Financing purchase of older boat?
Charles Teclaw
sailboat made in 1965. Can anyone point me to a lender who will consider
such a loan? TIA.
Charles
Peggie Hall
Most bona fide marine lenders will finance a boat of any age, subject to
a survey by a surveyor on the lender's "approved" list. The kicker may
be the size/value of the boat...it may be below their "floor" for loans
on boats regardless of age.
Check out the boat loan ads in the boating magazines...all the major
marine lenders advertise in them. Alternatively, you may own something
else that's acceptable security to your own bank--for instance, your car
(if it's paid for)...perhaps you qualify for a second mortgage or home
equity loan. For small loans (under $10k), your own bank may be your
best bet....perhaps for an unsecured personal loan, if you have a
history with it and your credit is good.
Peggie
pcuser
reality, these boats are usually much more strongly made and will hold
their value far better than a new boat.
If you have a lender who doesn't understand boats, tell them you need
the money for something they do understand - like a new kitchen or other
home improvements. That way you will get a lower interest rate and no
hassles. The new kitchen (galley) may come with some extra bits, but
they're not to know.
Phaon Reid
S/Y Avalon of Arne
http://www.geocities.com/TheTropics/Shores/6076
James Calore
<cte...@shell.clark.net> wrote:
> I discovered that many lenders will not finance purchase of a fibreglass
> sailboat made in 1965. Can anyone point me to a lender who will consider
> such a loan? TIA.
>
> Charles
Most will not finance wood at all or fbrgls over 20 yrs.
Maybe a specialty (read 'more expensive') finance company would be needed
in this case.
G'luck!
-jc
R. Beasley
>In article <6trh5s$6ip$1...@callisto.clark.net>, Charles Teclaw
><cte...@shell.clark.net> wrote:
>> I discovered that many lenders will not finance purchase of a fibreglass
>> sailboat made in 1965. Can anyone point me to a lender who will consider
>> such a loan? TIA.
>Most will not finance wood at all or fbrgls over 20 yrs.
>Maybe a specialty (read 'more expensive') finance company would be needed
>in this case.
We financed our boat ('79 fiberglas CSY 44) at our local bank. That
is where we got the best rate. Because they are in an area with a lot
of boating, they were accustomed to do this. We did back the boat
mortgage with a 2nd mortgage on our house which has only 5 years of a
30 year 7.5% mortgage left on it.
grandma Rosalie
James Calore
(R. Beasley) wrote:
Marine lenders would have financed it also -being 19 yrs old and under the
imposed 20 yr rule.
-jc
dog...@michiana.net
>
> In article <6trh5s$6ip$1...@callisto.clark.net>, Charles Teclaw
> <cte...@shell.clark.net> wrote:
>
> > I discovered that many lenders will not finance purchase of a fibreglass
> > sailboat made in 1965. Can anyone point me to a lender who will consider
> > such a loan? TIA.
> >
>
> Most will not finance wood at all or fbrgls over 20 yrs.
> Maybe a specialty (read 'more expensive') finance company would be needed
> in this case.
Pick up a copy of WoodenBoat magazine and contact the finance companies
therein. They wouldn't be advertising in that periodical were they not
interested in financing wooden/older boats.
JC
Charles C. Williams
and there is a bank here in Va that writes a lot of loans on older
boats at competitive rates. I got a 10 year, 20% down payment, loan at
9.25%. (Of course, a home equity line would be a better way to go.)
They are very easy to work with, did it all over the phone and fax. E
me if you want more info.
Charles Williams
uzv...@prodigy.com
Skip Gundlach
R. Beasley wrote in message <6u6tcu$l3a$1...@camel19.mindspring.com>...
>We financed our boat ('79 fiberglas CSY 44) at our local bank. That
>is where we got the best rate. Because they are in an area with a lot
>of boating, they were accustomed to do this. We did back the boat
>mortgage with a 2nd mortgage on our house which has only 5 years of a
>30 year 7.5% mortgage left on it.
In effect you were getting a second mortgage on your house to obtain the
money to buy your boat.
Best of both worlds - house rate, deductible with uncle sam, and a boat to
play or live on...
I'm surprised they required anything of the boat (after all, the loan is
secured with your home)....
grandma Rosalie (R. Beasley)
The second mortgage was in addition to the boat loan - we used some of
it to re-roof the garage, and some of it to buy stuff for the boat.
grandma Rosalie