Older Boat Financing
02-08-2009, 01:12 PM
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Older Boat Financing
With credit fairly limited these days and some of the biggest marine lenders pulling out, has anyone found a place to finance a boat over 15 years old? If so, what are the rates and down payment needed?
I guess you just have to have 50K cash around to buy an older cig these days?
I guess you just have to have 50K cash around to buy an older cig these days?
02-08-2009, 01:23 PM
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Essex said they would do older boats. I asked them about a 1990 and they said no problem, I think the rate they gave me was 7.97. Didn't use them because the seller didn't accept my offer.
02-08-2009, 01:26 PM
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Rate's not great, but I don't think you'll find anything good outside of a credit union these days. My credit union unfortunately only wants newer boats.
02-08-2009, 02:03 PM
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This sucks. Now is a great time to buy for many, but the banks are strangling off the entire market.
02-08-2009, 02:06 PM
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Well....a lot of things.
There are a couple of 88 Bullets I really like.
However, because of financing/insurance concerns I'm also thinking of newer boats, depending on the deals I find and how much I feel like stretching my budget, Mystiques, Sunsation 32's, AT 28/32's, Sonic 31's....
There are a couple of 88 Bullets I really like.
However, because of financing/insurance concerns I'm also thinking of newer boats, depending on the deals I find and how much I feel like stretching my budget, Mystiques, Sunsation 32's, AT 28/32's, Sonic 31's....
02-08-2009, 02:41 PM
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There are some credit unions that will get aggressive on used boat loans, but I'm havening a brain fart. I think Pentagon was one?
https://www.penfed.org/productsAndRa.../boatLoans.asp
https://www.penfed.org/productsAndRa.../boatLoans.asp
02-08-2009, 02:58 PM
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No, and yes, I will have the money this week, it is just taking alot more time and effort then I would like!!!
02-08-2009, 03:20 PM
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I think I'm going to try and work a deal on a newer boat right now to avoid the hassles, but am still interested in what the options would be for an older one.
