will anyone write a loan on a 1996 or do I have to try for a personal/HELOC from my credit union? Loan would be for approx 20K, we have very minimal debt, 800 credit scores, I can check with Essex credit, I have paid off 2 loans through Essex

Yes. Their policy may state that they won't, But with perfect credit, money down, and the loan being in line with NADA values, I was able to talk Vystar into financing my 1989 Formula over 5 years. It did require an override from a higher level manager though.

You should be able to get a loan on that. But a lot of it going to deal with value. Alot of banks on older boats are only going to finance say 90% or less of nada. I have good credit and these days getting loans are not as easy as one thinks anymore.

I financed my 1995 Formula PC 34 through my credit union last year. Got a 7 year loan, could have got ten years. The NADA value was over 50k, I wanted 20k, no problem,

i got 4.9 % on my 94 pantera through my local credit unioin. 5 year loan

If you are in a position where you can use HELOC, that's what I would do. Lower rates, no question about the tax deduction, and no hassles about the value of the boat, survey, etc.

Last year I started out with a boat loan @7%. After the deal was done they raised my rate to 9%, stating that they could not get an accurate value of the boat (BTW, the loan was for approx. 50% of the value). I got tired of that and immediately paid them back with HELOC @4%.

HELOC works for some, but Im not a big fan of HELOC for buying toys. For one you using your house collaterol to buy things that depreicate wildly. I know there can be lower interes rates and you can then own the boat outright and not have to deal with a lien. But there are risk. Lose your job and now you have a house payment again which you didnt have before or you added to your house payment. Say you bought the boat 3 years ago at X dollar it could be worth a lot less if you went to sell it. So you take a loss on the boat and cant pay back the HELOC and lose your home. rather lose a boat then home in bad times.
I just thinking using your home to buy toys or taking out 20 year loans to buy these things is not wise. Personally I dont buy toys unless I have 75% down and more times than not i pay for them in full. yeah I have used older boat and sleds, and could go newer and bigger, but theres a lot of risk right now with that.

And dave nothing against you or what others do with HELOC. I just dont think the HELOC is the answer for everything. I can get a boat loan for 5-6% right now, rather do then than add to my house. If there is an emergency on the house where something big ticket needs to be fixed I cant do it with HELOC because I have my boat wrapped up into it.

This is not necessarily true. Be careful giving tax advice if you are not licensed to do so.

http://www.irs.gov/publications/p936...link1000230008

I would be very careful as well with taxing advice from people. And you may be right using a deduction from a HELOC from a non home improvement might be risky. Im sure you could fudge it. Heres the deal a lot of people have been taking advantage of the tax rules for years. And if you havent read the IRS has been beefing up audits for the last couple of years. And the way our federal treasury is, I would be very cautious in what you do with taxes.

I financed a '99 through US Bank. Did require me to document with CG.