Call Pen Air Federal Credit Union. I have used them for the past 3 boats...Never had a problem.. First one with them I had the boatpicked out and was just shopping for the best rate. The last two boat I had gone and gotten pre-approved and then when shopping for the boat.It has only been a 30/45 minute thing at the bank. Hope it helps.
Boat is paid for so im not really sure about who to go with, but my buddy just bought a boat and he went with Regions. He said they had the best rate and he is tight with his money so im sure he shopped around a good bit. I hate regions but apperantly their rates were the best.
Gulf Winds Federal Credit Union is great. I called from southern Florida on a boat buying trip and they talked with the owner and arranged to fed ex paperwork to him on Monday (this was on a Friday). He let mebring the boat home to Pensacola, with a signed title in my hands and no money. The credit union fed exed the money to him on Monday and everyone was happy campers. They are a great bunch of people to deal with.
If the boat has a cabin and you have a porta-potty and a stove on board, (bolt on grill counts) any interest payments you make are tax deductible as mortgage on a "second home". Even if you rent your first home.
I also used Gulf Winds Credit Union.... Debbie at the "Blue Angel" branch is great. I used them when I bought the boat and when I sold the boat the buyer used them as well.... Great people to do business with!
I would use Gulf Winds or Regions. I have been a member of Pen Air for 25 years and their loan department is very "hit and miss". I have bought and sold 9 boats and have never used Pen Air. I have tried but never could get the customer service I thought was deserved.
Example: I bought a new boat that was valued at $42,000. My credit rating was/is over 800, I needed to borrow $9,000 on the $42,000 boat. After 1 hour of filling out paper work and waiting I was approved but not did not qualify for the lowest rate. I told them maybe their guidelines were a little to strict. At the same time every car dealer in the area had 0% financing so you know they weren't very busy. I went to my truck in the parking lot, called Gulf Winds, in 5 minutes they approved me at a better rate than Pen Air and told methey would have my check waiting for me. I walked back in Pen Air and told the loan officer they needed to get a little more customer friendly.
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