The Benefits Of A Pcfcu Boat Loan
When you arrive at the marina with a boat loan that has already been approved, you get to decide what you want, instead of accepting what a sales representative says you qualify for. While this is a serious advantage, it is just one of the many benefits of PCFCU boat financing. Other features of our boat loans include:
- Low rates: At PCFCU, we offer some of the best boat loan rates around and we strive to make sure that your monthly payments are affordable.
- No credit hassles: All our members pay the same low rates, which means you will not be penalized if you have found it difficult to keep up with your payments in the past.
- The best customer service around: PCFCU treats its members like people and not numbers. Call us today with any questions you might have and experience the difference!
- We finance up to 100%: Taking the helm of the boat of your dreams does not require a large down payment at PCFCU.
- Buy any kind of boat or watercraft: Whether you want a jet ski, a sailboat, a fishing boat, a motor cruiser, or a yacht, PCFCU can make your vision a reality.
- We finance both new and used boats: You can use a PCFCU boat loan for either a brand new or pre-owned boat.
Best Boat Loans In 202: Finance Your Boat
Boat loans can be unsecured or secured by the boat. Compare financing options from online lenders, banks and credit unions.
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Setting sail on your own boat is a priceless experience. But unless youve saved a lot of cash, youll need a boat loan to make your dreams a reality.
You can get a boat loan from a banks, credit union or online lender. The application process is typically fast, and approval is largely based on your credit score and ability to repay.
Before you jump in, consider that most financial experts don’t recommend personal loans for discretionary purposes, especially if you already carry credit card or other debt. If you take a personal loan, have a plan to pay it off.
Heres how to finance a boat with a personal loan including unsecured and secured loan options where to find boat loans and factors to consider before applying.
Setting sail on your own boat is a priceless experience. But unless youve saved a lot of cash, youll need a boat loan to make your dreams a reality.
Best Overall: Bank Of The West
Bank of the West
Bank of the West is our top overall pick for a boat loan. The lender features low rates, flexible loan amounts, and widespread availability, making it a great choice for borrowers with good credit looking to purchase a boat.
Loans up to $5 million
Repayment terms between four and 20 years
Available in all 50 states
Full-time and liveaboard accepted
Fees can be rolled into loan
Rates as low as 3.59% APR
No cosigners allowed
Bank of the West is arguably one of the most popular watercraft lenders around. Founded in 1874, Bank of the West, also known as Essex Credit, operates and provides loans to creditworthy borrowers in all 50 states. Boat loans through Bank of the West can range from $10,000 all the way up to $5 million, with repayment terms from four to 20 years depending on the loan amount.
While the wide range of loan amounts and repayment terms is great, this lender wins our best overall spot because of the types of boats it accepts. Bank of the West offers to finance for boat model year 2001 or newer. Allowed boats include standard and custom power, sailboats, multi-hull boats, pontoon boats, electrical boats, high-performance boats, houseboats, and wood hull boats. One of Essexs few exceptions is boats that are capable of speeds of 99 mph or higher.
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Is Financing A Boat A Bad Idea
As a general rule of thumb, you should ensure that any purchase you finance will be paid down faster than it depreciates. If the purchases value decreases at a faster rate than your loan balance, you run the risk of going “upside down” on the loan, or dealing with negative equity.
While this is most often talked about in terms of new cars, its also a concern with watercraft, especially since boats are quickly depreciating assets.
Negative equity can be a serious concern with a high-value investment such as a boat. If the boat were to be stolen, totaled, etc., you would be on the hook for the difference between the remaining loan balance and the insurance companys valuation/payout. Negative equity can also come back to bite you if you ever want to trade in the boat or sell it, as youll wind up owing your lender out-of-pocket in order to finalize the transaction.
Lastly, its important to recognize that financing a purchase will cost you more than the sticker price, no matter how competitive the interest rate you obtain. Between loan processing fees and finance charges, the added expense can be significant.
While financing a boat is not a bad idea in and of itself, its important to strike a balance between your purchase price, down payment amount, and loan repayment terms. This will help maintain a healthy loan-to-value ratio and ensure that you dont pay significantly more for your purchase over time than if youd paid in cash.
Who Should Get A Boat Loan
You should get a boat loan if:
- You want to purchase your first boat but dont have the cash.
- You want to upgrade and buy a new boat.
- You want to buy a used boat.
