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Old 09-07-2018, 06:04   #1
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Location: St.Paul,MN
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Buying a boat. Financing

I’ve spent the better part of a week on the phone and internet looking for boat financing.

The majority problem is financing a 20 year old boat. Many institutions won’t go this old.
Then some have a limit of 50k or less others start at 50k or more.
Credit rating and down payment is not the issue, it’s the loan co. rules.
The boat I’m looking at is 120k and in great shape. It’s not the boat type either.

Then live aboard becomes the issue.

Then in a few cases ability to meet income vs debt rate. But if I live aboard this is a not and issue as I have no debt and it will cost less than my apt does.

Most that will do the loan require a survey.

Essex credit is a possibility but they have a horrible rating as far as customer service. I did get a very quick quote so I’ll call and test the waters.

————

Then insurance came up. All marinas in my area require 500k liability insurance. I checked at least 9 co, and my own car insurance State Farm was by far the best. All I have to do is give the boat serial number.

I found one marina that has a slip ready to move into and another that will have one in the spring. Both are nice and close to the freeway for my travels.

So has anyone got financing co info?
Also I could use insurance info.

Thanks
Byron
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Old 09-07-2018, 06:15   #2
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Re: Buying a boat. Financing

Byron,
Saw this online the other day and they indicate they will do loans on boats up to 30 years old. Don't know anything about them otherwise.


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Old 09-07-2018, 17:09   #3
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Re: Buying a boat. Financing

I just looked at this site. They are relatively new 2003. They have various programs. They say 2007 or newer but older by approval with increased interest rate. I did try an online application but ran into difficulty on the job end as I’m retired.

So I’ll try calling in the next day or so.

I still have not heard from my own bank. It’s surprising as they usually are very good about returning calls and acting on loans.

Byron
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