Credit Boat Loan
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Financing for new and used boats, with great interest rates specifically for members seeking boat loans, are a great first step to get you out on beautiful Oregon waterways. First, make your way to Oregon State Credit Union's online boat loan application or to any branch.
*APR (Low) indicates the lowest annual percentage rate you may qualify for on the loan. The annual percentage rates shown in the table are reflective of a range of rates available. All loans are subject to approval. You may qualify for the lowest rates published depending upon your credit qualification, the amount financed, receiving a 0.25% APR reduction by maintaining an automatic loan payment each month and 0.25% APR reduction for qualifying for the Premier Member Merits category. The Member Merits rate discounts are subject to change.
The lender or the dealership finance manager will steer you through the loan and purchase paperwork. Here are ways to pay back an auto loan (or a boat loan) early so you can reduce how much you pay in interest over the life of the loan.
There are plenty of lenders offering secured personal loans. You may get approved for a personal loan with a low credit score and still have some flexibility in choosing a term and payment that best fit your budget. The cons are that the loan terms may be shorter than a bad credit boat loan, origination fees may apply and interest rates could reach the legal limit for your state, which is as high as 35.99% in some places.
If you have the cash available to pay for the boat, you could get a hefty discount on the selling price and save hundreds, if not thousands of dollars in fees and interest while you work on repairing your credit.
Based on an APR of 5.99%, your monthly payment on a $10,000 loan amount and a 60-month term would be $193.70. Based on an APR of 6.09%, your monthly payment on a $20,000 loan amount and a 61-month term would be $382.90. Based on an APR of 6.19%, your monthly payment on a $60,000 loan amount and an 85-month term would be $875.65. Based on an APR of 6.29%, your monthly payment on a $75,000 loan amount and a 121-month term would be $840.51.
Based on an APR of 6.49%, your monthly payment on a $10,000 loan amount and a 60-month term would be $196.08. Based on an APR of 6.59%, your monthly payment on a $20,000 loan amount and a 61-month term would be $387.66. Based on an APR of 6.69%, your monthly payment on a $60,000 loan amount and an 85-month term would be $890.37. Based on an APR of 6.79%, your monthly payment on a $75,000 loan amount and a 121-month term would be $859.83.
If you meet our credit criteria, you could be approved instantly. If your application must be reviewed by an underwriter, you should receive a decision within the same day. If you have applied online and you do not meet our criteria, you will be notified of a decision on your application within two business days. As long as all stipulations to obtain the loan are satisfied, funds are available the same day.
It is beneficial to get pre-approved before you go shopping. If an application requires certain stipulations such as a limited loan-to-value or a maximum loan amount, it is better to know that information prior to shopping.
You can often expect boat loan terms to include a repayment period of 15 to 20 years. Down payments may range from 10% to 30%, depending on the amount borrowed, and typically the boat is considered collateral for the loan. Boat loans often start out as low as $5,000, with some lenders offering financing up to $5 million.
Keep in mind that the terms involved with the average boat loan will vary based on a number of factors. These include whether the boat is new, used, or being refinanced; how old the boat is; how much you plan to borrow; and whether the boat is for full- or part-time use.
Getting approved for a boat loan on an older watercraft can be tricky, but it is certainly possible. Some lenders (including one from our list above) will offer used and refi loans on boats as old as 19 years. If the boat is of high value, you may even find lenders willing to finance a watercraft as old as 25 or 30 years.
As a general rule of thumb, you should ensure that any purchase you finance will be paid down faster than it depreciates. If the purchase's value decreases at a faster rate than your loan balance, you run the risk of going \"upside down\" on the loan, or dealing with negative equity.
Negative equity can be a serious concern with a high-value investment such as a boat. If the boat were to be stolen, totaled, etc., you would be on the hook for the difference between the remaining loan balance and the insurance company's valuation/payout. Negative equity can also come back to bite you if you ever want to trade in the boat or sell it, as you'll wind up owing your lender out-of-pocket in order to finalize the transaction.
Lastly, it's important to recognize that financing a purchase will cost you more than the sticker price, no matter how competitive the interest rate you obtain. Between loan processing fees and finance charges, the added expense can be significant.
