First time boat buyer... Financing questions...
 

I'm pretty new to the performance boating community, and have been bitten by the bug to purchase my own boat.

I don't want to (and cannot afford) to buy a crazy, $100k rig. Probably going to be looking at late 80's, early 90's Stingers, Scarabs and the like... Somewhere in the $30k range.

Here is my financial situation:

I am a 676 with transunion (bureau shows a couple perfect car loans, some old paid CC collections and an unpaid medical collection.)
I have lived at my address for 2 years and do not pay a mortgage or rent.
I make approximately $50k-60k per year and have paystubs to prove it.
My only debt is my car which is a $423 payment.

I will have a cosignor/partner with similar or slightly better credit.

My questions are:

Is it possible that I will be able to finance a boat of that age?
Does it sound like we would qualify for a loan?
If so, what 'ballpark' term and rate would this type of boat qualify for?
What approximate downpayment do you think would be required?

I know that is a lot to digest in one post, but anything anyone on this site can do to help is greatly appreciated. Look forward to seeing you guys on the water.

Chris

Chris,
It sounds like we would be able to do something for you. Application is very simple, just click on my link here on OSO. Term is 15 years for anything $25,000 and above. Rate is going to vary a little bit as you are going to fall in to tier 3 or 4 pricing based on your credit score but the good news is for the size loan you are looking at, a minimal difference in rate will not make a huge difference in the payment. Give me a call if you have any questions. Thanks.

Thanks for the response, LR... I appreciate it. As I get closer to pulling the trigger, you will be the first to know and I will PM you when I apply. Any approx idea of rate (won't hold you to it) based upon the info I have provided so I could throw together some ballpark payments on my computer?

Rates are based on, among other things, the loan amount - the more you borrow, the better the rate. At $30,000 and a sub 680 score, it is likely you will be in the area of 10.50% which will put you at $11.05 per every $1000 financed. Hope this helps.

what are the rates right now for 80k and 720+ credit score? if rates differ per term state that as well, ex. 15yr and 20 yr with the above info

Rate is affected by a number of things besides credit score such as hp, down payment, etc..., but right now for $80,000 rates could be as low as 6.99% fixed. 15 or 20 year term does not affect the rate as banks figure the loan will only be on the books for an average of 39 months.

Question
 

Is there a year range or AGE of boat you will not finance?

I am looking at late 80's ealry 90's Scarabs in the 45-65 K range. Good Credit.

Thanks in advance!

Randy
[email protected]

Early 80's is fine. I can handle that.

Loan Ranger!

I think you will earn my business. I was reading that many banks will not loan on a 20+ boat. I am looking for a 1987ish Wellcraft Scarab 38 KV. I have some 401K B+C Retirement and savings to dip into to pay cash but if the terms were right I will borrow.


So if Credit is good, plenty of good Credit history could I get a 60K loan for 15 years?

Many thanks in advance!

Randy
[email protected]

Credit unions are a good alternative. Good rates and they will do older boats. The more important issue on older boats can be getting affordable insurance.