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Trying to buy first boat!!

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Old 12-05-2003, 11:34 PM
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Default Trying to buy first boat!!

I always thought it would be easy when the time came but, I have found a boat, and am not having any luck getting a loan. I have found a 1985 24' aero w/new interior, new alpha ss drive, 383 stroker with less the one summer of use, and an all white custom panel that replaced the window to give the pantera look! I love that look of the classic off shore. The boat is in the $10,000-$11,000 range which is good, but the bank thinks that is over priced for that boat, based off age but boat is like new. There is no blue book for it. It seems old off shores are like hot rod cars they are never left to rot. Does any one know of a bank I can try???? Maby I can have a survey done?

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Old 12-05-2003, 11:51 PM
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try key bank...
 
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Old 12-06-2003, 12:53 AM
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after 10 yrs old very tough to get a loan, even tougher to get insurance for big power.try a personal loan or a small line of credit, cant beat the 1.0 or 2.0 right now. if all fails bank of the west in tx will do an older boat. the only way you will get a loan is with a survey. try an umbrella policy with your homeowners for insurance. good luck....
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Old 12-06-2003, 11:39 AM
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Try Firstmerit Bank
1-888-554-4362

I bought an 87
Your credit might make a difference if they want to loan you the money or not.

Check with insurance companies to see if you can get covered.

I had a survey done before I bought the boat. Found out after I signed the papers that the insurance company required a survey on boats over 10 years before they would insure but I already had it covered.

Try different lenders. Some don't want to deal with boats. Check with local boat dealers because they deal with this type of stuff all the time and might help you find a lender.

Good luck,
Cordell
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Old 12-06-2003, 11:43 AM
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One thing I know of people doing.... If you get those 0% intrest for 24 months or 36 months or whatever credit cards in the mail. Sign up, buy the boat on a card. But be sure to divide up and make sure you pay each month.
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Old 12-06-2003, 12:00 PM
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No matter what you NEED a survey!!! You will be amazed at what they will find on boats that look MINT. There is a guy on OSO that looked at what he thought was a mint Cig Bullet and it turned out to be a roach!!! How much did that few hundred dollar survey save him..... TENS OF THOUSANDS!!! From there insurance and loan institutions require them.

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Old 12-06-2003, 03:11 PM
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survey is a must. salt water boats are a mistake unless you know where they have been and how they have been taken care of. I bought a boat and trailer out of florida, when I got home to register the trailer D.M.V. told me I had bought a dodge. Had to get layer It was not fun. I would not buy another boat with out a professional to check the paper work. It is to bad there is people out there that will take advantage of fellow boaters.
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