Older boat financing
 

What options are out there for older boat financing, say 1995-2005 boats? I have one source for some short term $$, but just wondering in case I decide to step up the search to something a little more expensive, like $50,000 ish. I'm talking a boat like a Formula Fastech, for example. I know Essex would consider it with a huge downpayment, but they don't seem to care for go-fast style boats and it is really hard to communicate with them in a timely fashion. Ask me how I know.

I'd suggest starting with your local credit union, they seem to be more flexible with financing for their members.

I just kind of added this in another thread, so sorry for any redundancy.

I wound up going with a broker. We wanted a longer term and so while some credit unions may have worked out, their terms didn't.

I went with RecLending for the broker, they found the loan through MB Financial (MB only does indirect lending for boats, so you'd have to use a broker), and we were able to get 100% financing on a 2003MY boat. If it were a typical lender just using base NADA, we would have been $20,000+ short of that.

So, it is possible.

I am looking to do a something similiar, curious on the length of loan offered and rate, if you dont mind. You can send it in a pm if you want. Thanks

If your credit is strong, like 775 plus, I would strongly suggest Lightstream. The type of boat or its value never comes into question until your approved and even then it's just to verify that it's a boat, RV or airplane. Way too easy if you ask me lol. AND they don't slap a lien on it, it's an unsecured loan under 5% apr.

yeah, last I looked I was 785. Under 5% sounds great, is that a long term, like 10 or 15yr, or just standard 60-72mo

You set your terms. There's an easy online application and you will have a decision before this afternoon.

Ok, I will look into it, thanks.

This sounds way to good to be true.

agreed..

Give me a call I may be able to help you with financing a 2000 and newer boat.
Jody Hamilton - Diverse Offerings finance 470-248-2655

Older Boat Financing
 

I can assist you with older boat financing. Low rates and long terms. We also prepare any USCG paperwork. PM me or call 508-243-5543. Dave Hall - J.J. Best Banc & Co.

finance source for boats
 

Several of my clients have used them recently and told me that they were great.I called Dave Hall and informed him that he must be an advertiser and pay to be on OSO.. I just insured a 2013 39 HP boat today that they financed.

Great to hear Dave Hall is getting it done, always good to have another source for financing for our clients.

Amazing Service
 

Dave just financed my purchase. Called him on Monday, was approved Tuesday morning , paperwork went in Tuesday afternoon, check was fedexed today ( Thursday ) Picking up the boat on Saturday.

You can't ask for better service than that!!! And to top it all off, Dave got me an interest rate of 4.5%

Highly Recommended!!

Thanks Dave!!

imax

Checked on the Lightstream website and it shows a max terms of 84 months.That's not going to work for many people.

Kinda re-hashing an old post.. .but I guess it's that time of year again.
Question I have is... I'm trying to buy a 2001 Baja, but the dealer said he can only get financing for 10 years. That sux. I just sold my boat that I had for 14 years... it was a 20 year loan. So question is... is there a lender out there that will finance like the old days... gimme a 15 or hopefully a 20 year loan on $55k - $60k (depending on down payment requirement) for a 17 year old boat? If so... what are the rates and the undermining terms.... meaning insurance, survey, left arm. etc.

Not sure if you have them in Ohio or if they are just Michigan but I just bought my boat through Honor credit union last year...I have not great credit and a pretty high debt to income ratio and they still financed it pretty painlessly...its a 97 and they did it on a 15 year at I believe 4.25....they do go off of NADA value however and I had to make up the 4k difference in what they said its worth vs what I paid but other than that it would have been zero down

Stewart