Baja226sport

iTrader: (28)

Looking for some help, I am in the market for a "new to me" boat. Currently shopping in the $20,000 range in an older performance type of hull. My bank will not lend on anything over 10 yrs old and I tried to get a personal loan they "counter offered" my loan app......

I asked for $20,000 and they said they would give me $15,000.....that amount does not buy the boat I want......

Is there any bank out there that would lend on an early 90's hull?

dewayne6243

We have a 2000 47' Fountain and even thou we paid cash our local bank BBVA Compass was going to loan us 120% value of the boat. Most credit unions will also pending you have a 750+ credit score.

RT930turbo

A good credit union should do it, assuming good credit of course.

Baja226sport

iTrader: (28)

Dewayne6243..........Well that doesn't answer my question at all. Your boat is only 10 yrs old right now and is in a totally different ballpark than I am talking about.

(I know I sound like I have an attitude, but I don't. Just looking for info that may help my situation.)

I am looking to try and get financing for a boat that is closer to 20 yrs old. And my credit score is more like 715-720 (was 720 but I applied for the boat loan I was talking about) than over 750. Nothing bad on the report, own a home, car, truck, etc.....

I would be looking at a newer/more expensive boat but I am paying for a very expensive wedding this year so I am limited to spending.

RT930turbo

Hey Baja, I was able to finance my formula (1992) to get it bought before I sold my previous boat. The local credit union financed 100% no money down with a great rate. I do have a great relationship with them, but I don't think it was any special treatment. If you have a good local CU, I would strongly suggest checking with them.

seafordguy

I think the only way you are going to get that financed is through a local Credit Union or via home equity. I would choose the latter if it is an option but in these times it is probably not.

I got my 90 Cafe financed through a local bank a few years ago and I attribute a LOT of it to the bank being able to put a face with a name & SS.

andyt25

I financed my 88 with keybank last year with no problems it was very easy

BowenCT

Screw the wedding, elope and buy the boat you want .

Kidding (not really), the advice guys are giving you is accurate. Call around. I financed 100% of my 1992 Formula 3yrs ago, effortlessly. Zero money down and the rate was very aggressive, though I don't recall exactly what it was.