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Pen Air has done all of my financing throughout the years. I walk in, tell them how much I want for what and I walk out with a bank draft.
 

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Regions gave me the best rate when I bought mine. I shopped the rate online, and did everything over the phone. That usually is not the way I like to do it, but it ended up being the quickest and easiest for me and allowed me to see about 9 or 10 institutions' rates, and don't think that some of these people won't deal on these rates either, just ask!
 

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Am buying a boat right now. Just financed through USAA. Easy application over the phone, and beat several other lenders by a full percentage point. Ended up at 6.39% for a 45,000 loan over 10 years.
 

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Penn air,Penn air,Penn air.neeed i say more.I just got a new boat and they loaned me the money at 5%.Go get you some............
 

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+2 for paying cash.

I LOVE how someone said "I NEEDED a new boat......" Who REALLY<U> NEEDS</U> a new boat? I mean come on???? I think you are confusing wants with needs.

It is real simple. Buy what you can pay for. If you can't pay for it, you could not afford it. Credit is a way for people to get stuff they can not afford.

And did I read correctly that one loan was for 10 years????? OMG I would lay in bed and have a heart attack thinking about 10 years worth on a boat loan..

If this last little downturn complete with 10% unemployment, massive numbers of foreclosures, and bankruptcy galore did not teach everyone this, I don't know what will.
 

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Although I myself pay cash for everything I purchase and agree with you guys to save up and buy the boat with cash-

I believe the man asked what banks or credit unions people on here have used in the last 6 months that are actually currently lending money. I didnt sound like he asked for a fiscal tutorial on the advantages/disadvantages of cash versus credit or how some of you paid cash for their boat. I dont think he needs a Dave Ramsey lesson from anybody here and Im sure he is a grown man so some of you need to stop with the daddy role. The man asked a simple question= what banks are folks using for loans and why. Its a simple response. As my dad used to say, "cut the shit"!!



if you have a history of making good payments plus a FICO of 700+ i would try

Beach Community Bank

Coastal Bank

Gulf South Private Bank (though must open an account with a min deposit of 2500)

Hancock Bank
 

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Loan rate for 5 years was 7.39%.

Rate for 10 was 6.39%.

No prepayment penalty. Therefore, no brainer to get the longer term and pay lower interest rate, while making payments to pay the boat off in 5 years. I do the same with my mortgage to try topay the house off in 15 years instead ofthe 30 year term.

Cowdoc--not too many people can afford to buy boats(or cars, or houses for that matter)worth over $50,000 with cash. If you can afford the payment, why isit fiscally irresponsible to finance?
 

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Call around for quotes from lending institutions. Terms and rates vary constantly. What was good good last weekmight no longer be the best deal today.
 

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I was not trying to derail, and I accept responsibility if I did.:takephoto

I can not afford a 50k boat. Let me say it again: I CAN NOT AFFORD A 50K BOAT.

But what I can do is have 2 old boats, one for inshore, one for offshore. If I had endless money, I would have a nice new boat (actually 2 nice new boats). However, it is not possible, so I go with what IS possible, which is to have 2 PAID FOR boats that run great, and I sleep good at night.

If you can afford a 50k boat, then congrats!:letsdrink

If you need to finance it, then I still say you could not afford it. Not trying to be anybodies daddy, that is for sure.

And just in the interest of the spirit of this post, if you do finance it, credit unions usually have the best rate.
 

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angus_cow_doctor (10/4/2009)I was not trying to derail, and I accept responsibility if I did.:takephoto

I can not afford a 50k boat. Let me say it again: I CAN NOT AFFORD A 50K BOAT.

But what I can do is have 2 old boats, one for inshore, one for offshore. If I had endless money, I would have a nice new boat (actually 2 nice new boats). However, it is not possible, so I go with what IS possible, which is to have 2 PAID FOR boats that run great, and I sleep good at night.

If you can afford a 50k boat, then congrats!:letsdrink

If you need to finance it, then I still say you could not afford it. Not trying to be anybodies daddy, that is for sure.

And just in the interest of the spirit of this post, if you do finance it, credit unions usually have the best rate.
Actually the creidt union couldnt compare with Regions rates. My buddy a few post up has alot of different accts and cds and loans with credit unions and when he bought his boat regions was the best. So credit unions isnt always the best way to go.
 

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Wharf Rat, I know of 535 people, of which the majority feel exactly the same as you.

So what the hell, let it rip as fast as you can while you can, its the new American Way.......to somewhere.... might want to takeone of them high dollarYeti coolers full of ice-water with you though.:shedevil
 

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Gulf Winds current rates if your a member;

<TABLE id=PageMain1_dlPostList__ctl2_tblPostContent cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR id=PageMain1_dlPostList__ctl2_rowTitle><TD class=PostTitle><SPAN class=PostTitle id=PageMain1_dlPostList__ctl2_lblTitle><A name=boat></A>Boat and Recreational Vehicle Loans*? </TD></TR><TR><TD><SPAN class=PostText id=PageMain1_dlPostList__ctl2_lblText><TABLE borderColor=#696969 cellSpacing=1 cellPadding=3 bgColor=#ffffff border=1><TBODY><TR><TD width=200 bgColor=#006699><DIV align=center><SPAN class=whitelink>Term</DIV></TD><TD bgColor=#006699><DIV align=center><SPAN class=whitelink>Lowest Annual
% Rate
</DIV></TD></TR><TR onmouseover="style.background='#d3d3d3'" style="BACKGROUND: #ffffff" onmouseout="style.background='#FFFFFF'"><TD width=200>Up to 60 months</TD><TD><DIV align=center>6.74%</DIV></TD></TR><TR onmouseover="style.background='#d3d3d3'" style="BACKGROUND: #ffffff" onmouseout="style.background='#FFFFFF'"><TD width=200>Up to 120 months</TD><TD><DIV align=center>7.24%</DIV></TD></TR><TR onmouseover="style.background='#d3d3d3'" style="BACKGROUND: #ffffff" onmouseout="style.background='#FFFFFF'"><TD width=200>Up to 144 months</TD><TD><DIV align=center>8.24%</DIV></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
 
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