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  1. #1
    Registered kmiller's Avatar
    My Boats:
    1990 26' SCARAB CV
    Join Date
    Oct 2003

    Trying to buy first boat!!

    I always thought it would be easy when the time came but, I have found a boat, and am not having any luck getting a loan. I have found a 1985 24' aero w/new interior, new alpha ss drive, 383 stroker with less the one summer of use, and an all white custom panel that replaced the window to give the pantera look! I love that look of the classic off shore. The boat is in the $10,000-$11,000 range which is good, but the bank thinks that is over priced for that boat, based off age but boat is like new. There is no blue book for it. It seems old off shores are like hot rod cars they are never left to rot. Does any one know of a bank I can try???? Maby I can have a survey done?
    Last edited by kmiller; 12-05-2003 at 10:44 PM.

  2. #2
    try key bank...

  3. #3
    Registered stecz20's Avatar
    My Boats:
    I am Jersey's B!tch
    Join Date
    Sep 2003
    San Francisco CA
    after 10 yrs old very tough to get a loan, even tougher to get insurance for big power.try a personal loan or a small line of credit, cant beat the 1.0 or 2.0 right now. if all fails bank of the west in tx will do an older boat. the only way you will get a loan is with a survey. try an umbrella policy with your homeowners for insurance. good luck....

  4. #4
    Registered cgarrett's Avatar
    My Boats:
    Join Date
    Jun 2001
    Mecca, Ohio
    Try Firstmerit Bank

    I bought an 87
    Your credit might make a difference if they want to loan you the money or not.

    Check with insurance companies to see if you can get covered.

    I had a survey done before I bought the boat. Found out after I signed the papers that the insurance company required a survey on boats over 10 years before they would insure but I already had it covered.

    Try different lenders. Some don't want to deal with boats. Check with local boat dealers because they deal with this type of stuff all the time and might help you find a lender.

    Good luck,

  5. #5
    Registered HyperBaja's Avatar
    My Boats:
    1990 Baja 190 DSR
    Join Date
    Sep 2002
    Lewis Center, Ohio
    One thing I know of people doing.... If you get those 0% intrest for 24 months or 36 months or whatever credit cards in the mail. Sign up, buy the boat on a card. But be sure to divide up and make sure you pay each month.

  6. #6
    Charter Member #232 Charter Member Audiofn's Avatar
    My Boats:
    1979 Formula 302, 99 Formula 353, 81 Donzi 18 2+3 with 454
    Join Date
    Oct 2000
    Carlisle, MA USA
    No matter what you NEED a survey!!! You will be amazed at what they will find on boats that look MINT. There is a guy on OSO that looked at what he thought was a mint Cig Bullet and it turned out to be a roach!!! How much did that few hundred dollar survey save him..... TENS OF THOUSANDS!!! From there insurance and loan institutions require them.

    Put your best foot forward!

  7. #7
    Registered carney's Avatar
    My Boats:
    1997 35 lightning
    Join Date
    Jan 2003
    survey is a must. salt water boats are a mistake unless you know where they have been and how they have been taken care of. I bought a boat and trailer out of florida, when I got home to register the trailer D.M.V. told me I had bought a dodge. Had to get layer It was not fun. I would not buy another boat with out a professional to check the paper work. It is to bad there is people out there that will take advantage of fellow boaters.

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