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Old 17-12-2019, 17:39   #1
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Financing Suggestions (and insurer) for an OLD boat

Hi folks.

I'm having a hard time finding a loan that will cover an older boat. Lenders seem reticent to make a loan for something older than 99. I'm trying to purchase a '69 houseboat that's been remodeled. I only need a loan of $10k. Anyone know of any financial institution that will give a loan for an older boat? Bonus if you know anyone who'll do so for a liveaboard.

Triple bonus for anyone who can suggest insurance companies that insure liveaboards!

Thanks for the help!
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Old 17-12-2019, 17:49   #2
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Re: Financing Suggestions (and insurer) for an OLD boat

Quote:
Originally Posted by PNWLinds View Post
Hi folks.

I'm having a hard time finding a loan that will cover an older boat. Lenders seem reticent to make a loan for something older than 99. I'm trying to purchase a '69 houseboat that's been remodeled. I only need a loan of $10k. Anyone know of any financial institution that will give a loan for an older boat? Bonus if you know anyone who'll do so for a liveaboard.

Triple bonus for anyone who can suggest insurance companies that insure liveaboards!

Thanks for the help!
From the perspective of someone who runs a couple loan programs, I can tell you this is effectively going to be looked at as a signature loan. Unlike older used cars, which have pretty bankable values from auctions, they're going to look at that boat as having no value as collateral after they pay to repo, hold, and sell it. So you're best off just getting a signature loan, assuming you don't have a home (given the subject!) to do a home equity line on or stocks to do a margin loan against. If you have time to kill you may want to check with all your local credit unions. You may find one with poorly written underwriting standards for boats that lets you in, and they tend to follow those by rote no matter if they make sense or not. Good luck!
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Old 17-12-2019, 21:16   #3
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Re: Financing Suggestions (and insurer) for an OLD boat

If you can afford to pay it back you can afford to save up for it.

If needed, living in a van for a while can accelerate the process, take your old housing costs and put them in the kitty.

Get used to roughing it too, can get a lot of components ahead of time, get a good electric system sorted.

IMO just silly to incur debt for anything but income-producing investment.
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