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Old 16-04-2018, 11:25   #1
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Older Vessel Financing

Has anyone in the US had any luck getting a boat loan for a boat older than 25 years? If you have, I would love to know who you worked with. There are some excellent boats available that have been built in the late 80's and early 90's, yet most traditional yacht finance groups won't touch them. For some reason you can get a loan on a 15 year old Beneteau that has been trashed in a charter fleet, but you can't get a loan on a 30 year Alden or Shannon.
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Old 16-04-2018, 11:38   #2
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Re: Older Vessel Financing

When we sold our 1991 Catalina 42 last year (2017) the buyer financed it through his credit union. We had to do the closing there.
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Old 16-04-2018, 11:43   #3
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Re: Older Vessel Financing

Ditto on working with a personal bank/credit union. That's how I did it.
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Old 16-04-2018, 11:48   #4
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Re: Older Vessel Financing

Thanks for the responses. I checked with my credit union and they want to do some kind of funky balloon loan. I much prefer a traditional ships mortgage, but I guess I will have to bite the bullet and work with my C.U. Thanks, again.
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Old 16-04-2018, 12:30   #5
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Re: Older Vessel Financing

We just closed on a 1979 boat financed through Key Bank. We put 10% down and financed the remaining 90% over 20 years.
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Old 16-04-2018, 12:30   #6
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Re: Older Vessel Financing

Try Space Coast Credit Union, they financed my boat
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Old 16-04-2018, 12:57   #7
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Re: Older Vessel Financing

Thanks Knot_Home. Unfortunately Key bank does not service the state I live in.
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