Been looking at Wellcraft 43 Portofino's to use as a live aboard. Talked to a Broker today and he said nobody can get any loans on a boat older than 7 years? I was really surprised, so I thought I would throw it out to the experts on the forum.

I am going to use the boat as a second home for tax advantages and like the Portofino the best, the problem is they are all 1987-1997 models and the price range is 25K-75K depending on options.

So my question:

Good Credit, employment history etc...
Own a 38 KV Scarab (not going to sell it!)

Can I find some bank loans for a 1987-1989 boat anywhere from 25K-65K?

Look forward to the replies!

Make sure that your insurance carrier for this boat provides liveaboard coverage !

I think a home equity loan would be you only option

Found several banks and one Credit Union willing to lend on 20+ year boats, no need from a home eq loan.

Rates are around 7-8% I want to find better, I am not planning on borrowing that much, under 50K.

If you can get that rate, then take it. Thats the norm in todays market and lower than 6 months ago.