Financing 3 to 4 year old boat.
06-01-2010, 07:41 PM
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Financing 3 to 4 year old boat.
I am looking to finance a Baja 30 outlaw or something similar a few years old with under 100 hours or something similar. All of the finance companies and local banks will finance up to 80% of Book. It seems like most used boats sell for well over book. Am I missing something. Is there anyone who will finance 80% of purchase price?
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06-01-2010, 08:27 PM
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Book is basically always lower than asking by a lot. I can't comment on what the transaction prices really look like?
However, a boat that new should be pretty easy. Check your local credit unions, they have way less regulations to try and keep you from getting a loan on a toy compared to most banks. Some will loan to survey value, or 100% of book still, etc.
However, a boat that new should be pretty easy. Check your local credit unions, they have way less regulations to try and keep you from getting a loan on a toy compared to most banks. Some will loan to survey value, or 100% of book still, etc.
06-01-2010, 11:53 PM
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I am looking to finance a Baja 30 outlaw or something similar a few years old with under 100 hours or something similar. All of the finance companies and local banks will finance up to 80% of Book. It seems like most used boats sell for well over book. Am I missing something. Is there anyone who will finance 80% of purchase price?
I ended up with Essex Credit, they seemed to have their act together better than the others but by no means playing by the marine lending rules that we all loved back a few years ago.
Big horepower "go fasts" aren't of interest to banks like they use to be. I worked with 14 banks/credit unions before I found one that would consider financing a 2004 Magic 28 Deckboat with a 525efi.
Another option that worked for me last year was a "refinancing". Effectively, I had a thrid party loan me 100% of purchase price and then 3 months later, I refinanced with Bank of America using a marine survey to aid in establishing fair value. The loan value was about 60% of survey value.
Shad
06-02-2010, 07:47 AM
#5
The fact that a used boat has a bigger engine really isn't of much value when it needs a rebuild! The banks don't value options because when it is on a repo lot it isn't getting any "extra" money either!
09-21-2010, 10:20 PM
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09-24-2010, 08:50 PM
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