I'm looking for a small boat loan for a 18ft flats skiff. Looking at around 2000 model year boats for around $10,000. My credit is good I own my home but my local bank will only finance a boat that is 5 years old max and other lenders that I've found (Sun Trust, Boat US) only finance older boats over 25'. I'm not going to spend $20,000 plus just to get a loan (even though I would qualify).
Before anyone says home equity lets put that to bed I only have $10,000-$15,000 equity(Bought 2 yrs ago). I would like to buy but it seems difficult to find a lender for this style of loan. I've had car loans like this in the past but it seems boat loans like this are next to impossible. Any ideas?
Also I'm located in Fl
Thanks everyone

Try Key bank. They were extremely helpful on my recent boat purchase. Also, they told me it didn't mater about hp, length, or if it was a cat. They book it out & loan on that.

I checked out Key Bank after using the search fucntion. Unfortunately Key Bank does not offer marine loans in Florida. Also I checked Scott Financial and they only offer loans over $25,000. Can it really be this hard?

That sounds like a boat a local Credit Union would take any day... I would try that route.

Try a local Credit Union. If you actually have the $10,000 in surplus cash, just don't want it to go away, AND you plan on paying the debt off quick, AND have the ability to do so.....open a $10,000 CD, pledge the CD as collateral and take a loan on the CD for 36-60 months. Typically you can get money = to say 3% above what you are earning on the CD. You tied up cash, but have the boat clear. If you sell the boat before the debt is paid out, pay the loan off from the sale proceeds and the bank will release the CD. A cheap rate on a "boat loan".

a loan out of your 401k is another option.

+3 on a credit union.

Don't ever pull a loan out of your 401k, you will pay a penalty of 15 to 20 %, I also agree with credit union. We just did a loan for a 2012 new build for 4.2 % with direct withdrawal for 10 years, could of went 15 years for 6.4.

Not true. Some 401K programs have built in loan capabilities, where you pay yourself back, plus interest. It all depends on the administration of the 401K program. Internally managed programs often do not have this. Externally managed programs often do.

It's a complicated question to find out if it's right for you, as you have to weigh what interest you are required to pay, if you left your money in--would it outperform the interest you would be paying yourself, and what other options you have as they compare to the 401k loan. Common terms are 5% up to 10 years, and up to a 30 years term loan if it will be a "2nd mortgage"/down payment to qualify you for a primary residence mortgage. A friend borrowed for $5K for 2 years recently, and that plan has a prime interest rate attached.

If you withdraw money out of your 401K, period; yes, you may be liable for a penalty, pending your age.

I too agree with checking with your Credit Union.

Heck, my insurance company (State Farm) is also a bank now; offering competitive rates on all types of loans. They are always vying for my banking business, but it's a little weird when my agent asks me each time I see him: "when are you buying a new car?"

the big problem with the 401k loan is you pay taxes on the money that you are using to pay on the loan and then you pay taxes on it again when you withdraw the money from the 401k so double taxes not the end of the world but something to consider when you do the math imo