Older Boat Financing

John.Vaught · 10-18-2006, 08:51 AM

What are the limitations concerning age on boat loans and who is the best company to go with if any.
I like older boats and I would rather buy something that needs some (not extensive) work and save a little money.
Your advice would be appreciated

John

cosmic12 · 10-18-2006, 08:58 AM

do you really think you are saving anything? depending on what you pay for it or what it is ,you may not be. but good luck I know the feeling, and would like an answer to this question also.

formula1 · 10-18-2006, 10:15 AM

Depending on what you mean by old! Most of my lenders will finance boats up to 10 years old. But, there are also a few banks that I know of that will finance boats even older than that! If you give me more details (approx age, cost, size, model etc), I could give you some better info.

John.Vaught · 10-18-2006, 10:21 AM

Maybe I need to clarify, I have my own shop I do almost all of my own work and I enjoy doing it. I have been involved in boating all my life.
I am looking for a nice deep v such as cigarette or scarab with old school lines and a flat transom.
I don’t really care for the modern style boats with the rounded features and I would like to know if I could finance an older boat 1978 to 2000.

1978 35' Cigarette $22,000
1986 39' Chris Craft Stinger $39,000
1985 12 Meter Fountain $39,000
1994 32' Baja Caliber $27,000

Later

Holy Smokes · 10-18-2006, 11:47 AM

If you own your home and have enough equity, it's best to go with a Home Equity Loan. That way you can deduct the interest each year. Although, get enough insurance to cover the boat's value and then some in case something happens they don't come take your house away!

BTW - I may have another candidate for you. email me for info and pics at tbarta26"at"hotmail.com (replace the "at" with @)

Good Luck in your search!

OldSchool · 10-18-2006, 11:59 AM

Most lenders will loan money on an older boat, but you will be required to have a survey that says that the boat is worth what you are trying to finance. I financed a 1988 Cig about 3 years ago through Bob Allen (Scott Financial Services). It was underwritten by Key Bank.

cougarman · 10-18-2006, 12:08 PM

Financings not to bad, but seems it can be harder to insure the older boats. Lot of companys have a cut off point of 15 years old when trying to start a new policy up.

Cougarman

John.Vaught · 10-18-2006, 12:58 PM

Thank you as you can see I don't post much I mostly just read what everyone has to say and what there opinions are.
I am Interested In the boat in the previous post however it will be awhile before I can access my e-mail(long story)

thanks fo the information keep it comming