last boat I bought was a repo, still had the guy's sandwich in it.


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## AfterHours2 (Aug 2, 2010)

Honestly guys, the OP asked for lender recommendations, not financial advise. Using your philosophies, we should all drive mopeds and live in trailers until we can afford cars or homes. This guy probably works his azz off, and if he wants to buy a new boat to enjoy his leisure time then so be it..


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## duppyzafari (Jul 9, 2015)

OP inquired about boat loans - I haven't read any comments above in which a specific inability to pay cash was expressed. A preference to borrow for major purchases doesn't indicate "rich" or "poor" in any way, whatsoever.

I help multi-millionaires submit loan applications literally every day - amounts for which they could write a check and barely notice, it would seem. They obviously didn't get rich making stupid financial decisions - a decision to borrow is a part of their overall financial strategy.

Conversely, I also have uncomfortable conversations with individuals who have lived a "Cash Only" Lifestyle and are experiencing a unplanned financial situation for which cash on hand is insufficient. Paying your utilities on time is not enough to develop a credit score sufficient for approval when you really need to borrow for an emergency. Starting over with a $300 Walmart Credit is a humiliation for them, but never having borrowed left them with a Zero credit score and far fewer options.

I'm not casting aspersions on the credit situation of the 2 Cash-Only advocates, above - what I'm hoping to reinforce is that there is definitely more than 1 "best way" to administrate your personal finances, and borrowing to purchase a boat is not, in itself, irresponsible or any indication of one's personal financial situation.

Additionally - when I'm on my death bed, I'm not going to ask to see my credit report or my bank statements. I'm going to ask to see pictures of my family - especially the ones on our boat.


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## THX1138 (Dec 20, 2016)

duppyzafari said:


> Additionally - when I'm on my death bed, I'm not going to ask to see my credit report or my bank statements. I'm going to ask to see pictures of my family - especially the ones on our boat.


Truth bro. I have worked by butt off and financing the boat will not put me in a bind. As a matter fact, I have to have my wife as the primary on the loan because I've paid cash for all for all my other hobbies and have a low credit score as a result. Model Helicopters are expensive. Guns and ammo are expensive. Banjos are expensive. But I digress. I have almost 20 years in the Army and I'm ready to move on to the next phase of my life and that includes a lot more time on the water with my wife and step-son.
You only go around the mofo one time. I intend to make the best of it. I work to live, not live to work.

Thanks to everyone for their input. I'll starting the loan process mid april and should be closed and ready by the 1st of May. Building should start shortly after that. Peace and tight lines.

Lou


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## jmrodandgun (Sep 20, 2013)

duppyzafari said:


> Conversely, I also have uncomfortable conversations with individuals who have lived a "Cash Only" Lifestyle and are experiencing a unplanned financial situation for which cash on hand is insufficient. Paying your utilities on time is not enough to develop a credit score sufficient for approval when you really need to borrow for an emergency. Starting over with a $300 Walmart Credit is a humiliation for them, but never having borrowed left them with a Zero credit score and far fewer options.


Happened to me. I needed up having to use my own cash in the form of a savings account as collateral to borrow money and build credit. It was pretty irritating but I was basically buying credit for 2%.


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## THX1138 (Dec 20, 2016)

FYI, I am also not wanting to pick a fight with anyone. I have no problems with folks sharing their opinions but please don't force them on me as I would not force mine on you. Seriously, I am just trying to find that balance of being a "responsible" adult and living as much life as I can.

On a side note... Once my build starts, if anyone happens to visit the Ankona shop and wants to snap a few pics of my build, I will send all the fishy karma I can muster your way ;-)

Lou


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## Outearly (Oct 20, 2015)

THX - as I said, no offense intended. Have a great time with your boat.


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## Anderson Guide Service (Feb 17, 2017)

My father had to finance his truck to get the discount from Ford. He paid it off two months later.....

Back to the OP credit unions usually have the best rates.


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## pinocuda (Feb 26, 2017)

Applied for my loan through Essex, good credit, 6 figure income but since I had graduated from grad school (full time) 2 years ago, due to a "gap" in employment, was not approved. Went to a local credit union and approved with a better rate than the premium rate on essex website.


