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Thread: Boat loans, who's got one, from who, and what to avoid...I'm in the market.

  1. #1
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    Default Boat loans, who's got one, from who, and what to avoid...I'm in the market.

    Moved from Dillingham to Juneau about six months ago and have finally healed the fiscal hemmorhage that is moving from one isolated place to another. Now that I have that bleeder stopped, I want to open a new one.....with a bigger boat. We've put together enough for a downpayment on about anything under $50 k (though that is the top end of what we want to spend), so of course there will be a loan involved. However, I know squat about financing a boat and the rates and terms seem to vary a lot from bank to bank etc.

    So, what have you all learned in the process from boat financing, who's good, who's bad, best service? All that stuff is of interest.

    General boat interests are 20-24 foot, aluminum with a hardtop, outboard four stroke. Something that is gonna get me out of the channel even if there's a chop.

    I currently have a 16 ft Lund that has been great for crabbing and I even trolled up a king a week ago, but I'm looking for a boat that will let me experience more of SE and without my bunghole all puckered up.

    Thanks in advance, lookin forward to joining the club.

  2. #2
    Member akdeweyj's Avatar
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    I have had two loans with Alaska USA FCU. They are a little slow on the paperwork side, but good to work with.

  3. #3
    Member killer instinct's Avatar
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    +1 with AK USA Federal Credit Union. I think their rate is around 6.25, but I might be wrong. Phone number is 907-563-4567. Easy to work with.

  4. #4
    Member patrickL's Avatar
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    I've had two with Credit Union One. They typically have better rates than AK USA but are pretty slow on the paperwork as well. I think right now they have 3% for loans less than 7 years and 5% for anything above that.

  5. #5
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    credit union 1......3.0% & they don't require a large down. obviously if you can find a boat that books quite a bit higher than your buying it sweetens the financing. they'll finance out of state to....bought mine in florida

  6. #6

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    Denali Federal Credit Union has been great for a number of our customers that have bought Phantoms and North Rivers. They're currently offering 5.5% on boats loans and have been great to work with. PM me if you'd like additional info.

  7. #7
    Member pacific23's Avatar
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    Here is the broker I used , GREAT SERVICE and FAST . It was a flat $200.00 fee .
    tsterling@russofinancial.com

    If you want a Phone number just let me know and I'll look it up for you.

  8. #8
    Member AKBighorn's Avatar
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    I bought my boat new and financed through AK USA. They are all I have used for 20 yrs so I wouldn't even look elsewhere. The paperwork was done and check cut in a couple of hours. Absolutely no hassle. Obviously people have different experiences but if you notice the posts above are all credit unions vs banks. As with any loan the APR is always based on "your" credit rating and posted APR's are not set in stone if you have really good credit. You can research credit unions (or banks if you like) via google and look at what each has posted. Here is AK USA's current posted rates:
    Boats and Vessels
    6-120 Months 5.750% - 14.000%(1)
    121-180 Months 6.250% - 14.500%(1)
    181-240 Months 6.750% - 15.000%(1,2)

    If you want more info you can look at
    https://www.alaskausa.org/current/ra...p#OtherSecured or https://www.alaskausa.org/loans/vessels.asp

    I have no ties to them aside from my own personal dealings. Alot of times they will offer lower rates if you apply online. Although thier rules say that they require a certain % rate, that too can be reduced or waved based on your credit. If you don't see what your looking for just ask someone what deals they have going or what "you" could get. Any time I am looking to get a loan I always get a pre approval before I go shopping so I have all that info upfront before talking to anyone so they don't give you some load of BS.

    If your looking at a new boat things usually happen alot faster than used. If its used you will typically need to have a recent appraisal on hand to get the paperwork done faster.

    Good luck and happy shopping.

  9. #9
    Member greythorn3's Avatar
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    do you need to get an apprasial on a used boat? will they do airboats? do you need to have insurance on a financed boat?
    Semper Fi!

  10. #10
    Member AKBighorn's Avatar
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    Quote Originally Posted by greythorn3 View Post
    do you need to get an apprasial on a used boat? will they do airboats? do you need to have insurance on a financed boat?
    If its over a certain $ amount yes. I don't recall what it is though.

    Yes and Yes.

  11. #11
    Member Roger's Avatar
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    Quote Originally Posted by greythorn3 View Post
    do you need to get an apprasial on a used boat? will they do airboats? do you need to have insurance on a financed boat?
    Northrim bank does airboats also
    PEOPLE SAY I HAVE A.D.D I DON'T UNDERSTA.....OH LOOK A MOOSE !!!

  12. #12
    Member 4merguide's Avatar
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    Quote Originally Posted by Catch It View Post
    but I'm looking for a boat that will let me experience more of SE and without my bunghole all puckered up.
    I think a guy needs a little bunghole pucker in all AK waters just to keep ya on your toes......EVEN in a bigger boat.

  13. #13

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    Quote Originally Posted by 4merguide View Post
    I think a guy needs a little bunghole pucker in all AK waters just to keep ya on your toes......EVEN in a bigger boat.

    Can you ever get big enough? You will always push the limits and get the pucker, just to see what the boat will do...and then decide to never do it again!!!
    Last edited by rhorn; 03-17-2012 at 00:59. Reason: spelling

  14. #14
    Member 4merguide's Avatar
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    Quote Originally Posted by rhorn View Post
    ...and then decide to never do it again!!!
    If you ever get another chance....

  15. #15
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    Quote Originally Posted by greythorn3 View Post
    do you need to get an apprasial on a used boat? will they do airboats? do you need to have insurance on a financed boat?

    yep you need insurance on most anything thats financed, if the boats been appraised or surveyed within the lat yr or two they may use that. it also depends on loan amt & price of vessel to the loan...there's lots of factors...sometimes best to call & talk to them a bit to see what papers they need & shop around for rates then when your ready get pre-approved & run your credit. I'm surprised at the amount of people that will search for boats, go look at them & make an offer then find out they cant finance it.

  16. #16
    Member killer instinct's Avatar
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    Just contacted AK USA FCU requesting a Loan Rate Reduction (AKA Re-Fi) - we bought a 2011 Woolridge Alaskan XL last February & the rate was 6.5 at the time. They are now down to 5.6% (doing it through the Internet). I'll take a .90 % reduction, Thank you very much....

  17. #17
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    Credit union 1 just dropped there's a couple weeks ago also 3.0%

  18. #18
    Member killer instinct's Avatar
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    Quote Originally Posted by excav8tr View Post
    Credit union 1 just dropped there's a couple weeks ago also 3.0%
    Might have to give them a call ....

  19. #19

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    I do all of my personal loans through Credit Union 1. Best rates, and far better service. I've used Alaska USA for my checking for 20+ years and even with their higher rates, they seem to be a lot more difficult to get a loan through. I gave up trying 5 or 6 years ago with them. I was able to drop 0.5% off my new truck loan last month (final APR of 2.5%) because I had accrued some points. They get 5 more payments from me on my Predator and it's finally all mine, and yes, I do have to provide proof of insurance for it.

  20. #20

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    I will have a 24 foot Hewes Hardtop with Yamaha 225 4 stroke loaded with gear available after June. Send a PM if interested.

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