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Old 28-07-2011, 17:39   #1
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Older Boat Boat Loans

So I have been turned down for two boat loans and both of them have been because the boat I was trying to finance was built before 1982. Are there any institutions that will give you a loan on an older boat?
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Old 28-07-2011, 17:54   #2
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Re: Older boat boat loans

The best interest rate you might receive would be from a home equity line of credit..if you own a home and have sufficient equity.

Boat US's cutoff if I recall was 15 years...I had to go to Essex..@ 20...
I don't know their cutoff..but if they weren't one of the 2 you might give them a call.
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Old 28-07-2011, 18:28   #3
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Re: Older Boat Boat Loans

I have a Yacht sales office next door to our shop.. in a conversation awhile back, she had said that if the boat is older than 20 years, its really hard to get it financed..
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Old 28-07-2011, 19:34   #4
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Re: Older Boat Boat Loans

I own a Columbia 41 built in 1978. It was in good condition with a good survey. It spent most of its life on the hardstand. The previous owner had female troubles and offered the boat at a modest price. Even so, I could not get conventional financing. I had to borrow against my mutual funds as I didn't have the cash on hand. The deal went through in a week or so and I paid it off the loan in two years. As you suggest, there is little or no way to get conventional financing.
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Old 28-07-2011, 20:00   #5
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Re: Older Boat Boat Loans

20 years is the max in my research experience. I always pay cash in full and always bought old boats. No loans.
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Old 28-07-2011, 20:14   #6
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Re: Older Boat Boat Loans

with outstanding credit, and an outstanding boat, we struggled, and failed to get a loan for our Ohlson. Close to a third of million dollar restoration (previous owner stopped counting $$ when he hit that milestone and threw all the receipts away), the best I could secure was $30k. Ended up doing a home equity loan for half, and the previous owner gave us a personal loan for the balance.

totally stinks that the ONLY ONLY ONLY factor they care about is the year. Could be the biggest POS afloat, as long as it is a few years old they will give you a good loan. You have an outstanding, well built, well restored, piece, they don't care.

You will have to get 'creative' if you want an older boat.
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