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Who will do a long term on a 1996 formula 303sr1??

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Who will do a long term on a 1996 formula 303sr1??

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Old 02-16-2019, 04:04 PM
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Default Who will do a long term on a 1996 formula 303sr1??

Looking for a formula under 30k 25-30ft. I have been finding most lenders wont do a long term loan on anything older then a 1999. Problem is they don't exist for sale at that price. I have found multiple for sale that are 1996ish but can't get term that works for us currently. Anyone have any advice or suggestions?? Thanks
-Joe
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Old 02-16-2019, 04:29 PM
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My 2 cents....

Check a credit union first.
If that doesn't work:
Get a line of credit or personal loan.
Cash advance on a credit card (or 2 cards)

You might not know this yet but insurance on a 20 or 25 year old boat will KILL the deal. I am scared to death for the day that my boat passes 15 years. This is another reason to do it on a line of credit or cash advance so you can do it on a cheaper policy at your value, not the banks value.
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Old 02-16-2019, 04:56 PM
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My local credit union only offers 4 year terms on boats. I sold a 1992 sea ray sundancer 270 last summer, I was only paying around $30 a month. I would expect a performance boat to be a bit higher but not that crazy...maybe I'm wrong though!
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Old 02-17-2019, 11:53 AM
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I ended up using USAA. If you have access to them than don't bother looking any further. They don't care about age. 180 month terms. If not try a couple other credit unions - I had 180 months with a local CU on my Cafe when I first bought it.....

Keith - no issues on insurance at all either from either my current boat or my incoming boat, both of which are older than 15 years. I'm insured with Wakezone.
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Old 02-18-2019, 09:34 AM
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I have a 1990 Fountain and don't have any problems with insurance or rates.
Call World Wide Marine ,,Bob Lewellen,, he has always been upfront and honest with me..
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Old 02-18-2019, 11:44 AM
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Donít know where your located but I used landmark credit union for my 89 272sr1 got 120month financing at a great percentage rate. Might wanna look into them!
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Old 02-18-2019, 11:53 AM
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I have a 92 that is very nice, 540s, 650 hp and it's well below $30k.
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Old 02-23-2019, 11:07 AM
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'96 Baja 302 here Insured through Allstate for agreed upon value of $30k at a cost of $630/yr. and no survey needed. Full coverage.

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