Can I get a 15 year rate on an older boat, I've found a 97 Baja 240 Islander for 18,000. Just curious, Thanks.

I would think it would be very hard to get a 15 year rate on an 18,000 boat. I just finalized my loan yesterday and from my research I found that most of the lending agencies wouldn't consider 15 years on anything under 50k.

15 yrs on $18K......and you'll have to put at least 20% down on a boat.
so that's borrowing $14K for 15 years at what 12% interest if even possible.....$168.00 a month. If you find someone to lend that to you please let us know who it is.......I want to make sure I don't own any stock in that company!!!!!!!

thanks guys, I didn't think it was possible, or a good idea. Someone here at work was telling me a tall tale, lol.

Don't know about 18K but most places offer 15 years on under 50K. Not sure how low they go but financed amounts in the 30's are no problem.

Max term on an $18,000 loan would be 12 years.

Loan Ranger, what would be the rate on that? Also, do you have any recommendations on who to go through.

Thanks

On a loan for $18,000 you are looking at around 10.25% as long as your credit score is 720 or above. At 12 years your paymant would be $218/mo. If you wish to apply, just click on my link and you can complete a secure online application.

I bought a 1991 23' powerquest for 22K (only 100 hrs) in July 2003. We went through our credit union for full amount. NADA valued the boat at 16ish then. But it was spotless and for the money we could find nothing nicer. Anyrate 15 years and 5.75% fixed.

We are currently looking to upgrade to a 34'. So I called the Credit union last week and they said boats are going 6.5% on 25K.

I guess I've heard Credit Unions play by different rules.

Loan Ranger - I mean no disrespect or trying to steer anyone a different direction. I was thinking out loud and sharing my experience. In fact I am sure I'll be in touch this year as I'll be shopping - I Hope

Just signed a loan with my bank for 6.25% there are better rates out there but ya gotta search for em.