few finance questions
 

looking at a nice 88 Formula 292 SR-1, im tryin to figure out who will finance something that old. Im looking to sell my current boat and put a 50% down. But my problem is i have a small student loan for less then 10k and its deffered until 2013 when i graduate. But ive never had a loan on a vehicle or boat, just a credit card but ive had it for 2 years and never missed a payment on it.

Anyone have any ideas on financing options?

Thanks, MitcH

Key Bank will do a loan on a boat that old you could also check your local credit unions usually they have a little better rates

I was told by Key just last year when I purchased mine that 12 years old was max. You might want to try that bank in OH that Stacey from Wake Zone reccomends, USA bank I think?

Overall I think you may still have a tough time do to your limited credit history, they will most likely look for a co signer. I assume you do not have a full time job as well?

Not full time since im a student but its a steady income, ive been approved for a car loan, just never ended up getting one. It sucks trying to find financing on an older boat. Id like to go newer but i cant afford to. Im looking to sell my current boat for a down payment

older boat loans
 

My key bank in Ohio said no age limit, but they will only loan 70% of what they are selling for on boat trader and another site they indicated.

Do yourself a favor and don't get into that kind of debt while your in college. It will just make added stress that you don't need. Either wait till your out of school with a career started or get your parents to buy it!! And financing a boat is nothing like a car, getting financing for a boat was harder than getting financing for a house! Especially when you are going older and cheaper. I ended up having to go to a credit union 200 miles away to get mine financed. Everywhere I tried the boat was either to old, to cheap i.e. not enough for them to loan on, or both! Good Luck!

Yea i see, im going to be in debt for a student loan for like 6000 or so, i did a 2 year program to get rating to work on aircraft, my current boat im hopping to sell and get at least 50% of the price of the boat as a down payment. Looking to finance no more then 10000

Plus im thinking once i get my career ill just make double payments, i have a job lined up and ill be done with school by next june

Give it a shot if it is your wish. I will warn you under most circumstances a boat loan is much harder to get than a car loan. My CU will loan me money for a new Excalade based on a phone call and my credit score, they don't even verify income. However, if I wanted to buy a $80k boat there they treat it as a mortgage, income verifications, stable employment, tax returns, key bank does the same.

Maybe in your price range they would just consider it a normal loan, worth a shot I guess.

yea i guess id have to check into it more, do banks use NADA value for the boat when determining the amount of loan value?