COSTCO Boat Loan Program

Yamsailor · #1 (**permalink**) 12-13-2011

Does anybody know anything or have experience with the Costco boat loan program? It appears Costco is offering 4.44% for loans greater than 50K for a term up to 17 years.

tommays · #2 (**permalink**) 12-13-2011

boat must be 1991 model year or newer. RV and boat must be current or most recent four model years or newer for 17 year loan. For RV or boat older than current or most recent four model years, maximum loan term is 15 years for loan amounts above $50,000.

There terms are pretty straight forward and seem to be in everyday language not lawyer language right on the member web sight

Yamsailor · #3 (**permalink**) 12-13-2011

Quote:

Originally Posted by tommays

boat must be 1991 model year or newer. RV and boat must be current or most recent four model years or newer for 17 year loan. For RV or boat older than current or most recent four model years, maximum loan term is 15 years for loan amounts above $50,000.

There terms are pretty straight forward and seem to be in everyday language not lawyer language right on the member web sight

The rate is 4.44%. Whats the catch? Prepayment penalties?

jameswilson29 · #4 (**permalink**) 12-14-2011

The APR is 4.44%, not necessarily the interest rate on this refinance loan. Given the risk involved, I doubt it is a fixed rate loan at less than 4.5%. Probably is an adjustable rate loan pegged to prime +2.5 or 3 (with other finance charges adding .69 or .19 to APR).

F15EWSO · #5 (**permalink**) 04-12-2012

Odd, the Costco link too me to Essex, I was on Essex just a few minutes ago and the direct access to Essex gave a better rate than going via Costco? Seems mistaken or backwards.