older boat loan
11-03-2005, 09:01 PM
#1
older boat loan
My buddy(another oso member) is wanting to buy my boat. Its a 1983 Excalibur Hawk 40ft. He is looking to take a loan on it. It had a condition/value survey done on it feb/2004. Are there any lenders who will finance this thing? I think he will need 20-25k on it, he's gonna put some cash down. Thanks, MT
11-03-2005, 09:40 PM
#2
(aka) Pure Adrenaline
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Re: older boat loan
Does he own a house ? Do a 2nd mortgage. The rates are cheaper than a boat loan and it's tax deductible to. 
They don't care what the money is used for so there is no problem.
They don't care what the money is used for so there is no problem.
11-03-2005, 11:11 PM
#4
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Re: older boat loan
Originally Posted by Doug
Does he own a house ? Do a 2nd mortgage. The rates are cheaper than a boat loan and it's tax deductible to. They don't care what the money is used for so there is no problem.
They don't care what the money is used for so there is no problem.
11-04-2005, 06:38 AM
#5
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Re: older boat loan
I recently asked National City about a loan for an older boat. They didn't seem to care as long as I had the collateral to back the loan.
11-04-2005, 09:05 AM
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Re: older boat loan
Originally Posted by packinair
key bank
11-04-2005, 09:21 AM
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Re: older boat loan
I talked to the Lockheed Credit Union a few years back and they said as long as they could get a NADA value, age was no problem. Try some local banks and see what they say. BTW NADA lists a 39 and 42 but no 40.
Last edited by JnT; 11-04-2005 at 09:24 AM.
11-04-2005, 10:14 AM
#9
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Re: older boat loan
Key Bank will finance anything if it surveys well....and your credit doesn't suck!
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11-04-2005, 03:31 PM
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Re: older boat loan
We can take care of that for him. He can fill out an application online at www.newcoastfinancial.com or have him call me at 727-741-8150. I am in Lauderdale at booth 154.
