Who did you guys use for financing???

[1sicknautique]

Just curious to who you guys used for financing on your boats The problem I'm running into is I cant find anywhere that will give a loan on a boat over 6 yrs old. Any input would be awesome. Thanks

[SkiTundra]

I'm a strong believer in avoiding debt for anything whose value does not at least keep up with inflation plus the cost of interest (EG, house or business). So, we saved up until we could pay cash. I really like not having any loan payments.

[Kmayotte]

I used my local credit union. They were great. Worth a look at what's in you area.

[gride]

No sense in getting off topic. There are tons of ways to argue for or against borrowing money. Credit unions are good. I'd start there.

[lucky7t]

He is probably stating that he cant get financed on an older boat.

Here is what i recommend.. go to your local banks in town and ask about borrowing money on an older boat. My guess is that they will require at least 10% down if not more.
Might also try a credit union as well.

Or another option is to borrow against a cd if you have one.

[NCH2oSki]

If you can justify the financing to your self and family....ie..you will spend the summer with the family on the boat, then take what ever your finances allow to pay down up front, and then seek out your local credit union, or bank you've built a relationship with. Our rule is you pay cash for your toys, but if it means that much to your family, then no more than 5 years.

Remember: its only the first one that's expensive,the upgrades afterwards are much easier. We upgraded this year, and it was a big hit, but so far its been worth it.

[Rharness]

i know of people going through state farm and us bank on longer term and the rates were not that bad. i went through a local bank. but only did a 4 year loan. state farm has great rates at the moment!

and if you want the boat dont worry about financing as long as you can pay the payment. cant take the money when your gone!

[ScrewPusher]

if you own your home and can get a home equity loan, there is an option. the interest may be deductable too

[OKWAKEBDR]

if you own your home and can get a home equity loan, there is an option. the interest may be deductable too

Yeah. Thats smart. Borrow against your house to buy a house. At least you can live in your boat after your house is foreclosed. That's how the housing market got in this condition in the first place.

[OKWAKEBDR]

He is probably stating that he cant get financed on an older boat.

Here is what i recommend.. go to your local banks in town and ask about borrowing money on an older boat. My guess is that they will require at least 10% down if not more.
Might also try a credit union as well.

Or another option is to borrow against a cd if you have one.

CDs aren't earning anything right now anyway. Why would you borrow against it instead of just selling?

[Jburt]

Try US BANK

[MrShelley]

No problem financing my 7 year old boat through my local credit union. Good interest rate too.

[lucky7t]

CDs aren't earning anything right now anyway. Why would you borrow against it instead of just selling?

Exactly,
They aren't making anything right now. But sometimes a bank will loan on an older boat with extra security. And yur interest is also lower.

[swc5150]

M&I will do loans on old boats, for NADA value. Your term will probably max at 4 years, which is a good thing, but you could finance a 20 year old boat too.

[Uzj100]

Yeah. Thats smart. Borrow against your house to buy a house. At least you can live in your boat after your house is foreclosed. That's how the housing market got in this condition in the first place.

I disagree, if he's going to finance it anyway there are advantages to borrowing this way. He won't be able to do it up less he has 1) good credit and 2) enough equity. Given the collapse of the housing market the requirements to qualify should mitigate the risk of default. The market got the way it is through the collective greed of banks and moreover those who mortgaged their homes to the hilt based on fictitious values and then when the market collapsed blamed everyone but themselves and walked out on their moral duty to pay back what they took.