Finance with NADA value with more HP?
 

Looking to finance a boat right now but haven't talked to my local credit union yet (or key bank as I have read do well with boat loans). When looking at NADA value when you add more HP than what it comes with stock do CU and Banks look at that as nada value?


Low Average
Base Price 16,150 $18,250
Options: (add)
Engine 471-500 HP (8.1L ##) $18,640 $18,640

TOTAL PRICE: $34,790 $36,890

Stock one of this boat says 350HP. I know it might be difficult as the boat is a 1987 but have 10g down payment going forward with it.

Opinions?

How many engines?? Seems like a big jump for power. Years ago when I financed a boat with my credit union they went down a list of options to get the value.

I don't think anyone will do a loan on a boat of that vintage.

Good FICO score and most Credit Unions will. I talked to mine last week about financing a 1956 Ford F100. Gave me a rate of 4.49%. Said let me know when you want the $$$$. All he wants is VIN # and Credit Union as lost payee on Insurance policy. Been with them for 30+ years.

They weren't even concerned about NADA values or age when I financed mine. They want to know everything about cars / trucks value wise, but with the boat the big concern was just verifying no outstanding lien.

How long ago did you finance? I bought a brand new boat from the factory in 2012 and financing was a pain in the ass on new let alone used. Maybe I should change to a credit union. U.S. bank would not finance a 2002 f-450 for me. They said it was too old.

2013 I got approved from Key, First Niagara and State Farm Bank for a 78 Larry Smith Scarab. The Michelob Light / Crazy Greek boat. I ultimately went with a different boat and my credit union. I'd consider First Niagara a last resort due the interest rate. Key was reasonable and State Farm in the middle. None of them could touch the credit union, but none blinked an eye at the age or cared about NADA. I don't recall what their positions were on a survey but I didn't need one with the credit union. The boat I ended up with was an 89 that NADA would have no clue even exists let alone price it. I have long standing relationships with all except Key so maybe that played a part. * thinking back, one of them might have wanted a survey and would loan to 80% of the survey value. Whatever it was, it wasn't an issue. The credit union is the way to go, no hoops to jump through at all other than doing a thorough search for lien holders.

Our last boat was a 1973, current boat is a 1989. Had zero problems getting money for either one.

Buck

whats a good bank for boat financing here in Arkansas ?

Had no issues with my CU. They did adjust HP rating for NADA as well.