Whatever your reason, refinancing your current boat loan is a quick and easy process. Did you know that in most cases, if you reduce your interest rate by at least one one half of a percentage point, a refinancing is worth while. The following example shows how even a small decrease in the rate of interest on a boat loan can result in significant savings depending on your current balance:

Loan Balance: $225,000 Remaining Term: 240 Months Current Rate: 7.75% Current Monthly Payment: $1,847.13 Refinance Rate: *6.75% New Monthly Payment: $1,710.82

These borrowers would realize a savings of $1,635.72 per year simply by refinancing their current boat loan. They would realize a term savings of $392,572.80 over the term of the loan. What can you do with the extra money you can save each month? Anything you want!