Current Rates

[RobbieO]

4.24 at US Bank for 180. We did put half down but opted for the max months as a just in case scenario. 2700.00 was the rack rate on the AR250 YES extended warranty. Yacht Blue! Classy like a tube top!

It makes sense that a bigger boat YES contract is more.

 

[RobbieO]

I got 3.90% for 180 months today...with Yamaha.

What percentage down?

 

[Shir9406]

What percentage down?

I didn’t have to put any down, but we did $5000... not sure what percentage that would have been lol

 

[TexAg2010]

If you’re interested in helping the dealer finance person get you their lowest available rate, it’s worthwhile to ask them about a few variables directly, within what you have the flexibility to do. “With the current parameters, am I at tier 1 status with the lending partners you use? If I have x amount more available for down payment, can you see if this will get me a more favorable rate?” etc. I did go with a .5% higher rate using my dealer’s finance partner than was advertised for my credit tier for the same term through another lender online because my dealer throws in first year free maintenance if you let them work your financing. Simply asking if a bit more down payment (within what I was prepared to spend) could lower my rate, or if they could be more competitive with the online rate I quoted resulted in a .25% rate reduction - I did not end up putting more down. I settled out at 4.74% on 20 years which I fully intend to pay off early, after initially being quoted 4.99%.

 

[k.daddy]

I got 3.99 for 180 months and nothing down through Yamaha on a 252S 2 weeks ago.

 

[mrcleanr6]

Same here. 3.99 for 180 and they wanted nothing down which is kinda crazy for almost 140k. I put about 30% anyway but still. They are pretty trusting to give that kind of money away with nothing down and there was barely an application. The application asked for nothing more than my name, address, ss# and a signature lol. Got approval in 5 min. Easiest loan i ever got

 

[bigwaves]

Same here. 3.99 for 180 and they wanted nothing down which is kinda crazy for almost 140k. I put about 30% anyway but still. They are pretty trusting to give that kind of money away with nothing down and there was barely an application. The application asked for nothing more than my name, address, ss# and a signature lol. Got approval in 5 min. Easiest loan i ever got

You got 3.99%, zero down on $140k?? Damn! I’ll take my 800 plus score to the dealer and get me some of dat cheap monies.??? I need one of those 275’s. What the hell, it’s only another payment.

 

[tradenpaint]

Are they coming off the MSRP...tried to buy last summer (no inventory) and the dealer wouldn't budge??

 

[mrcleanr6]

I failed to mention this was in oct.

 

[ripler]

What some people don't understand is that finance rates are negotiable, banks want your loan. I negotiated my rates on my wife's Wrangler and on my MasterCraft. Both dealers came back with an interest rate and I counteroffered with the rate I was willing to pay and in both cases they accepted my offer.

 

[adrianp89]

What some people don't understand is that finance rates are negotiable, banks want your loan. I negotiated my rates on my wife's Wrangler and on my MasterCraft. Both dealers came back with an interest rate and I counteroffered with the rate I was willing to pay and in both cases they accepted my offer.

Exactly, and doing your homework like this gives you leverage to what is realistic. I had a strong feeling 4.99% was not the best rate, and I now know I can go in aiming for a 3.99. Not as much feedback on the YES, but it looks like the price on that is relatively fair.

 

[kgower]

Are they coming off the MSRP...tried to buy last summer (no inventory) and the dealer wouldn't budge??

NOOOOOO!

 

[Ronnie]

I don’t understand why Yamaha offers a 3.99% for 36 months deal for those that qualify (assuming to qualify the borrower must have a credit score of 800+) if anyone with a score of 800+ qualifies for 3.99% for up to 180 months. Why would anyone who qualifies choose the 36 month term? What am I missing?

Maybe “LETS HELP YOU GET ON THE WATER” should be revised to “LETS HELP YOU GET UNDERWATER”.

On a related note, my credit union for rates were about the same as Yamaha’s a few months ago, low 6% but the rep told me about another credit union nearby with rates 1% lower. She financed her new car through the other credit union since it offered better rates than her employer/my credit union.

 

[adrianp89]

I don't like that they don't advertise the 180 rates anymore. That is a standard term in this industry.

 

[AmesJainchill]

Guess the rates vary between states to some degree, but the most recent CU (MSGCU in this case) boat loan rates in Michigan that I saw are:

Marine Loan
LOAN AMOUNT	APR* AS LOW AS	TERM
$75,000 and Over	4.24%	Up to 240 Months
Between $30,000 - $74,999	3.99%	Up to 180 Months
Between $20,000 - $29,999	3.89%	Up to 144 Months
Up to $20,000	3.79%	Up to 96 Months
Example: A loan amount of $40,000 with a rate as low as 3.99% APR for 180 months would have an approximate monthly payment of $295.68.
*APR=Annual Percentage Rate. Offer requires Automatic Loan Payment transfer. Loan terms up to 240 months, depending on amount financed. Loan to Value up to 135%. APR may be higher, based on amount financed, term of loan, and credit score. Marine Survey may be required. New money only. Rates are subject to change at any time. Same-day approval on most Marine applications. Contact Member Service Representative for more details.

 

[Ronnie]

When I financed a used boat years ago through Essex Credit (under written by Bank of the West), the Terri available was determined by the amount borrowed. That is, if you borrowed under $25k the term was 10 years, between $25k and $100k it was 15 years, they had a 30 year term as well but I didn’t want or need to know about it.

Going into their office to sign the paper work was a humbling experience, I was there to borrow a few thousand dollars but the pics of new owners and sometimes their kids on yachts which could be seen in the harbor next door reflected that I was a very, very small fish in a very, very big pond.

Side note: I paid that loan off early. I tried to walk into a local branch to pay off the loan but since the remaining balance was over $5k the branch would not accept my payment so I had to mail it in instead. I never found out why the branch wouldn’t take my payment other than it was corporate policy.

 

[adrianp89]

I got 3.99 for 180 months and nothing down through Yamaha on a 252S 2 weeks ago.

Where are you located?

 

[LakeErieJB129]

Our local credit union is giving us 5.25% on new boats, nothing required down with them but had to put 10% down with the dealership.

 

[F.M.]

My local CU is at 2.99, but will only go 84 months.

 

[adrianp89]

Certain credit unions across the country have as low as 3.49% for 180. I called all other dealers in the state and 3.99% seems to be lowest through Yamaha. My dealer seems to be playing hardball, I’ll follow up in a few days. Have a week before picking up the boat. I have credit unions as a back up.