I am looking to finance a Baja 30 outlaw or something similar a few years old with under 100 hours or something similar. All of the finance companies and local banks will finance up to 80% of Book. It seems like most used boats sell for well over book. Am I missing something. Is there anyone who will finance 80% of purchase price?

Most boats are LISTED well over book but I wish I could have gotten "book" value on a mint 80+ mph 2002 382.

Book is basically always lower than asking by a lot. I can't comment on what the transaction prices really look like?

However, a boat that new should be pretty easy. Check your local credit unions, they have way less regulations to try and keep you from getting a loan on a toy compared to most banks. Some will loan to survey value, or 100% of book still, etc.

I haven't found any. Most banks or credit unions will fund up to 80% of NADA low book. Some wouldn't even consider engines or options, go figure.

I ended up with Essex Credit, they seemed to have their act together better than the others but by no means playing by the marine lending rules that we all loved back a few years ago.

Big horepower "go fasts" aren't of interest to banks like they use to be. I worked with 14 banks/credit unions before I found one that would consider financing a 2004 Magic 28 Deckboat with a 525efi.

Another option that worked for me last year was a "refinancing". Effectively, I had a thrid party loan me 100% of purchase price and then 3 months later, I refinanced with Bank of America using a marine survey to aid in establishing fair value. The loan value was about 60% of survey value.

Shad

The fact that a used boat has a bigger engine really isn't of much value when it needs a rebuild! The banks don't value options because when it is on a repo lot it isn't getting any "extra" money either!

Local credit union here in michigan offers financing of up to 120% NADA average, or BUC Low, plus room for options and upgrades. Up to $500k and 240 Months...

thats pretty standard for banks to only loan out 75-85% of book value not book value always seems to be low. I think they do it for one so you have to pay some down and second and probably biggest thing is when you dont make your payments and repo your boat they can sell it and get their money back a year later or two. Buying toys with zero down IMVHO is not a good idea, if you dont have the money at all is it really something you should be buying? just a hypothetical question.

Join the military. Do air force or navy if you want to learn a skill, amry or marines if you want to live in the suck. Either way they have 3 year deals I think these days, you will learn a skill and if you dont want to stay in you can get out and you will have a free education awaiting you.

Be a whole lot less repoed boats,cars and houses right now if people thought that logically..

Any info on which bank this is ,maybe a phone number