Financing a 100+ MPH Cat??
 

Is it even possible to finance a 100+ MPH cat anymore? It seems nobody is willing to finance them anymore. If so, what are the requirements and who is doing it? Thanks!

Boy am I waiting for these answers!!!

I think Bank of the west still finances them through Essex. Be prepared to pay a fortune for insurance if you finance.
You can also finance one by refinancing your house and get out of paying for a good portion of the insurance by just carrying liability.

New boat financing is not dead. However, it is very tough.

Often you will need 800+ on your credit score, 20-25% downpayment, AND still have 20-25% left over in LIQUID assets.

Crazylt1, I have a guy ...720 minimum score, 20-30% down, 100mph should not be an issue. Call me 269.208.5321 I'll hook ya up with my guy. Thanks, Marc

try sterling boat bankers...they seemed reasonable when i was in the market for a boat loan

they do require 20% cost of the boat as do many loaners...

I have done some on an exception basis.

Of the National Lenders that are left in the Marine Arena:

Bank of America - No Hi-perf boats whatsoever
US Bank - No Hi-perf boats whatsoever
BB&T - no hi-performance unless customer is a substantial banking customer of theirs.
CGI - Will finance V Bottom up to 100mph. No catamarans whatsoever.
M&T Bank - No Hi-perf boats whatsoever

For a catamaran to be reviewed as an exception with Essex,
1) 50% Down
2) STRONG Credit 750 score ++
3) STRONG liquid assets (for when engines or drives go boom)
4) Previous similar boat ownership experience.

Dave P hooked me up through essex on my skater!
Thanks Dave! :ernaehrung004:

and this is why I deal only with Navy Federal Credit Union... When looking at buying a new or used boat this past spring the only thing the bank required of me was to pick up the check. They didn't ask what kind, how fast or for any money down. The only thing that factored into how much I spent was wanting to buy another house this winter when prices drop even lower.

Try your local Credit Union they did not ask about speed, they just wanted to see the value was there on the boat. Thats who we got our's from.

Thats what i did.

You are welcome!

Also - look for your boat in 2011's NJPPC Calendar. I am definately going to use one of Sharkey's photos!

Tim got some great shots!

if you take an equity line of credit on your home can you deduct the interest? not a bad deal if you can

800+ is crazy, only like percent of people have that and are like over 60. To me to use a home equity line of credit for a boat is not smart. Now you are going to be tied to your house because of a boat, i mean if you planned on staying fine, but I always had the thought of using HELOC for anything but on your house isnt wise.

I have always have the golden rule on toys is always to pay at least 25% down or not more, because toys depreciate so quickly and if you dont pay enough down u will be upside down.

Toys are a lot of fun but they should always be paid for with money that you can afford to just throw away. I try to keep my toys paid for because you never know what your financial situation will be in the few years. If you are younger and have a stable job with few outstanding debts, borrowing some short term money is okay. Always remember that if you have to sell your boat, you will not get what you think your boat is worth. Have fun and do not get too deep in the water.