Hi all. New member here currently a powerboater looking to make the switch. My question is regarding financing. How readily available is it for boats over 20 years in age? I've been to a few websites that indicate they will only finance up to a 20 year old boat. Since there are an awful lot of good boats that are over 20 years, what's a future sailor to do?
Older Boat Financing
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Peter
try the seller, or your bank
Your best bet is "seller" financing, but you might also try your local bank. If they know you, and your history, they are likely to look more favorably than an "internet bank".
Your best bet is "seller" financing, but you might also try your local bank. If they know you, and your history, they are likely to look more favorably than an "internet bank".
Equity Loan
Hi Rauzer - Common problem. If you own a home and have had it for any amount of time, chances are it has appreciated. You might be able to get a home equity loan, thereby side-stepping the bank's rules. That's the only way I was able to finance my boat which I bought in Japan. Best, Trevor
Hi Rauzer - Common problem. If you own a home and have had it for any amount of time, chances are it has appreciated. You might be able to get a home equity loan, thereby side-stepping the bank's rules. That's the only way I was able to finance my boat which I bought in Japan. Best, Trevor
I had no problem getting financing...
I went through a credit union and they had no issue with my boat being 20 years old. In fact when I applied for the loan I thought it was 21 y.o. small paperwork error at the brokerage. You might be limited to the lenght of the loan. My Credit Union had suggested finance periods for different amounts depending on if it was used or new. Either way the longer I would of financed it for the more interest they would of charged. I think in the end it's up to the loan officer. Since I was only barrowing $6,000 I just went for 48 months. Decent payements and in 4 years I will own the thing. Good Luck! -- Jeremy
I went through a credit union and they had no issue with my boat being 20 years old. In fact when I applied for the loan I thought it was 21 y.o. small paperwork error at the brokerage. You might be limited to the lenght of the loan. My Credit Union had suggested finance periods for different amounts depending on if it was used or new. Either way the longer I would of financed it for the more interest they would of charged. I think in the end it's up to the loan officer. Since I was only barrowing $6,000 I just went for 48 months. Decent payements and in 4 years I will own the thing. Good Luck! -- Jeremy
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Rich
Find lenders at boat shows
Rauzer, the agencies that specialize in boat loans take out tables at the big boat shows--in fact the indoor boat show in Providence is right in your neighborhood and they have lots of powerboat lenders there for January 2006[http://www.providenceboatshow.com/frmain.htm]. I got my loan from Customer One Financial [http://www.customeronefinancial.com/]. They gave me a $17,000 loan on a 1987 sailboat and even let me choose the range of payoff years I wanted between 5 and 20 years (I chose 12). They are specialists in boat loans and, like BoatUS with boat insurance, they are more knowledgeable and user-friendly than non-specialist banks.
Rauzer, the agencies that specialize in boat loans take out tables at the big boat shows--in fact the indoor boat show in Providence is right in your neighborhood and they have lots of powerboat lenders there for January 2006[http://www.providenceboatshow.com/frmain.htm]. I got my loan from Customer One Financial [http://www.customeronefinancial.com/]. They gave me a $17,000 loan on a 1987 sailboat and even let me choose the range of payoff years I wanted between 5 and 20 years (I chose 12). They are specialists in boat loans and, like BoatUS with boat insurance, they are more knowledgeable and user-friendly than non-specialist banks.
Thanks again..
Rich - I bookmarked the link and may give them a call when the time is right. I actually did go to the Providence Show this past winter as well as recently to Newport and Boston. (I'm a nut for these shows!) Unfortunately, I never did venture off to speak with one of the boat loan reps. In hindsight, I should have.
Rich - I bookmarked the link and may give them a call when the time is right. I actually did go to the Providence Show this past winter as well as recently to Newport and Boston. (I'm a nut for these shows!) Unfortunately, I never did venture off to speak with one of the boat loan reps. In hindsight, I should have.
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