What's an average interest rate on a boat

[Nova]

Gonna sound crazy but check out state farm's rates. When I bought a boat many years ago they beat all of my local lender's rates.

[jcamp]

3.75% through my CU. Monthly interest payments are so low there's no incentive to throw down the cash and pay it off.

Yes!

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[Christianhuff]

Yup credit union is way to go.

[Lonestar_HOYT]

I just asked my CU this same question about a week ago and was told 3.5%
I would rather have my cash in hand as opposed to having it sit in the shop.

[jcamp]

I just asked my CU this same question about a week ago and was told 3.5%
I would rather have my cash in hand as opposed to having it sit in the shop.

So your saying with that low of rate you would rather finance and keep money in hand?

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[TexasBob]

So your saying with that low of rate you would rather finance and keep money in hand?

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This applies to vehicles more IMHO. Some folks, me included, feel it makes sense to let the bank carry the risk of rates are low. You get a 40k loan for a truck, no money down, and gap insurance. It gets stolen at dinner an hour after you leave the dealer. Insurance pays book, gap pays the dif, you're good to go. If you paid 40k cash, insurance will cut you a check for 35k or whatever book is. Just an example but that's the idea.

[8pointer]

They won't charge interest if you pay cash.

Agree 100%. If you can't pay cash then find a good used one that you can. Typically if you can't pay cash for a boat or ATV, you probably should not get one.

[Bowtech32]

3.75% through my CU. Monthly interest payments are so low there's no incentive to throw down the cash and pay it off.

Yep, I make more than 3.75% invested over a couple of years. Just make sure you don't end up with several notes. We only have a 3 debits (including morgage) so I don't see anything wrong in take a low interest note. So don't let the cash only folks discourage anyone.

[2014FusionM]

With most of the other people on here check with your local CU they usually have the best deals.

The only reason I didn't go with them on my first used car is because I got .99% and the CU couldn't go lower than 1.9%.

[jcamp]

Agree 100%. If you can't pay cash then find a good used one that you can. Typically if you can't pay cash for a boat or ATV, you probably should not get one.

Could real comfortably afford one without letting go of 10k plus at one time bus. With a low enough rate

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[Mike D]

What's an average interest rate on a boat

If you can't write a check and pay it off tomorrow you can't truly afford it.

If you can pay cash without it putting you in a negative position or short on emergency cash then you are not taking on risk for a toy.


"An honest government has no fear of an armed population"

[Lonestar_HOYT]

I would rather put my cash towards something that makes money, I don't want to come across a piece of land or property or something I think will make money and not have it cause I paid cash for a boat. I think people need to be financially responsible too.

[jcamp]

If you can't write a check and pay it off tomorrow you can't truly afford it.

If you can pay cash without it putting you in a negative position or short on emergency cash then you are not taking on risk for a toy.


"An honest government has no fear of an armed population"

I would consider your first comment an oppinion. We needed my wife's car that we could not write a check for. If I can pay things I have and still put away what I need I consider that affording it

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[gingib]

15 year note on a boat????

[Dejashoot]

My CU is 3.5 for new boat. 3.74 for unsecured