Iam thinking about my first boat.My question is I hate putting money down on a car let alone a boat is there any good No money down financing boat loans? My credit score is 780 Hope someone can help.Looking at a sunsation 288 mid cabin Thanks

To help out a fellow brother, from what I have found out if you are looking at used older than 5 years, expect to put something down.

I am going to use my home equity to get around that, and I can write off the interest that way. Unless you get the right options in a boat you cannot write it off as a second home. Also the interest rates tend to be better than you can get with a boat loan.

Checkout: http://www.offshoreonly.com/forums/s...d.php?t=162412

With a 780 credit score, I can get you no money down up to $149,999. Give me a call if you have any specific questions. Thanks, Kyle

That is for new boats right?

I am looking at a 97 Powerquest 26 Legend XL @ 30K. I contacted Dave P and he could not help without $$down. I don't have our credit scores handy but I think it was above 750 and the wife was 780.

I looked at your website it says i have to have money down???

The parameters are 8 years and newer boats and the minimum credit score is determined by the loan amount - higher the loan, the higher the score needed. Max engine size is single or twin 525's.

I too hate putting money down, but looking at a 10yr old boat everyone says I have too. I don't know what the difference is when it comes to the age of the boat. I find the max age of the boat pretty dumb, my credit should be the determining factor.

You find me a 0% down loan for a 97 boat @ 30K and I will call.

a few reasons- (from the banks point of view)

1. your buying a rapidly depreciating product, putting no money down can get you upside down in the loan. If the bank has to take the boat back they want to be a ble to bail out of it the best they can.

2. Regardless of your credit score, a bank may look at, why can't you put 10% down? 30K is only $3K.


also- someone said in this thread, use a home equity and write off the interest.... double check that..It's my uderstanding the interest can only be written off if the $ is used on the home.

I would rather spend my money for things on the boat, taxes, registration, titling and insurance.

It is not that I don't have the money, just would rather spend it my way.

So I guess that means the loan companies with the cash don't want to talk to me.