Financing the old boat

[sailorboy1]

Yes I know there are old threads, but .....

The Admiral wants to move from sail to a trawler. In looking into it seriously it looks to me that we would be looking at a 1980-1990 boat. In that range I can see a seemly jump in boat condition that would exceed the liquid funds I would have to put into the boat. Now I can acturally come up with the funds, but it comes with a 20+% hit and therefore would be less to finance it.

So who has recently managed to finance an 1980s boat at say a 30-40% lo0na to value ratio? If you did who did you use?

[Statistical]

Roughly how much we are talking? Lot more lending options for $50k vs $500k.

When we were looking at our current boat I checked with USAA. If you are prior military I would check with them. No boats older than 40 years and nothing over $250k (IIRC?). They also would only pay the direct sales amount to the seller (no financing taxes, registrations, etc). They will finance up to 100% of the value they determine but their evaluation was light which effectively would have meant a 10% down payment (plus taxes, reg, etc).

We ended up paying cash but the rate was reasonable. That was back in the free money days. I can't imagine what boat rates are these days.

[sailorboy1]

well I meet both those

[SailingHarmonie]

Realistically, your chances of finding a lender willing to accept a 25+ year old boat as collateral are very slim. If you can not use a personnel signature loan to buy the "boat of your dreams" you should plan on raising the cash.

There is nothing new and different about that, it has been true for decades.

[NorthCoastJoe]

Have you looked into private lenders? I did that 25+ years ago the interest rate was double what the banks charged but it worked for a short term, five year loan. I was also glad to pay it off a bit early too.

[sailorboy1]

I have enough leg pains without getting knees Brooke because I didn't pay the vig

[Yojimbo]

They usually just start with a thumb or two as a reminder of late payment. Legs are generally for those in serious arrears. Either way not the smartest investment opportunity.

[clamshack]

Try these folks, like boat insurance, a specialty broker will at least speak your language.

Sterling & Associate’s