soldier4402

I agree, and lying to lenders and insurance might invite some bad karma in the long run. But good points how are you going to put power in if you have to borrow money.

Another option is personal loans, interest rates are higher but on a smaller amount it doesnt really matter, its an option rates are usually right around 10-12 regular boat loans are half that, but I think if you use a calculator a 20k loan at 6% for 5 years is 386 and at 10% is 424

fireboatpilot

Pretty sure the lender is going to want a survey done and so will the insurance co you are planing on using. I doubt any reputable surveyor will falsify his report by claiming the engines are in the boat. Easiest way to get the loot would be a home equity loan then get the insurance after the engines are in and running. Probly the cheapest way to borrow too.

boldspeed

deal with a credit union...... they barely asked me a single question about the cat i bought

I dealt with affinity credit union here in jersey...

soldier4402

insurance went on agreed value and didnt ask for anything on mine. Paid cash for my boat.

zschaefer38

As stated right above. Get in with a credit union and fast. All banks went "corporate" and dont care about the individual. I just got a 1997 Powerquest and no major bank would even talk to me about it. Either the age or the fact it was a performance boat killed he deal. FYI, I have very good credit and make good money. Went to a local credit union, awesome people. Switched all of my accounts to them. Required some footwork and survey, etc. But I got a great rate and 15 years.