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## LowHydrogen (Dec 31, 2015)

THX1138 said:


> Truth bro. I have worked by butt off and financing the boat will not put me in a bind. As a matter fact, I have to have my wife as the primary on the loan because I've paid cash for all for all my other hobbies and have a low credit score as a result. Model Helicopters are expensive. Guns and ammo are expensive. Banjos are expensive. But I digress. I have almost 20 years in the Army and I'm ready to move on to the next phase of my life and that includes a lot more time on the water with my wife and step-son.
> You only go around the mofo one time. I intend to make the best of it. I work to live, not live to work.
> 
> Thanks to everyone for their input. I'll starting the loan process mid april and should be closed and ready by the 1st of May. Building should start shortly after that. Peace and tight lines.
> ...


This may be a good time to try and get a credit card with a good points reward program. Hit just the down payment with that straight to the builder, get your loan and pay the card off without any interest accrued. Most of the reward bonuses are mandatory 3-4k spent in the first 3mo. May bump your score up a bit and take in some points as a bonus. Just a thought. Good luck bro.


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## swaddict (Dec 19, 2009)

Space Coast Credit Union had the best rates when I purchased my bay boat last year, very easy to deal with


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## Cam (Apr 5, 2017)

New Coast is a solid outfit. They specialize in finding the best rates for boat specific loans. Karie Noftsinger did our last one.

https://www.newcoast.com/karie-noftsinger

Other than using them for my last boat loan I have no affiliation with the company.


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## Whiskey Angler (Mar 20, 2015)

I don't do this 


PG350 said:


> If you cannot pay cash then you don't need the boat. Rich people ask how much, poor people ask how much a month.


I don't do this often but, pssshhh.


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## sjrobin (Jul 13, 2015)

duppyzafari said:


> OP inquired about boat loans - I haven't read any comments above in which a specific inability to pay cash was expressed. A preference to borrow for major purchases doesn't indicate "rich" or "poor" in any way, whatsoever.
> 
> I help multi-millionaires submit loan applications literally every day - amounts for which they could write a check and barely notice, it would seem. They obviously didn't get rich making stupid financial decisions - a decision to borrow is a part of their overall financial strategy.
> 
> ...


Well written and accurate. Thank you.


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## THX1138 (Dec 20, 2016)

Financing approved though Marker 5. Build should start first week of June...

Lou


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## TheFrequentFlier (Feb 17, 2016)

THX1138 said:


> So who has the best boat loans right now? I am most likely going to use USAA but I'm sure there are other options out there. Any input is welcome. Thanks!
> 
> Lou


Lou - USAA is pretty solid. I've had two boat loans through them now... 4.5% fixed 10 year is the one I currently have. I shopped around pretty extensively, and they were definitely the best I could find for a personal loan. Besides, USAA is just a great all around company...great customer service, never any hassles...just great people to work with. Wish more companies like (Comcast, Direct TV etc) followed by USAA's lead. 

Just remember: the initial rate they give you is usually about 1-2% too high. I always give them the "you see, Wells Fargo is offering me X.X% but since I love doing business with your company I'd rather take a loan from you guys if you can match it." ...they've never actually asked me for a proof of quote ;-) (if you catch what I'm saying). 

Only other advice: usually the interest rate goes down the bigger loan you ask for... if the cost of your boat is just under the bracket where the interest rate falls, work that into the deal...basically "pay more for the boat" but get cash back... then pay off the loan with that lump sum of cash right away...if that makes sense.


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## TheFrequentFlier (Feb 17, 2016)

AfterHours2 said:


> If you have great credit, Lightstream is the easiest route. Money is deposited into your checking the next day and you hold the title. Competitive rates as well.


Can you explain what Lightstream is?


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## TheFrequentFlier (Feb 17, 2016)

SomaliPirate said:


> USAA actually pissed me off so I went with Pentagon Federal and did pretty well.


How did USAA piss you off? Just curious - I've never had a bad experience with them.


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## TheFrequentFlier (Feb 17, 2016)

PG350 said:


> If you cannot pay cash then you don't need the boat. Rich people ask how much, poor people ask how much a month.



I understand this is your opinion, and you are entitled to that, but this is absolutely foolish advice. 

Let me put it this way: would you take money out of stocks, index fund, or any investment vehicle in order to buy a boat with cash? Say you're expecting 8% growth annually over the next 5 years (a pretty fair assumption according to Graham and others)...

On the other side, say you can get a 4.5% or lower loan on your boat...why on earth would you remove money that you're expecting an 8% return on, when you could borrow money at a lower rate? 

Obviously, the stock market has its bulls and bears, but if you you use this methodology over the long haul, it's definitely not a bad investment philosophy/spending strategy. 

Now again, don't live outside your means, i.e. don't allow your Debt/Income ratio get too high, pay off credit cards monthly, make sure you have a stable monthly (positive) cash flow, rainy day fund, etc.

