Used 340 Loan ?

[flyguyzz1]

We made an offer on a nice 2001 340 yesterday but our broker told us this morning he is having a hard time finding financing for it because of the age. I find that hard to believe. Anyone have any lenders that work with older boats?

 

[pchanson8]

It can be difficult. I ended up going through US Bank but had to go through their personal banking division and not through their national underwriters. Got a good rate and term. Better then most I have seen. It is funny because this boat will not depreciate as quickly as new, but they do not like the risk of all the components that if malfunction will definitively hurt the value.

 

[Zorba]

Citizens Bank of Flint Michigan

 

[Carver370]

2001 should have NO issue being financed. I regularly have late 70s early 80s boats financed all the time.

-Jason Fox at Coastal Financial in Holland, MI - http://www.your-marine-lender.com/ 888-887-2628

-Dennis Spoljaric at Marine Banking Services - http://www.marinebanking.com/ 800-709-5100

-Jim Stiverson at Sterling Financial - 810-691-8308

 

[FootballFan]

If I am not mistaken, survey requirements by the lender may change based on the age of the boat, but long as the boat passes survey and the loan amount is within reasonable market values - should be doable. Course every borrower and ever lender is always different.

 

[dcharna]

I have used Anchor Finance out of Annapolis for years with great results. Dan

 

[mvoellinger]

Try going through us boat. They found me a good rate.

 

[Dsybok]

Banks can be weird like this, I got a loan in 2011 from BofA for my 2005 320, with almost nothing down, no problem. I went to the boat show this spring, rates were almost 2% lower, so I visited the BofA booth, got a application and was DENIED because they say my boat is too old now.

So they gave me the loan 2 years ago, I still have the loan, its current, and they wont refinance it because they say its too old.

I think they just like getting 5.79% instead of 4.04%.

 

[Xplicitlnck]

Trident funding has done my last ywo boats over the last two years. 99 270 and 98 330. They are awsome I used bod dunford at there conn office. He made my process painless and both times used m and t bank. With FAIR rates. All thet required was a survey.

 

[HavnFunYet?]

Second that to either Jason or Chris at Coastal Financial! They are great to deal with and are fairly local to you. The rates will be very competetive and they will make things easy...plenty of banks to deal with but Citizen's is seamless.

 

[firecadet613]

Coastal Financial is top notch!

 

[Bob & Sue]

Banks can be weird like this, I got a loan in 2011 from BofA for my 2005 320, with almost nothing down, no problem. I went to the boat show this spring, rates were almost 2% lower, so I visited the BofA booth, got a application and was DENIED because they say my boat is too old now.

So they gave me the loan 2 years ago, I still have the loan, its current, and they wont refinance it because they say its too old.

I think they just like getting 5.79% instead of 4.04%.

When we bought ours I inquired at BECU to see what rate and how much they would finance we didn't want a loan just wanted to know what they would loan, I asked if we paid for it if I could take out a loan later they told me once we paid for it they would not right a loan on a paid for boat only a purchase they considered it a re-finance.