1987pachanga22

I am interested in a 1990 super clean Scarab that I had found for sale.

My question is where can I find a bank or lending place to finance this boat?

I have enough money to buy but there is no way that I want to tie it all up like that at this point in my life.

Not to ba an ass but I don’t want to hear about your point of view on whether or not that is what you would do.

I only want to know if there is any place that will do loans on older boats.

Sunrocket24

iTrader: (1)

Try USAA if you qualify to be a member. I got a loan on my 1990 from them 2 years ago for the same reason you want a loan on that Scarab.

RT930turbo

If you have excellent credit, call my friend Nelson. PM me if you want his number. He works for a major national bank and can get some pretty good rates on these boats if you have great credit and the NADA book is good. No idea how that boat books out...

88242LS

or go to a good local credit union,

WILDwhenWET

My credit union would be the first place I'd go!


WwW

joew.

Why not a CD backed loan if you have the cash or Home equity loan? Just a thought.

soldier4402

I would just shop around. I know banks have gotten stingy on older boats and loans. Either way you will probably have to do some sort of cash with the loan. You can probably find a loan but they are only going to give you a certain percentage of Nada value, maybe only like 75%. And the problem with Nada is the disparity in value specially in older boats.

Another option and I know a lot of people shy away from is personal loans. I know just about any bank will do 10 grand and those are no questions asked. Yeah interest rate is a little higher around 10% but really if you only carry the loan for 3-4 years the interest on it will not be that bad. Another option is to do a cash advance on a credit card with 0APR for a year.

ziemer

iTrader: (1)

+1. Just did a 1990 boat thru them in the fall. Just need to make sure it values as you need thru NADA. That is what they reference. Super easy to work with. Did everything over the phone and they sent a check to my house for when I was ready to make purchase.

soldier4402

+1 but you have to qualify as a member which means you needed to be in the service or a parent did. If you are a parent of a service member you can get a membership you can get limited benefits.

1987pachanga22

Thank you all for the good ideas to try.

Unfortunately my credit is not looking so hot right now and its all because of a glitch at Wells Fargo bank. I will never deal with them again in my life and will also tell everyone that I know about it. I have had 5 years of never missing a single payment or even being late on a single payment. House, Boat, Truck and School Loan and also have no credit cards after paying one off with Wells Fargo that I did mess up on when gong to school. I went to see about the loan and it show that I still owe and am in collections with Wells Fargo for the card that was paid in full 5 years prior so I called Wells Fargo up and they agreed that I was correct and that it was there fault but the most they will do for me is send me a letter stating that the card was paid in full and the date that it happened.

End story is Wells Fargo aka (the Devil) is ruining my credit score and will not make it correct and that is why I wasn’t able to get the loan.