- You want to refinance your current boat.
- You want to purchase a yacht and use it for charters.
A boat loan is usually not a good idea if youre living paycheck to paycheck and arent sure if you will be able to make the payments on time. Its also not a good idea if youre not going to use your boat very much, you may be too busy, or live somewhere with a short boating season.
You want to make sure that the high associated costs of owning a boat and financing it are worth it before deciding to get a boat loan.
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We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
Boat Loans: Questions To Ask Before You Apply
How does the loan fit into my budget? Monthly payments on a boat loan should fit comfortably within a budget that covers all of your needs, wants, debt payments and savings. Use our boat loan calculator to see estimated monthly payments, interest costs and total payments.
Payments toward the boat loan combined with other debt payments shouldnt exceed more than 20% of your income.
What is the true cost of boat ownership? Buying a boat isnt your only new expense. Additional costs include fuel, licenses, insurance, storage, maintenance and repairs. Boats also depreciate over time, just like a car.
Does my boat have resale value? Its smart to buy a boat that is both affordable and popular, as this can attract potential buyers if you decide to sell it and pay off your loan at any point in the future.
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How Can I Find A Good Deal
Comparing offers from lenders is the best way to find the best deal you can qualify for. Asking yourself the following questions as you shop around can help:
- What is the APR? This includes interest and fees you pay each year you have your boat loan and is the quickest way to compare costs.
- What kind of APR is it? Is it fixed or variable? Most boat loans are fixed, but theres a chance youll get a variable rate that changes over time.
- Do I need a down payment? Make sure you have enough saved up to meet a lenders minimum down payment requirements.
- How long are the terms? Boat loans can come with terms as long as 20 years, though typically those are only available for the highest loan amounts.
- How much does my boat cost? Make sure the amount you need to finance falls within a lenders range.
- How much will I pay each month? Once you have an idea of the loan amount, APR and term, use a boat loan calculator to learn how much your loan will cost each month.
Pros And Cons Of Financing Through Us Bank
With U.S. Bank, you get a fast, same-day decision for your boat loan, which is convenient for your research. Applying may be the only way to find out what a U.S. Bank boat loan will cost you its website lists the lowest possible APR, not a range.
Here are some other pros and cons to financing your boat through U.S. Bank:
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How Much Does A Boat Cost
Boats vary depending on the type. You can expect to pay anything from $25,000 for a new motorboat to well over $1 million for a new yacht. Used models can go for even less.
Other expenses to consider
The boat itself is one of several costs that come with boat ownership. These include:
- Equipment. Consider the costs of decking out your boat. Electronics, water toys, accessories and safety equipment could set you back $1,500 or more.
- Operating costs. This cost will vary by the type of boat you choose and how you use it. However, the price of fuel should be a big part of your budget.
- Boat maintenance. All boats need regular maintenance to remain safe. Costs vary depending on your boats age, model and your mechanic.
- Storage. Mooring fees are calculated by the length of your boat and if you store it in an expensive area.
- Boat insurance. Depending on the type of boat you have and where you store it, boat insurance can cost you $100 or more every year.
Suntrust Boat Loans Review
Finding the right marine loan is the real white whale of boating. Boats can get very expensive, but they are a blast to be on and loved by millions. Therefore, its not surprising that so many people turn to financing to get their dream boat. There are many different marine lenders, and all of them have their various pros and cons, but one of the best weve seen are the marine loans from SunTrust Bank. SunTrust is well known in the marine lending market, and they offer an array of flexible financing options that many customers will find appealing.
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Purchase A New Or Used Boat Jet Ski Or Watercraft With Competitive Rates Starting At 219%
At Greater Texas Credit Union, our goal is to assist our boat-enthusiast members with everything they need to set out into open waters. We provide secured loans for all types of boats, including pontoons, jet skis, personal watercraft, and more.
Members get great perks and features with our boat loans:
- Competitive Rates: Rates as low as 2.19% are available for qualified borrowers
- Flexible Term Lengths: Enjoy loan terms ranging up to 120 months
- No Prepayment Fees: Pay off your boat even faster and with fewer surprise expenses
- Zero Upfront Fees: Save more, guaranteed!
What Is A Boat Loan
A boat loan is a specific type of loan that is used to finance the purchase of a boat. The loan can be used to finance a new or used boat and may include different types of watercrafts such as jet boats, pontoon boats, sailboats, and even yachts. Rates and terms vary based on the lender, type of loan, type of boat, and borrower qualifications.
