Boat Loan Interest Rates

Written by Patricia Tunstall
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Boat loan interest rates can be fixed, variable, or adjustable, and you can discuss the suitability of each to the terms you want for your loan. These rates, of course, may change to meet the levels of the national prime rate, but you can find low rates by shopping around. It is possible to get a fixed rate of 4.99 percent on a 20-year loan of $100,000 or more.

The rates vary depending on the loan amount; the lower the total, the higher the rate. If you need to borrow $50,000 to $99,999, for instance, the fixed rate might rise to 5.37 percent. A loan amount of $25,000 to $39,999 might see a rate of 6.12 percent. Even if the national prime rate rises and bumps these numbers up slightly, you will still see a proportional jump.

Personalized Rate Quote

Once you have found several marine loan companies, and maybe some selected banks, enter your personal, financial, and boat information to get a personal quote. Ascertain the loan terms so you aren't comparing apples and oranges. A 15-year fixed rate loan will have a different payment schedule than a 15-year variable rate.

If there is a gap between obtaining a personal quote and your actual application to a particular loan company, be sure to get another custom quote just before you finally apply to make sure you can get the same terms you were quoted before. Be aware that most marine loan companies have a minimum amount for loans. Provide as much information as possible on your application so the rate you are quoted will be accurate.

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