Boat Loan
 

Does anybody know where I can get a boat loan for a

1986 Formula all i need is 10k

Bank of America will ony go back as far as 20 years?

Thanks
Steve

Try a credit union. We went through Breezy Point Credit Union and did not have a problem, but our boat is a 2004. Credit Unions usually are easier for boat loans then a bank. Good luck.

Yup. Credit union. I am through OUR CU in Royal Oak.

you could always do a signature loan on it.

what is a Signature loan ?

unsecured loan. Rates may be a little higher.

HELOC, Refi with cash back may be other options.

I am using Linda Ramirez at Essex credit corp.
Her number is 925-843-3119
Email is [email protected]
They give special rates if you are a Costco card holder. I am getting a 5.6% interest rate on a 1993 formula.

Guys, i love it thanks i am going to call this Linda and Yes PowerPlay J ROCC has a great rate !

Royal Oak Community Credit Union for the common folk.

Cool! Yes it used to be ROCCU now it is OUR. I am very happy with the service and have moved all of my finances to them. Good luck and I am in Clawson now so if ya wanna meet up let me know.

If you don't have something you can use as collateral to borrow 10k or get it on a signature, then IMO you should not be buying a 26 year old boat.

There are very little to none bank lenders that will give a $10k loan on a boat that old....

Yea Griff, I can take it out of my savings but would rather not..

Thanks for the input.

Steve

Lots of banks offer personal lines of credit with variable interest rates. They are like a Heloc without putting up your house as collateral. The interest rate will probably be around 10%. You just have to pay the interest each month and then pay whatever you want toward the principal.

Why would anyone want to pay 10% interest. It may only be on $10,000, but still that's way to high.

What i was thinking was to get a loan for it and use the quarters from my machines to pay it weekly.

My weekly drop off would go into a account then the loan gets taken out on a monthly basis.

Have a good Monday guys!

Steve