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Old 11-03-2005, 10:01 PM
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Default 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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Old 11-03-2005, 10:40 PM
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Default 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. They don't care what the money is used for so there is no problem.
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Old 11-03-2005, 11:12 PM
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Default Re: older boat loan

key bank
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Old 11-04-2005, 12:11 AM
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Default Re: older boat loan

Quote:
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. They don't care what the money is used for so there is no problem.
That might not be true anymore. Tax deductable that is. Ill be screwed if they do away with those deductions.
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Old 11-04-2005, 07:38 AM
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Default 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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Old 11-04-2005, 10:05 AM
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Default Re: older boat loan

Quote:
Originally Posted by packinair
key bank
Key Bank on my 88 in 2002, had to have full survey done, but boat was good. It'll be all mine by next month. JIT for new 540's!
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Old 11-04-2005, 10:21 AM
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Default 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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Old 11-04-2005, 11:12 AM
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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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Old 11-04-2005, 11:14 AM
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Key Bank will finance anything if it surveys well....and your credit doesn't suck!
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Old 11-04-2005, 04:31 PM
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Default 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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