Where to get financing for an older boat....
 

Looking for some help, I am in the market for a "new to me" boat. Currently shopping in the $20,000 range in an older performance type of hull. My bank will not lend on anything over 10 yrs old and I tried to get a personal loan they "counter offered" my loan app......

I asked for $20,000 and they said they would give me $15,000.....that amount does not buy the boat I want......

Is there any bank out there that would lend on an early 90's hull?

We have a 2000 47' Fountain and even thou we paid cash our local bank BBVA Compass was going to loan us 120% value of the boat. Most credit unions will also pending you have a 750+ credit score.

A good credit union should do it, assuming good credit of course.

Dewayne6243..........Well that doesn't answer my question at all. Your boat is only 10 yrs old right now and is in a totally different ballpark than I am talking about.

(I know I sound like I have an attitude, but I don't. Just looking for info that may help my situation.)

I am looking to try and get financing for a boat that is closer to 20 yrs old. And my credit score is more like 715-720 (was 720 but I applied for the boat loan I was talking about) than over 750. Nothing bad on the report, own a home, car, truck, etc.....

I would be looking at a newer/more expensive boat but I am paying for a very expensive wedding this year so I am limited to spending.

Hey Baja, I was able to finance my formula (1992) to get it bought before I sold my previous boat. The local credit union financed 100% no money down with a great rate. I do have a great relationship with them, but I don't think it was any special treatment. If you have a good local CU, I would strongly suggest checking with them.

I think the only way you are going to get that financed is through a local Credit Union or via home equity. I would choose the latter if it is an option but in these times it is probably not.

I got my 90 Cafe financed through a local bank a few years ago and I attribute a LOT of it to the bank being able to put a face with a name & SS.

I financed my 88 with keybank last year with no problems it was very easy

Screw the wedding, elope and buy the boat you want :) .

Kidding (not really), the advice guys are giving you is accurate. Call around. I financed 100% of my 1992 Formula 3yrs ago, effortlessly. Zero money down and the rate was very aggressive, though I don't recall exactly what it was.