Buying a boat shouldn't be this hard!! $$$$

[gordonhansen]

My fellow captains,

I am trying to find a loan for a 1990 310 Sundancer but most banks won't loan on a boat this old. I don't want have my credit score negatively affected with people continuously checking just trying to see what happens.

Anyone know of a lender who will loan on a boat this old? It will be for about $40k. We will put whatever money down we need within reason.

Thanks,

Gordon

 

[Stray Cat]

What is an insurance company willing to insure it for?
What if you were to put 20% or more toward the note?

I would think a bank would lend you what an insurance company's agreed value for the boat would be in the event of a total loss. The more of the 40K you take away from the bank the less risk they have...

 

[jackson]

financing

Gordon,

Don't worry about the credit score. As long as they are all checking your score within a reasonable time from each other your score will only get hit once because they consider it shopping around for loans. Many that buy Searays use Keybank. I have also had good luck with Suntrust. Although you probably have tried these if you checked many out.

 

[jackson]

financing

I just spoke with Keybank. They will go by the value of the boat, not the year.

 

[Dave S]

Based on a quick look at 1990 310's on Boat Trader, that particular Sea Ray may only have a value of around $40-45K. If you want to finance $40K, you probably need to inquire what value the bank places on that particular boat.

 

[AndersonAcres]

The top guy where you bank is a good bet in our experience.

 

[Kameroo]

In the past I have used Beacon Credit. Last time I applied for a loan, they beat Key by 1%.

These marine credit brokers do it all the time, and can shop the best rates.

I'll send you a Private Message with some more detail.

 

[rondds]

if you own your home, how 'bout a home equity loan? interest is tax deductible with no raised eyebrows at the IRS. just know that if you mess that loan up, they'll take your house, not just your boat.