Currently i cant find a bank that wants to finance this boat. i tried us bank, key, cgi , essex credit and all say no....

do i have any other options rather then dealing with a credit union and taking a 6 year loan.

my credit is perfect and i can put 20% down. the purchase price will be 29k

ANY OTHER IDEAS?

Thanks!!

Is it possible for you to tell us why they are saying no? Maybe then we can look to bank connections that would entertain the reason why the others are saying no...

I would imagine the biggest stumbling block is the fact its 16 years old.
What about getting an equity loan, if you have credit as good as you say you shouldnt
have a problem and interest should be lower than a boat loan.

Some banks say because its a high performance boat. Others say because of the year "96". They dont want anything over 10 years old. And the closest i got to getting financing was through Essex credit, they have no problem financing a 1996 but they need 50% down. Im buying the boat for 29k and the least amount essex will finance is 25k so after i put the required 50% down they cant do the deal. lol

Any help would be appreciated

So you can put down 20% of $29K leaving a balance of $23,200. A 6 year note at 6% would be $384/month for a boat that is 16 years old.

How long do you really want to finance this thing???

I was thinking exactly that... 6 or 7 years but the banks wont allow it

Im willing to put 8k down and finance 21k

As far as my credit union comment (im not sure if it will go through.. they said they will put the loan through as a "car" loan but cant promise me anything... thus the reason im looking for alternative options at the moment

Do you have any US Banks located in your state?

sorry, no

I had the same issues, boat was to old or not enough $$$. I ended up using a credit union. I had to call a bunch to find one that wouldn't have a problem doing it. Down here a lot of the credit unions had the same constraints as banks, I think that would be your best bet.