Financing older boat in Canada

[sirlandsalot]

Hello all,

I am wondering if anybody has tried financing an older sailboat before....for example, 1980 40 foot ketch???? in Canada?

I have searched lots for info, however most threads are alomost 10 years old, and financing seems scarce.

[Zednotzee]

Prbably the easiest solution is a line of credit. They don't ask too much about what you spend it on, aside from making sure you aren't falling for a kijiji scam.

Sent from my SGH-I257M using Cruisers Sailing Forum mobile app

[nicholson31]

Don't know what $$ bracket your looking at but agree "line of credit" is a good option if you have the room on your limit, thats what we did at the time, boat is a 1976.

[bobofthenorth]

It's been years since I borrowed for anything so the situation may have changed but my experience was that a small local credit union was more likely to value me and my business over some formula. The Canadian chartered banks are a virtually a singularity. They put your numbers into a form, check off all the boxes and a computer somewhere far away spits out an answer. There is not likely to be a check box for "35 year old unknown brand of boat" but YMMV.

R.J.(Bob) Evans
www.bobandmarilyn.ca

[Lake-Effect]

I don't think you will find that many lenders willing to take on an older boat as collateral for the loan, so unless you already have a line of credit, I imagine you'll have to provide other security (eg property).

[deluxe68]

When I bought my boat last year they would not finance anything ove 29 years old. For my boat they did not even look at the surveyed value and I had to put 50% down.

[sirlandsalot]

well....thats a show stopper,

[pcmm]

The last time I financed a boat ( 20 years ago) the bank wanted me to have 50% down payment! on a $34k boat! That was in Toronto.

[Founts]

I haven't used them (yet) but this is the only company i have found that will do old boats in Canada:

https://www.toyloan.com/

The quoted rate (when I asked) was 6.99%. They have different financing for newer boats as well.

There is not a solid financing market in Canada for boats. It was described to me as they don't like financing things that are easy to take away =) That Million dollar catamaran that the owners sail away to the Caribbean and stop paying... that's not the type of thing us polite and responsible Canuckls would do!

I am now looking at buying a new boat, IF there is dealer financing. I don't even know if Beneteau, etc. finance their own boats in Canada (for example.) I have a lot of payment room in my monthly expenses to buy, but not many financing programs out there to support that.