I don't disagree with dudes who prefer spending mostly cash on purchases, but telling those that taking out a boat loan is foolish is just false and condescending. There's a way to do it and be smart about it, and there's a way to be foolish with a boat loan...just don't do the latter.


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## duppyzafari (Jul 9, 2015)

THX1138 said:


> Financing approved though Marker 5. Build should start first week of June...
> 
> Lou


Congrats!

Keep the pics coming once that build starts!


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## LowHydrogen (Dec 31, 2015)

THX1138 said:


> Financing approved though Marker 5. Build should start first week of June...
> 
> Lou


Awesome man! I know you've given it some thought. Where are you going to fish first?


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## Smackdaddy53 (Dec 31, 2012)

I financed mine through Nationwide and they gave me a great rate as I have my vehicle financed through them. I will pay it all off in half the time or less so I don't understand why people are telling others they are doing something wrong by financing a boat. I'm glad some of you are "rich" enough to pay cash for everything but I'm enjoying my boat while I'm young. I'm not waiting until I'm a geriatric to pay cash for anything.


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## SomaliPirate (Feb 5, 2016)

tgjohnso said:


> How did USAA piss you off? Just curious - I've never had a bad experience with them.


I had never had a bad experience with them either until that point. Basically, they were really busting my balls over just finishing grad school and only having worked part time for the previous two years. This was despite me having a mortgage with them for the past 15 years, insurance with them since I was 16, a paid off auto loan, and a 800 credit score. They asked me to go get a co signer so I told them to piss off. Might have been arrogance/hubris on my part, but it didn't seem the way you treat a guy who has been a loyal customer since he was a stupid butter bar. I went with Penfed and they were happy to have my business. I still keep USAA for insurance and their customer service is top notch.


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## THX1138 (Dec 20, 2016)

If all goes according to plan, Erin is making some time to take us out on the new rig the morning of pick up. Being as this is my first boat, they are giving me some running tips and how to use the TM and other items. Immediately after that, heading to Flamingo for two days in the Whitewater bay area. I am so far beyond stoked!!

Lou


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## tbnolefan (Feb 2, 2017)

tgjohnso said:


> I understand this is your opinion, and you are entitled to that, but this is absolutely foolish advice.
> 
> Let me put it this way: would you take money out of stocks, index fund, or any investment vehicle in order to buy a boat with cash? Say you're expecting 8% growth annually over the next 5 years (a pretty fair assumption according to Graham and others)...
> 
> ...





tgjohnso said:


> I understand this is your opinion, and you are entitled to that, but this is absolutely foolish advice.
> 
> Let me put it this way: would you take money out of stocks, index fund, or any investment vehicle in order to buy a boat with cash? Say you're expecting 8% growth annually over the next 5 years (a pretty fair assumption according to Graham and others)...
> 
> ...


I think you missed his point.


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## Battfisher (Jan 18, 2016)

duppyzafari said:


> Your local retail bank with whom you have a checking account isn't interested in marine financing. (Or motorcycle, or RV, or anything that ain't a house, really.) Nearly every bank will ask that the hull, motor, and trailer be no more than 7 model years old - a few will go as far as 10, with absolutely no consideration to hours, recent refits, etc. The rates won't be great and the credit requirements will be conservative. Nobody lends on salvage titles.
> 
> If it's an option for you, an equity line against your home is going to have a lower rate and usually the tax benefits mentioned above. That's my first recommendation to anyone who asks about marine loans.
> 
> ...


I've been a member of USAA for 28 years and have most of my investments through them. I started the process of getting my boat loan through them and went through a series of mishaps from them that eventually led me to shop around. I ended up getting my loan through LightStream, which is a part of SunTrust (where I've banked for 40 years). LightStream was half a point lower and funded the loan literally within an hour.


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## PG350 (Jan 19, 2012)

Wow!! I just looked at this thread I posted on months ago and saw all this. I feel like I missed all the fun.


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## Str8-Six (Jul 6, 2015)

THX1138 said:


> If all goes according to plan, Erin is making some time to take us out on the new rig the morning of pick up. Being as this is my first boat, they are giving me some running tips and how to use the TM and other items. Immediately after that, heading to Flamingo for two days in the Whitewater bay area. I am so far beyond stoked!!
> 
> Lou


Congrats. Which model you go with?


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## THX1138 (Dec 20, 2016)

I've ordered the Ankona Cayenne center console, E-tec 60, with RT-55 iPilot TM and float-on trailer. I have all my goodies picked out and I cant freaking wait! This will be the best welcome home present I've ever gotten post deployment 

Lou


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