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02-08-2009, 02:12 PM
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#1
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Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,281
28 Powerplay - HP500
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Older Boat Financing
With credit fairly limited these days and some of the biggest marine lenders pulling out, has anyone found a place to finance a boat over 15 years old? If so, what are the rates and down payment needed?
I guess you just have to have 50K cash around to buy an older cig these days? 
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02-08-2009, 02:23 PM
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#2
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Registered
Join Date: Dec 2004
Location: Ohio
Posts: 1,553
2004 31 Formula PC and a 1988 28 Pantera
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Essex said they would do older boats. I asked them about a 1990 and they said no problem, I think the rate they gave me was 7.97. Didn't use them because the seller didn't accept my offer.
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02-08-2009, 02:26 PM
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#3
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Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,281
28 Powerplay - HP500
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Quote:
Originally Posted by bigboat28
Essex said they would do older boats. I asked them about a 1990 and they said no problem, I think the rate they gave me was 7.97. Didn't use them because the seller didn't accept my offer.
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Thanks.
Rate's not great, but I don't think you'll find anything good outside of a credit union these days. My credit union unfortunately only wants newer boats.
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02-08-2009, 02:36 PM
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#4
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WMF watercraft
 VIP Member
Join Date: Sep 2007
Location: Millsboro, DE- Cape Coral, FL
Posts: 1,429
2003 Cigarette 35 Mistress TS, 750hp Chiefs
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Getting a loan on a performance boat today is almost impossible, I have never seen it like this!!!!!! I know
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02-08-2009, 02:38 PM
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#5
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Registered
Join Date: Dec 2004
Location: Ohio
Posts: 1,553
2004 31 Formula PC and a 1988 28 Pantera
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What are you looking at?
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02-08-2009, 03:03 PM
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#6
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Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,281
28 Powerplay - HP500
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Quote:
Originally Posted by WMF
Getting a loan on a performance boat today is almost impossible, I have never seen it like this!!!!!! I know |
Were you working a deal on a Mystique that can't get financed now? 
This sucks. Now is a great time to buy for many, but the banks are strangling off the entire market.
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02-08-2009, 03:06 PM
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#7
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Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,281
28 Powerplay - HP500
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Quote:
Originally Posted by bigboat28
What are you looking at?
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Well....a lot of things.
There are a couple of 88 Bullets I really like.
However, because of financing/insurance concerns I'm also thinking of newer boats, depending on the deals I find and how much I feel like stretching my budget, Mystiques, Sunsation 32's, AT 28/32's, Sonic 31's....
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02-08-2009, 03:41 PM
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#8
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Registered
Join Date: May 2007
Location: Boca Raton, FL
Posts: 414
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There are some credit unions that will get aggressive on used boat loans, but I'm havening a brain fart. I think Pentagon was one?
https://www.penfed.org/productsAndRa.../boatLoans.asp
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02-08-2009, 03:58 PM
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#9
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WMF watercraft
VIP Member
Join Date: Sep 2007
Location: Millsboro, DE- Cape Coral, FL
Posts: 1,429
2003 Cigarette 35 Mistress TS, 750hp Chiefs
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Quote:
Originally Posted by rlj676
Were you working a deal on a Mystique that can't get financed now?
This sucks. Now is a great time to buy for many, but the banks are strangling off the entire market. |
No, and yes, I will have the money this week, it is just taking alot more time and effort then I would like!!!
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02-08-2009, 04:20 PM
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#10
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Registered
Join Date: Jan 2006
Location: Royal Oak, MI
Posts: 1,281
28 Powerplay - HP500
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Quote:
Originally Posted by WMF
No, and yes, I will have the money this week, it is just taking alot more time and effort then I would like!!!
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Well congrats 
I think I'm going to try and work a deal on a newer boat right now to avoid the hassles, but am still interested in what the options would be for an older one.
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