BLOWN85

First off, what a great site!! Now my question. What kind of financing/term can you get on a 1990 model boat? I am looking at a 90 Baja 280 and was curious what kind rate/yr.term I could get? I have outstanding credit so that is not an issue (750+). Thanks for any help!

seafordguy

I got 15 years on my 1990 Cig. I have no blemishes on my credit record but I made the mistake in the past of having never financed anything - always paid cash for cars, etc... SO - my rate was a little high at 8.25 I believe. You may have a little trouble with the price of that boat being lower and banks not wanting to go over 10 years (at least that was my experience while I was shopping). Good Luck (I ended up going with a local bank and had a great experience)

VetteLT193

Depends on the price usually. The higher the price, generally the longer the term and lower the rate.

The killer with used boats that are nice is that it's tough to get the value right. Many companies go by NADA value, and that is messed up. A 1990 Baja 280 could easily sell for $40k if redone, and probably averages 30k? Nada is probably high teens, or low 20's... Then the finance Co. usually will only do 90% max of NADA, so you are looking at putting a 10,000+ down payment on a 30,000 boat. you may as well just pay cash.

BLOWN85

The NADA on the boat with out all the options is almost $27k. I was looking to get a 10 year note on it and more than likely pay it off in 4-5 years. I always pay my loans back early. I like the longer term just incase an emergency comes along and I can't pay a $800-1000 a month boat payment.

bowtye8

Check around and ask questions first. I purchased a 95 Baja 272. Bank of america is popular with boats loans. They gave me 10yrs(20k) on it. I tried three other banks and credit unions. wouldnt touch it. too old or only wanter to give 5 yrs.
I also went with them for my 29OL longer term and now looking at a 35OL. rate and term seem decent.