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outbound_308 · 01-09-2021, 13:39

Yeah that's why I'm watching it, and I definitely need to research it more, it will be six years before I move that money. If you can't get a dividend that high, I won't mess with one at 3% or 4%. I can just leave it where it is and take payments out of the account every month. Average return on my 401k has been 12% so as long as I take less than that out it should be ok. I just don't like the idea of just pulling all out, if I could get a loan and make the payment of the monthly withdraws that are below it's growth rate.

Thanks for the advice though, never hurts to hear what other people have done or that looks like something may be off based on their own experiences.

sail sfbay · 01-09-2021, 13:58

Quote:

Originally Posted by Legend1673

Hi all...wondering if anyone has a recommendation for a financial institution who will finance a boat loan for boats older than 20 years? I'm having a hard time finding one that doesn't want an insane interest rate/super short term/etc..........

Last boat loan was for a 13 year old sailboat in 2018 by through Intercoastal Financial and the interest rate was maybe 3% for 10 year term. My 28 year old powewrboat also had a relativley low rate and 10 year term. Boths loads sourced through a marine broker with approval in 24 hours contingent on a survey.

https://www.marinelenders.org/interc...cial-group-inc

Cadence · 01-09-2021, 13:59

Quote:

Originally Posted by outbound_308

Artey,
I haven't yet, there are three funds I'm looking at now that have done that for at least five years, posted earlier. Yes you are correct, that it takes a lot of capitol or what I would consider to be a lot of capitol. If you have capitol I feel like this looks like a good option.

The recommended rate of 4% draw down is for a fund that is being used for retirement I believe, if this is not correct please let me know.

This for me this is strictly a boat fund. This is not the money I will be living off of or money that pays the nursing home bills heaven forbid, however I would rather pay for the boat with the money that the account makes vs the principle. That money then could be left to a charity or something like that when I do expire.

If you are young enough and considering a nursing home, in the future, that is probably wise. Long term insurance might be wise. I have a friend paying 16,000/mo. for his wife's care at home. `

ahumbug1 · 01-09-2021, 16:13

I was able to buy my 30 year old boat from my credit union with 10% down and a ten year loan!

Chowe · 01-09-2021, 16:14

Try USAA if you or a family member has served in the US military. They financed the purchase of our 1985 Bristol 35.5 the end of 2019 - borrowed amount ($42K) was less than what you're looking to spend, but their loan depends upon their appraisal of the boat - one of their loan officers will do the appraisal by inputting info that your provide in response to their queries - takes about 30 minutes or so. If not, Navy Federal may be an alternate.

Legend1673 · 02-09-2021, 06:58

Thanks to the few that gave financial institution information. Thank you. I will check them out and update post with their info.

To clarify my position, I have sold everything and been RVing for the last 4+ years and plan to transition to a sailboat. I have a portfolio, but no 401k to borrow against. I would like to take out a loan for 2 reasons:

1. My portfolio is currently performing at a higher interest rate return than I would expect to pay on a boat loan.
2. I would like to maintain an account that reports to the credit bureaus to keep my credit rating high (as this would be my only loan).

For those looking, I have not applied but preliminary discussions have found:
1. Sterling Associates - 15 year note, 20% down at 5.5%
2. Lightstream - 7 year note, 0% down at 4.79%

Nicholson58 · 06-09-2021, 06:51

We found we could borrow from our investment account, pay back with interest to ourselves. How cool was that!?

lyonsfin · 06-09-2021, 08:48

Depending on the boat and condition, I would take a look at the companies that lend money for purchasing classic cars. Many of them will lend for classic and even wooden boats. The only one I can think of now is Woodside credit, but a google search or Hemmings search may do the trick

scottfree1 · 06-09-2021, 11:15

https://www.classicboatloans.com/

https://www.sefinancial.com/boat-loa...-loan-for-you/

https://jjbest.com/boat-and-watercra...en-boat-loans/

https://www.allatsea.net/program-for...g-older-boats/

Flyrod1 · 06-09-2021, 14:02

I financed 30 yr old boat with my credit union.

20% down at 5.5% over 6 years (I wanted short term to pay it off by retirement).

Use of a Credit Union is new to me but I have been pleasantly surprised at what they could do on car loans, and now this boat loan.

daveandsara2016 · 06-09-2021, 15:28

Check out lightstream.com. It is essentially a personal loan as they don't take a lien on the boat. The rate should be somewhere between 4.5% and 5.30% with terms up to 84 months. They will finance up to $100k. Should not be a problem with your credit score.

MVDarlin · 06-09-2021, 16:37

Also, you may have trouble getting hull insurance.

izzyforreal · 08-09-2021, 05:56

Quote:

Originally Posted by Legend1673

Hi all...wondering if anyone has a recommendation for a financial institution who will finance a boat loan for boats older than 20 years?

I'm having a hard time finding one that doesn't want an insane interest rate/super short term/etc.

Specs:
60-80k loan
can put $ down
excellent credit
longer term the better (10+ years)

Thanks in advance

What a bunch of blowhards! Three years ago I bought a 29 year old boat and financed 80% of the purchase, secured only by the vessel. Try J.J. BestBanc.