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used boat financing for an older boat

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Old 11-25-2003, 01:43 PM
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My Boats: 1980 Wellcraft Scarab 377 twin turbo, 1984 Formula 242 LS SBC/ Alpha, 1979 Sea Ray 240 SRV Flybridge w/ twin 480's
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Default used boat financing for an older boat

who is a good resource to see regarding getting a 1980 scarab financed. I am having trouble finding anyone who will touch this boat based upon its age and it being a high performance model. I had a survey done and it is in above average condition, but the few banks that I have talked to say its fair market value is 1/2 of what the the asking price is, according to their books, but their numbers are also 1/2 of what the market is asking for this boat?

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Pat
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Old 11-25-2003, 02:11 PM
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Have you tried Key Bank? They are pretty aggressive with boat loans and will usually finance older high-performance boats.

http://www.key.com

If you can't get a boat loan, have you considered a home equity loan or home equity line of credit?
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