Boat Loans
Boat Loans information and rates.

Boat Loans

You have a dream of skiing and fishing from your new boat every weekend. It will be a blast and your family will love it, but the question remains, how will I pay for this dream boat. The solution is found in a simple boat loan.

What are the loan repayment terms on boat loans?
Repayment terms on boat loans are usually 5 years, 10 years, or 15 year loan terms. If you have your heart set on a larger more expensive boat, many banks and credit unions will offer 20 year terms.

Boat loan interest rates?
Typically you have options available to consider. One would be a fixed interest rate which remains the same throughout the length of the loan. Another option offered is an adjustable rate loan. This type of loan offers an initial lower interest rate that makes your payment lower, allowing you the possibility of other purchases such as skiing equipment and fishing gear.

Are there any fees for boat loans?
There are fees involved with boat loans. Although fees vary by lender, the standard fee is a percentage of the loan amount (points). A boat loan of $10,000 having a 1 point fee (1% of the loan amount) would result in a fee of $100.

What about down payment requirements?
Most banks and credit unions expect a 10 - 20% down payment. There are some lending institutions that will finance your boat for as little as 5% down.

General boat loan requirements:
An independent survey must done of your boat to determine the shape and overall condition of your boat. Banks and credit unions want to make sure your boat is sea worthy and adequate collateral for the amount of loan in question.

The purchase of a used boat requires a title search on the boat. This will determine if there are any liens against the boat by the previous owner. If there is such a lien, it will have to be cleared before a boat loan will be offered to you.

Always contact multiple lenders when shopping for boat loans. Interest rates and fees can vary widely by lender. By involving more than one lender, you will ensure getting the best loan package and prevent paying thousands of extra dollars in interest charges.

Latest Boat Loan News
March 20, 2007
All debt is not created equal. While financial advisers almost reflexively urge consumers to avoid carrying credit card balances from month to month and to go easy on boat loans, car loans and other forms of debt, they usually make an exception for a mortgage used to buy your home. A home mortgage is one of the very best uses of credit.

Online Ads found about "Boat Loans":

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Other Credit Unions:

Arizona FCU (27) is available to anyone who lives, works, worships or attends school within Maricopa County, Pinal County or the City of Tucson is eligible to join Arizona Federal.
Community Credit Union Of New Milford serves the entire New Milford community. Anyone who lives, works, or worships in New Milford or its surrounding communities.
Transit Employees FCU serves full-time and Part-time employees of the Washington Metropolitan Transit Authority and its subsidiaries and affiliates who work in the Washington, DC area, Employees of the Amalgamated Transit Union, and employees of Transit Employees Federal Credit Union.
Washington Postal Employees Federal Credit Union serves postal employees within the District of Columbia and their immediate families.
Meriden Postal Employees FCU is headquarted in Wallingford, Connecticut.

Credit Union News:

Credit unions raise funds to end hunger
The Lewiston Sun Journal - Feb 6, 2008
WESTBROOK - Maine's credit unions celebrated their efforts toward "thawing" out hunger in Maine at the January Thaw to End Hunger Celebration Event on Jan. 28 at the Maine Credit Union League.

Full Story: http://www.sunjournal.com/story/250669-3/LewistonAuburn/Credit_unions_raise_funds_to_end_hunger/

Credit union Wings strikes deal with black pilots
BizJournals - Feb 5, 2008
Wings Financial Federal Credit Union is now the official credit union for the Organization of Black Airline Pilots (OBAP), Wings announced Tuesday.

Full Story: http://www.bizjournals.com/twincities/stories/2008/02/04/daily21.html%3fana=from_rss

PSCU adds local to board
The Fort Collins Coloradoan - Feb 6, 2008
Bob Hoel of Windsor, former chairman of Norlarco Credit Union in the late 1980s, has been named to Public Service Credit Union's board of directors as the transition to PSCU continues.

Full Story: http://www.coloradoan.com/apps/pbcs.dll/article?AID=/20080206/BUSINESS/802060329

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