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Posts: 1189
| They must all operate differently. My CU has a chart of interest rates and length of loan, based on the age of the boat or car. The newer the item, the longer the loan you can get, and the longer the loan, the higher the interest rate. You just choose from the chart, which terms you want. The last boat I bought(five years ago), the loan officer said it was her fifth boat that week, so they must do enough boats that they know what they are worth. Not sure what method they use to value a boat. She didn't even ask if it was a dealer or individual, just who do we make the check out to. I'm sure if I was overpaying a significant amount for the boat, that would have been an issue. | |
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