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Old 02-11-2017, 13:32   #1
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financing older boats

I have been looking around for a good solid boat but financing one is a real pain or impossible, I have been told that most institution won't loan on boat older than 20 years or 30 years (1987-1997) that leaves mostly Beneteau's, Hunter's or Catalina's...what about good older boats like, Bristols, Hallberg-Rassy, Choy lee's, or Moody's. Is it all cash ??. evidently These boats can't be financed. Are there good financial institutions that loan on older boat like these.is there a solution ??
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Old 02-11-2017, 14:26   #2
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Re: financing older boats

Try a marine financier, like Essex Credit. There are plenty of older threads on this. If you are a credit union member, they may be more flexible, or you may have to take it as a personal loan or home line of credit. Basically, yes, if the boat is 30 years old, it is like a 30 year old car. No one wants to finance a sum that small, a risk that high. And then you've got to convince the insurer as well. Expect that a survey and some "routine" pricey maintenance including replacing all standing rigging may be required. A competent broker should be able to talk you through all this, and help find the boat (at no extra cost to you really) as well.
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Old 02-11-2017, 15:41   #3
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Re: financing older boats

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Originally Posted by shadowdancer View Post
I have been looking around for a good solid boat but financing one is a real pain or impossible, I have been told that most institution won't loan on boat older than 20 years or 30 years (1987-1997) that leaves mostly Beneteau's, Hunter's or Catalina's...what about good older boats like, Bristols, Hallberg-Rassy, Choy lee's, or Moody's. Is it all cash ??. evidently These boats can't be financed. Are there good financial institutions that loan on older boat like these.is there a solution ??
Cash is best or maybe a home equity loan if you own a home.

I paid $2,000 for my boat and have done almost nothing to it structurally.

I've been sailing it 6 years in all weathers but mostly coastal ......maybe 12 miles offshore in winds to around 30 and it has been great

My boat is a Bristol 27 and since I didn't know a lot about monohull sailboats, I relied on various websites like to help me figure old which boat would be right for me

Atomvoyages:

Atom Voyages - Good Old Boats List

and Mahina offshore

Mahina Expeditions - Selecting A Boat for Offshore Cruising

to help with boat selection


I hope to sail across the bay tomorrow so that I can come back when the front comes through with 20 knot winds .......for my downwind run back
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Old 02-11-2017, 16:39   #4
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Re: financing older boats

Get a decent job , work every hour / day available , save every penny for a year or so and the boat will be yours .
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Old 02-11-2017, 18:05   #5
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Re: financing older boats

You are possibly looking at boats too big or ones beyond your financial ability.

There are some very good, small (but not too small) new boats that can be easily financed. E.g. a HR 310. What's wrong with a HR 310? Or a Rustler?

What's wrong with buying a boat you can afford - even if it is one size down from your dream boat?

How big a boat do you want anyways?

There sure is a way out for you. Buying financed is expensive and you know it.

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Old 02-11-2017, 18:27   #6
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Re: financing older boats

Ive had no trouble financing my last two good old boats. I bank with a credit union, and got a simple personal loan, using the boat as collateral. Boat were around 30-years old. No hassle, and no problem at all.
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Old 02-11-2017, 18:28   #7
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Re: financing older boats

My opinion, is don't finance. You can probably get a loan from Light Stream as they loan on anything but you might be paying close to 10% interest. I paid cash for my boat after saving for a few years, and it hurt to write that check, but it is done I own 'er free and clear. And I saved over $5000 in interest for the terms I felt comfortable with.

If you want to be scared by interest, I have the original loan paper work on my boat from a PO. He payed ~$60k for the boat @ 7% interest over many years and ended up paying $100k total

A good start is to figure your budget and actually come up with what kind of boat you can afford. If you think you can "afford" a $300 boat payment, $200 for slip fees, and maybe $200 a month in refit maintenance, that's $700 a month you can put into a bank account for a year. It wouldn't take too much more effort to save up an even $10k that first year if you were serious and wallah! You can start shopping for a boat with $10k in cash at your disposal

$10k can get you a nice older boat. And since you will be used to the money not being there, that's $700 a month to fix the boat up for the second year
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Old 03-11-2017, 03:27   #8
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Re: financing older boats

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$10k can get you a nice older boat. And since you will be used to the money not being there, that's $700 a month to fix the boat up for the second year
$10,000 is pretty much a good number for a relatively nice used boat.

You do though have to make sure the boat is worth it.

Also, if you pay say $10,000 cash for your boat then you can buy $10.00/month liability only insurance which is what I have been doing since I bought my good old full keel monohull in 2011

My old boat is recommended on many blue water and offshore sailing sites even though it's only 27' long.

You can save lots by going small. If your old boat needs a new engine for example because it's original old diesel is shot, you can repower for about $1,600 with a new outboard

For more ideas on low priced boats and sailboat owning without breaking the bank check here:

Atom Voyages - Good Old Boats List
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Old 21-01-2020, 11:43   #9
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Re: financing older boats

I am also looking for financing for an older boat. I understand that I can very easily get a loan for a newer boat, however, I am really heart-set on a 41' Morgan Out-Island CC. They quit producing them around 1987 (more than 30 years ago). Now, most of these beauties are selling for around 35 to 55K. (The nice ones). Though I can pay most of it with cash, I would still need to try to finance about 20K or so. I will probably end up trying to get a signature loan through my bank or something, because it will be difficult or impossible to get a loan for such a small amount on something so old. But what can I say? I love the 41' Out-Island!
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Old 21-01-2020, 11:55   #10
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Re: financing older boats

This is an old thread but would agree w/a previous statement try a credit union. Purchased a boat that was never finished and it wasn't a problem.

If you aren't a CU member, check one out and possibly join is if only for a short term loan.


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