Help!!!! Financing 89 formula 311 sr1
 

I need some help or advice. I am looking at purchasing a 1989 formula 311 sr1. I've tried to obtain financing thru the purchasing marinas banks as well as some of my own banks and no one will touch it. I have a credit score in the mid 700's and have money to put down on it. They all keep saying the boat is to old? When I bought my 86 242 formula I didn't have any issues trying to get financing. Does anyone have any suggestions???????? Amount I'm looking to finance is 20,000

do a search a lot of ideas running. The problem with boats is banks are getting more strict, they have been losing their ace on boats as of late. They paticular problems with performance as people cant afford them and turn them in trashed etc. They pretty much have cut out doing older boats a lot of them at least. If your a veteran try PEN FED or USAA.

Some other options are to look at personal loans high rates but no questions asked, but really if you borrow 20k at 10% over 5 years vs 5-6% the interest is not going to be that much higher. Another option is if you can pay more money down get a 0% interest on a credit card with 0% on balance transfers. And as long as you pay it off in a year you could do that. Or even if you dont and carry it for 5 years if you got a 12% rate after year one over 5 years your interest would only average out to 9.6.

Try a local credit union. Also have a recent survey in hand showing the value of the boat. Your going to more than likely have to have one done for insurance for a boat that old anyways. Good luck.

Try USAA Bank, you don't need to be a member to use the bank. Decent rates, send the check fast and easy to work with. I borrowed money on a 1999 triple engine boat with them no problems.

Local credit unions are the ticket

start looking at newer boats

State Farm bank was able to get the job done for me. Great rate, no questions asked, picked up my check within a few hours!!

Never new they did financing. What kind of terms do they offer?

I got a 4 year loan at just over 4 and a half percent. I have almost everything insured thru them so I dunno if that helped my cause...

As mentioned above try a credit union, or USAA, I bought my 94 303 in may, 15 yr 5% thru my local credit union, They guy that bought my 93 271 used USAA and he went 12yr at 4.5, also neither one of us required a survey, some banks will require one