First:: before everyone yells at me to search archives
.. I did however much of the financing
topics are older and this topic can be a bit time sensitive.
Second: If this is the wrong forum sorry and please feel free to move.. I didn't see any forum that fit.
OK now ... I am considering a 1980's vintage Pearson
39. The boat itself seems to pass the initial tests and before I start wasting time I wanted to make sure that I could get financing
for the boat.
The problem is that I am not able to find a financing source that will either finance older boats or if they do they have low max values. Traditional lenders are only interested it seems in underwriting new boat loans. Others like Pentagon Federal cut off at a maximum of $39K . Other marine
lenders have said that it would be a longshot to get 50% financing.
The owner doesn't seem to want to finance it. I didn't ask but it hasn't been offered. My bank (I've been a customer for decades) won't touch old boats. I live in Florida
some home equity won't work because our real estate market is so screwed.
I can qualify all day long for an expensive new boat.. but really am having a hard time with this older boat market.
Anyone have any ideas or lenders?