Finance with NADA value with more HP?
#1
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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?
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?
Last edited by nate2587; 04-03-2015 at 06:10 AM.
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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.
#5
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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.
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Last edited by bck; 04-03-2015 at 11:16 AM.
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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.
#7
Charter Member#568
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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.
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Straight bottoms and flat decks
Straight bottoms and flat decks
Last edited by bck; 04-03-2015 at 08:48 PM.
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