Older boat financing?
 

A friend of mine would like to purchase an older model boat (1987)...anyone know who is willing to finance a boat that old?

I bought a 1987 with no problem from my credit union. (I think you have to have good credit to finance one that old though)

I even got 5.9% financing. I didnt think I would have a problem financing one that old, but i didnt think the interest rate would be that cheap :D :D

If he own's his own home, he could run it through as a home equity loan and deduct the interest. .02

Sorry guys, he's just a single guy who rents and doesn't have a credit union. :(

Try MFS Group. They are on Wise Rd. in Hanover Park or Schaumburg. They are a broker and got me the best rate when I bought my 93 two years ago. Sorry, dont have a number for them.

he's like me :D :D He should have no prob.. I have bought a 85'... 88' and a 89'.. :D i go through the local bank....

He'll most likely have to spring for a survey before they hand over any moola....unless the bank has NO IDEA what they're doing :rolleyes:

get a home equity loan

Try Firstmerit Bank 1-800-261-2134 or 1-888-554-4362.

Word of caution. Get a survey done and make sure that you can get insurance on the boat. Some insurance carriers require it on anything older then 10 years.
Cordell

Key Bank will do it as long as you ahve a survey done because the boat is older then 10 years old.
There is some bashing of Key Bank going on this board but they did alright by me.
Mark

Here's a list of pretty much all the boat lenders out there. He should be able to find someone to do it:
http://www.iboats.com/cgi-bin/search...tegory=Finance

Call Karen Wedel at Mid Missouri Marine Finance & Insurance!! She is super nice and will do all she can to help you, if not she will point you in the right direction!
(573) 302-0500 www.midmoyacht.com