Financing an older boat

speedboatr · 06-01-2006, 06:43 PM

Anyone have experience with a company that will finance an older boat (1992) and the amount financed would be under 20,000.00.
I have checked with two companies and one only handles loans above 35,000.00 and the other will not loan on that old of a boat. Any help would be greatly appreciated.

Thanks, Speed.

Pantera1 · 06-01-2006, 07:05 PM

Fico ?

speedboatr · 06-01-2006, 10:06 PM

Fico.?

I’m assuming you are asking for my Fico score (had to do a search on the net for FICO to find out what it stood for)

To answer your question I do not know. It should be pretty good, I have never been late on a payment….. but have lived the American way so my debt to income ratio may be a little high.

Pantera1 · 06-01-2006, 10:09 PM

Quote:

Originally Posted by speedboatr

Fico.?

I’m assuming you are asking for my Fico score (had to do a search on the net for FICO to find out what it stood for)

To answer your question I do not know. It should be pretty good, I have never been late on a payment….. but have lived the American way so my debt to income ratio may be a little high.

Jeez I dont know anyone like that ...

lol
Your score is the first thing the banks want to see to borrow

WesSmith · 06-02-2006, 08:39 AM

I would always recommend Dave Patnaude from Essex Credit.

If it can be done, he's your guy !!

Loan Ranger · 06-02-2006, 09:18 AM

Speed,
I would be able to help you on that. As the banks base their rates on the amount of the loan, you are going to be looking at rates in 9.0% - 11% range for that size of a loan for 120 mos. If that works for you, give me a call at 866-639-2627. Thanks.
Kyle
kyle@newcoast.com

Pantera1 · 06-02-2006, 09:27 AM

9-11 % ?
Does that come with a jar of vaseline

kickin32 · 06-02-2006, 09:32 AM

amerifleet in va

Reckless32 · 06-02-2006, 10:07 AM

Try your bank or a bank such as SunTrust. Boat loans are essentially RV loans in terms of payoff periods. Just call around and keep popping the question, you'll be surpised at what you might find. It doesn't necessarily have to be a "marine financer". Otherwise if you don't need a long term payoff period and can handle a decent payment, go with a conventioanal collateral loan of 4-7 years. You'll pay it off quicker that way too.

kswest · 06-02-2006, 10:15 AM

I wouldn't go 120 payments on a $20k note. You'll end up paying $7800 in interest at 7% and over $13k at 9%.

I'd try to get something in the 3-4 year range on that note size. Many personal loans will be available to you.