There are different types of boat loans including unsecured and secured loans, loans from online lenders, bank loans, personal loans, commercial loans, and loans that come from marine lending specialists. Boat loans typically range from two to 25 years with longer terms of 1020 years being the most common.
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Faqs About Boat Loans
Visit any Flagstar branch to apply.
Yes. Take advantage of Flagstar’s competitive rates and save.
Loans are available for boat models that are 5 years old or newer. We do not finance:
- Boats built and used exclusively for racing
- Non-production boats
- Damaged boats or boats purchased for reconstruction
- ID Verification
- Signed purchase agreement
- Copy of title
- Proof of insurance
Whats Considered A Good Credit Score For A Boat Loan
As noted, there are many different types of boat loans and different types of lenders that offer them. As a general rule of thumb, the higher your credit score, the lower your interest rate. This means that you will end up paying less over the term of the loan than someone with a lower credit score.
Typically, 700 is considered a good credit score for a boat loan. However, some lenders dont require a minimum credit score or will consider your debt to income ratio, work history, and the cost of the boat alongside your credit score.
Best For Quick Funding: Lightstream
- Minimum credit score: None, but good credit recommended
- Loan terms : 24 to 84 months
For borrowers looking for fast funding for a boat loan, LightStream is a great option. The lender offers same-day approval and even same-day funding in some cases.
Funds deposited as soon as same-day
Rate Beat program
No fees or collateral required
Available for buying or refinancing a boat
Offered in all 50 states
Loans cap out at $100,000
Maximum rates can be high
As part of the Truist bank family, LightStreamalong with SunTrust and BB& Tprovides a variety of banking products and services to customers across the country. This bank operates in all 50 states, offering loans on new, used, and refinanced boats to qualified applicants ages 18 and over.
We chose LightStream as best for quick funding because this bank offers not only same-day approvals but same-day funding in many cases. You can choose your own funding date once approved for your boat loan, even if its the same day you applied.
Boat loans through LightStream are offered from $5,000 to $100,000 with repayment terms ranging from 24 to 84 months. Current interest rates range from 4.29% to 11.89% APR with a 0.50% auto-pay discount. They also offer a Rate Beat program, which promises to offer a rate thats 0.10% lower than the rate offered by a competing lender within the last business day.
Guide On Wells Fargo Loans & The Details Of Each Offer
WELLS FARGO LOANS Here is a guide on the loan offers of Wells Fargo and the details under each offer that you may apply for.
One of the biggest and the most popular banks in the United States is Wells Fargo. The headquarters of the said financial services company is in San Francisco, California and it got managerial offices not only in the U.S. but across the globe.
Founded by William Fargo in 1852 in New York, the bank has several offers to the public categorized among personal offers, small business offers, and commercial offers. With regards to the personal offers, there are banking and credit cards, loans, investment and retirement offers, wealth management services, and rewards and benefits.
The small business category includes banking services, loans, merchant services, and payroll services while under the commercial category, you will find products and services, industry expertise, and insights.
With regards to the Wells Fargo loans, there are a lot to choose from depending on your purpose in applying for a loan. Do you want to purchase a residential property? Are you planning to put up or expand your business? Or do you need money for several purposes?
Wells Fargo Loans:
- Wells Fargo Personal Loan for Debt Consolidation If you have several existing debts that incur interests, one of the best things to do is to combine them into a single debt. You can borrow an amount, pay off your debts, and just focus on solving one debt.
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Low Rates And Flexible Terms
What sets SeaDream apart from other boat financing companies? Not only are we a full service marine lender with the lowest boat loan rates nationwide, but we also offer the most personalized service in the industry. Our primary goal is to tailor a finance package to meet your individual needs.
Whether it is a new or used boat loan, refinancing, even a bad credit boat loan, our staff of experienced boat finance professionals will work with you, one-to-one, every step of the way to ensure your satisfaction.
We Offer A Variety Of Boat Financing Programs Including:
Simple Interest, Fixed Rate, No Pre-Payment Penalty Financing Programs Extended Term Programs Short Term Fixed and Variable Interest Rate Programs LLCs, Trusts Engine Repower Programs
Applying for financing has never been easier. To submit a loan application please select from one of the three options below.
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