While financing a boat is not a bad idea in and of itself, it's important to strike a balance between your purchase price, down payment amount, and loan repayment terms. This will help maintain a healthy loan-to-value (LTV) ratio and ensure that you don't pay significantly more for your purchase over time than if you'd paid in cash.
Recreational or Boat Loans from KTVAECU offer competitive rates AND stellar Member service. In addition, below are some other reasons why KTVAECU is the best loan provider in the region:
Guaranteed Asset Protection (GAP) provides a little extra coverage beyond your auto insurance. If your vehicle is stolen or totaled, the majority of insurance companies will only pay up to the book value of the vehicle, leaving you to pay the difference. GAP would cover that difference: between what the insurance company pays toward the loan, what is left of the loan balance, and the deductible up to $1,000. GAP through the Credit Union also provides $1,000 toward the purchase of a replacement vehicle if financed through the Credit Union within 90 days.
Life is unpredictable. Debt Protection with Life Plus offers a safety net for your loans during unexpected life events such as illness, hospitalization, loss of life, and more. Debt Protection can be added at any time during the life of the loan and can offer peace of mind for yourself and your family members. For more information or to add Payment Protection, call us at (865) 544-5400.
1*APR = Annual Percentage Rate. Available to qualifying Members. Some restrictions may apply. Rate subject to change without notice and based on creditworthiness. Fees may reduce earnings. Minimum loan amount for new recreational vehicles with terms 85 to 96 months: $40,000.00. Extended terms available for Recreational Vehicles and Boat Loans with a minimum loan amount of $40,000.00. Extended-term rates available and may vary based on creditworthiness. Rates increase by 1.00% for recreational vehicles over 100,000 miles. Payment per $10,000.00 is for example purposes only. Ask for details. 2APR = Annual Percentage Rate. Available to qualifying Members. Some restrictions may apply. Rate subject to change without notice and based on creditworthiness. Fees may reduce earnings. Extended terms available for Recreational Vehicles and Boat Loans with a minimum loan amount of $40,000.00. Extended-term rates available and may vary based on creditworthiness. Rates increase by 1.00% for recreational vehicles over 100,000 miles. Payment per $10,000.00 is for example purposes only. Ask for details. 3Service available through third-party partner SWBC Financial Institution Group. Guaranteed Asset Protection (GAP) is not intended to replace your automobile insurance. It may not protect the entire deficiency. It does not provide bodily injury, property damage, liability, or collision insurance and does not comply with any financial responsibility or any other law mandating motor vehicle insurance. These products are optional. Insurance products are not a deposit or obligation of, or guaranteed by Knoxville TVA Employees Credit Union or its affiliates. These products are not insured or guaranteed by NCUA or any agency of the federal government. Your credit approval cannot be conditioned on whether you purchase any of the insurance products. Some exceptions apply.4Payment Protection with Life Plus Service is available through third-party partner CUNA. Must be age 18 or older to apply. These products are optional. Insurance products are not a deposit or obligation of or guaranteed by Knoxville TVA Employees Credit Union or its affiliates. These products are not insured or guaranteed by NCUA or any agency of the federal government. Your credit approval cannot be conditioned on whether you purchase any of the insurance products. Some exceptions apply. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries, and affiliates. Payment protection products include debt protection products available through the credit union and MEMBER'S CHOICE credit life and credit disability insurance underwritten by CMFG Life Insurance Company.5Skip-a-Payment Disclaimer - Skip-A-Payment is not valid on real estate loans, business loans, line-of-credit loans, or credit cards. $35.00 fee applies to each skip-a-payment. All qualifying loans must be current and in good standing. Maximum number of 2 skips are allowed per rolling 12-month period. Back-to-back skips are allowed if qualifications are met. Ineligible loans will not be deferred. Credit Union will not be responsible for any payments, deposits, or other communications of forms lost in the mail. Skip-A-Payment is subject to Credit Union approval. By utilizing Skip-A-Payment, you acknowledge that KTVAECU will be extending your loan and final payment by one month on each loan