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Older boat financing?

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Old 01-10-2002, 06:49 PM
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A friend of mine would like to purchase an older model boat (1987)...anyone know who is willing to finance a boat that old?
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Old 01-10-2002, 07:01 PM
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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
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Old 01-10-2002, 07:02 PM
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If he own's his own home, he could run it through as a home equity loan and deduct the interest. .02
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Old 01-10-2002, 07:17 PM
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Sorry guys, he's just a single guy who rents and doesn't have a credit union.
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Old 01-10-2002, 07:19 PM
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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.
 
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Old 01-10-2002, 08:02 PM
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he's like me He should have no prob.. I have bought a 85'... 88' and a 89'.. i go through the local bank....
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Old 01-10-2002, 08:36 PM
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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
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Old 01-10-2002, 09:06 PM
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get a home equity loan
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Old 01-11-2002, 12:36 AM
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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
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Old 01-11-2002, 01:22 PM
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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.
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