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Bank loans and older boats????

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Old 11-06-2002, 09:03 AM
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Default Bank loans and older boats????

I was wondering how far back banks will go on loans for older boats?? 7,10 12.

There may be some variables involved in this. I know I'm not alone on wanting a bigger boat. Do the banks go by brand,year or what??

Lets face it, some of us can't afford a new Cigarette, but if we wait for one 6 to 9 years old we can possibly figure out a way to buy one.

I know were all in different situations financially, but I was hoping to get some honest , realistic input on this.

What about also the down payment, trade in etc....

Thanks for any input!!!
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Old 11-06-2002, 09:19 AM
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Too Old,

I was hoping you would chime in on this one. I'm headed in the direction you are on the Cig.

Thanks!!
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Old 11-06-2002, 09:21 AM
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I used a home equity loan,,,which allowed me to have no hassels with the bank. I did ask and they told me that they usually don't lend any further back than 12 years. Keep in mind too that I only borrowed a small amount..
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Old 11-06-2002, 09:26 AM
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29Scarab, Best bet is not to tell the bank its for a boat, just get a home equity loan. If not look on the net for boat loans some lenders go back as much as 20years depending on price.

Later Tom
 
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Old 11-06-2002, 09:35 AM
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Thanks for the input!!!
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Old 11-06-2002, 09:35 AM
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I asked my friend, he is a banker and this is what he said......It depends on the person's financial stability and like you said other variables. Banks try to stay as close to book value as possible but they will stretch for people with good credit. As far as how long a bank will go depends on that bank. Loan officers have room to stretch the rules, down payment just depends on the bank and the person you are working with. I will let the person go without a down payment if they are strong credit wise and I know the individuals character.
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Old 11-06-2002, 09:45 AM
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I called Huntington and financed a 20 year-old boat right over the phone. And got a good rate. And even though I had the boat surveyed they did not require it.
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Old 11-06-2002, 09:56 AM
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Depends on the boat also. Tried to obtain a loan on a 72 or 73 boat a few years back they said no boats too old. I said "Are you shure". Banker said "Wait ok what is it". I replied a Bertrum. The banker quickly replied "No problem we can do that".
 
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Old 11-06-2002, 09:56 AM
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I've never had any problem getting a loan for an older boat. It's based more on credit than the age of the boat from what I've seen.
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Old 11-06-2002, 10:27 AM
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My credit is in great shape, so it doesn't sound like it will be a big problem from what I've read. I'll just work on lowering my overhead then and make room for the payment!!
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