# Boat Financing



## Sea D Reamer (Feb 16, 2010)

Anyone recommend a bank or online service for boat financing? I have some generic questions that I want someone or some site to help answer. 

Is 20% down the norm on all boat financing these days? Is it a must?

Thanks for any and all help.


----------



## BBob (Sep 27, 2007)

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.


----------



## reeltime (Aug 4, 2008)

i second Pen Air. they'll finance the whole amount assuming it's worth the price.


----------



## Pinksnappertrapper (Dec 7, 2007)

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.


----------



## [email protected] (Feb 11, 2009)

Give us a try.

http://www.sea-loans.com/

www.seatow.com


----------



## Spanky45 (May 17, 2008)

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.


----------



## jim t (Sep 30, 2007)

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.










Jim


----------



## miss mai (Oct 7, 2007)

Call Rich @ Regions Bank--- he's a member on the PFF (makes the pinfish traps)....

My 19 was financed @ Bank of America thru Emerald Coast back in 2004


----------



## miztergentz (Oct 8, 2007)

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!


----------



## Mikvi (Mar 11, 2008)

I went to Hancock Bank a couple of weeks ago. They advised going to a Credit Union to get the best rates. Most banks won't finance for more than 4 years for anything over 4 years or so old.


----------



## Sea D Reamer (Feb 16, 2010)

Thanks for all the info. I am definitley going to try to shop around for the best rates. 

As for Credit Unions, I am not a member. Does this matter? I thought you had to be a member of a credit union to apply for a loan. 

THanks


----------



## asago (Nov 11, 2008)

If you have USAA you can't beat their rates or service - and the process of financing anything with them is a breeze.


----------



## BANKWALKER (Aug 26, 2009)

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.


----------

