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Thread: Which bank currently has the best rates for used boat?

  1. #1
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    Default Which bank currently has the best rates for used boat?

    Hey guys, I hope to could get some help here.
    I'm in the market for a used boat under $20,000. So which banks currently have the best rates for used boats. I called a few and best I've had so far was with Credit Union1 @ 5.5% and they'll cover 100% of the loan value. It'll be my first boat ever so I'm not sure what to look for or ask about. I assuming it's just like a car loan.
    Also what would I need look for when viewing used boats? Any red flags signs? I wish I could afford a brand new boat to avoid issues down the road, but it's not going to happen when I also have a mortgage to pay. I just want to get on the water for some halibut, cod, and salmon action this year. Any help would be great. Thanks

  2. #2
    Member Grayling Slayer's Avatar
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    I've been happy with CU1 for many years. You can usually get insurance for boats under your homeowners policy which the bank will require.

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  3. #3
    Moderator bkmail's Avatar
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    CU1 has been the best lender to use in our experiences.
    Would use them again if needed.
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    One consideration in addition to rates: value survey. FNB doesn't require a survey. Ak USA does, usually a $300 expense if you can even find someone to do one. Check banks on that too.


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  5. #5
    Member tlingitwarrior's Avatar
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    Another happy CU1 boat loan customer
    In 1492 Native Americans discovered Columbus lost at sea
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  6. #6
    Member cod's Avatar
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    Quote Originally Posted by Lee04 View Post
    Hey guys, I hope to could get some help here.
    I'm in the market for a used boat under $20,000. So which banks currently have the best rates for used boats. I called a few and best I've had so far was with Credit Union1 @ 5.5% and they'll cover 100% of the loan value. It'll be my first boat ever so I'm not sure what to look for or ask about. I assuming it's just like a car loan.
    Also what would I need look for when viewing used boats? Any red flags signs? I wish I could afford a brand new boat to avoid issues down the road, but it's not going to happen when I also have a mortgage to pay. I just want to get on the water for some halibut, cod, and salmon action this year. Any help would be great. Thanks
    Not to smash your dream but have u considered waiting a year, maybe two? Don't know what u do for work but if our economy up here is headed where they say it's headed, u may pick up a pretty sweet deal shortly. Provided u still hold a job here. Personally, I would never take out a loan and pay interest fees on a boat (without a potty onboard).
    When I got my first boat it was an inflatable w steering console and overhead cover, 40 horse Tahatsu on it. Still have that boat and use it for halibut every year. Only problem ever with it was steering cable freezing and that was because I didn't grease it regularly.
    Just a thought....
    Your sarcasm is way, waaaayyyyyyyy more sarcastic than mine!

  7. #7
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    Thanks for the replies guys, and Cod, thanks for the insight. I haven't really thought about the economy going down but have read a lot about it lately. I do know for a fact that my job is secured and I won't be going anywhere else anytime soon. The wife and I have been talking about buying about buying a boat for quite some time now but her job working for the ASD isn't secured with all these budget cuts, so might have to just wait a bit. Thanks again

  8. #8
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    CU1 is the best out there by far as long as you credit is good. I bought new in 08 and they carried the note and it was 5.5 % then... so they have stayed the same for a long while. Insurance is always a crap shoot and there is no need to be loyal to any one company in that arena anymore. I was loyal to one insurance company for 30 + years and then got tired of how the rates kelp going up and then started shopping around to find out that I could get better deals by shopping around. Depending on age of boats some will not insure but then others will so you have to shop around on the insurance for both your boat, car and house. I always wanted to have everything with one company, it made life easier but that is not always possible and still get the best deal today. There are + and - to buying a boat new its like buying a new car you lose value the day you drive it off the lot. Just because its new does not mean everything will work in the next 6 months either, the only saving grace is that it is still under warranty.
    Good luck and you will not find a more hassle free boat loan than CU1

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  9. #9
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    For insurance charter lakes check out. Progressive was 3 times what charter lakes was.

    As far loan there all the same it just comes down to who wants to write the loan. And how good your credit is.




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  10. #10
    Member wildwill's Avatar
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    CU1 was 4% today for up to 84 months. Just shopped them and Alaska USA for a Hewes Pacific Explorer. Prefer Alaska USA as they have the wife's truck and are super close to my office, but CU1 has better rates one boats and are super easy to deal with. They had 5.5% for longer terms too.
    Since the World is 2/3 Water and Only 1/3 Land, Figures the Good Lord Intended I Fish More Than I Plow.

  11. #11
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    I like Denali Federal Credit union. I don't know the interest rates, but they always treated me right. I have gotten 5 or 6 car loans from Denali. As for boat insurance I have an actual cash value policy, which means the insurance will give me the cash value of my boat at the time of purchase less the deductible if I total out my boat, as long as I do not let my policy lapse. Insurance also covers roadside assistance and water recovery and a lot of other things,for less then 500 bucks a year. Progressive is my insurance company.
    Buy your boat and have fun

  12. #12
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    Thanks for the replies guys. So I found a boat that I am considering. Went to see it today but didn't know what to look for but took plenty of pictures. It's the 1997 20ft Hewescraft SeaRunner list on Craigslist for $12k which is really affordable. Comes with a 130 HP V4 2 stroke Johnson and Carnai trailer. Deal or no deal. Have not seen it run due to the cold weather outside. Need some work with torn seats and a 7 inch dent dent at the front corner of that haul. Any inputs would be great. Like it but it does seem too big for my 02 double cab Tacoma. Thanks again.

  13. #13

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    Lee, check your PM's

  14. #14
    Member Bullelkklr's Avatar
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    How many hours on the motor? Look over the steering cables good. Check all over for corrosion. 12k could be good could be bad. That 130 goes on you and you have 10-12K to put a new motor on it.

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