Where to get a loan

[blanstuf]

I checked the short post in this section but it was from 2008. Any up to date info on the best place to try to get a loan and any ideas what the interest rate and down payment would be? I'm looking to get a 20 - 22ft. cuddy with an 8 cylinder engine, 1995 or newer. I woukd like to find one under $12,000. Any info would be much appreciated. Thanks.

[netresult]

An online search will get u several avenues very quickly...

[JZelt]

I believe a personal loan can be taken out up to 10,000 thru banks. If you own a house, some banks offer line of credit which can be used. Check multiple banks around your area to compare options. Some are easy to work with and others aren't. Depends on the loan officer and mood that day.

[gsent]

Best interest rates are usually offered at the larger boat shows.
Shopping online is your best bet. Lots of competition in the boat loan industry.

[hllywd692]

Believe it or not, some of the hometown banks have boat/rv loans on new or used boats... I had mine through National City (which is now First Niagra) interest rate depends on the loan amount/ year of boat, but I'd figure no less than 8 1/2 or 9%...

[SWIG]

The interest on the loan may be tax deductible if the boat has head, galley, and sleeping area. My 20' cuddy has a porta potti, sink, and alcohol stove under the cushions in the cabin. I dont know how many people would actually cook something on that stove considering its about 1 foot from the carpeted cabin ceiling, but I'm pretty sure they built it this way so you could claim the loan interest as a second home if you wanted. I know this wouldn't be much on a $12k loan in your case, but every little bit helps I guess.

Here is some more information I found here....

http://www.discoverboating.com/buyin...taxdeduct.aspx