Boat Loan Interest Rate

My brother and I have decided to buy a boat

My brother and I have decided to buy a boat. We started checking through the local newspaper and magazines. We even check the internet sites, like eBay and Craig's list to mention a couple. I checked out the marina. Often they will have boats for sale and sometimes the owners are right there so you can negotiate a deal on the spot. We found one we liked, but it was a little more than we had saved. The owner suggested we apply for a boat loan. Both of us have decent jobs and fairly good credit. So we went to our bank.

We sat down with a loan officer at the bank. We told him we needed a boat loan. He immediately excused himself and went to get another loan officer. Then it was explained that he dealt with the boat loans and could help us better. He asked us about the boat, its style, size, if there were sails and the horsepower. We did not know why he needed all that information, but he's the loan officer. Next we discussed the price of the boat and the amount, if any, would we be putting down on the boat. He then told us he would be trying to get us the best boat loan interest rate for our state. I had never thought about boat loan interest rates, and had no idea what they would be. We were also told our interest rate depended on the kind of boat we were buying, our income, credit and if we lived in the state and other personal information. All of this information and the boat loan interest rate still can vary. Vary by the loan program and even by the bank you use. We finally worked out a 20 year loan at 7.5% with $5000 down payment on $65,000 with $60,000 being financed. It's a good deal, we are happy.

Boat Loan Interest Rate

By: Nick Batt

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