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Old 08-10-2012 | 11:53 AM
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From: BIrmingham, MI, USA
Default 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
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Old 08-10-2012 | 12:00 PM
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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.
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Old 08-10-2012 | 12:11 PM
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Yup. Credit union. I am through OUR CU in Royal Oak.
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Old 08-10-2012 | 12:59 PM
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you could always do a signature loan on it.
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Old 08-10-2012 | 01:05 PM
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what is a Signature loan ?
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Old 08-10-2012 | 01:08 PM
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Originally Posted by powerqrudy
what is a Signature loan ?
unsecured loan. Rates may be a little higher.

HELOC, Refi with cash back may be other options.
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Old 08-10-2012 | 01:29 PM
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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.
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Old 08-10-2012 | 05:31 PM
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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.
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Old 08-10-2012 | 06:17 PM
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Originally Posted by powerqrudy
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.
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Old 08-10-2012 | 07:04 PM
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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.
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