older boat loan
My buddy(another oso member) is wanting to buy my boat. Its a 1983 Excalibur Hawk 40ft. He is looking to take a loan on it. It had a condition/value survey done on it feb/2004. Are there any lenders who will finance this thing? I think he will need 20-25k on it, he's gonna put some cash down. Thanks, MT
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Re: older boat loan
Does he own a house ? Do a 2nd mortgage. The rates are cheaper than a boat loan and it's tax deductible to. :D They don't care what the money is used for so there is no problem.
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Re: older boat loan
key bank
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Re: older boat loan
Originally Posted by Doug
Does he own a house ? Do a 2nd mortgage. The rates are cheaper than a boat loan and it's tax deductible to. :D They don't care what the money is used for so there is no problem.
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Re: older boat loan
I recently asked National City about a loan for an older boat. They didn't seem to care as long as I had the collateral to back the loan.
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Re: older boat loan
Originally Posted by packinair
key bank
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Re: older boat loan
I talked to the Lockheed Credit Union a few years back and they said as long as they could get a NADA value, age was no problem. Try some local banks and see what they say. BTW NADA lists a 39 and 42 but no 40.
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Re: older boat loan
The boat loan interest is tax deductible if reported as a 2nd home. Need a toilet, a kitchen and a bed....
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Re: older boat loan
Key Bank will finance anything if it surveys well....and your credit doesn't suck! :D
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Re: older boat loan
We can take care of that for him. He can fill out an application online at www.newcoastfinancial.com or have him call me at 727-741-8150. I am in Lauderdale at booth 154.
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