Used Boat loans

[gordovip24]

Trying to find lenders for 1995 boat. Marine lenders saying must be 1999 or newer. Is money that tight in Maryland.

 

[Gunn]

Yes, I think so. We are just looking into refinancing our house and Maryland adds all kind of ridiculous fees...stimulus package my !$^.

 

[Woody]

Yes, I think so. We are just looking into refinancing our house and Maryland adds all kind of ridiculous fees...stimulus package my !$^.

The state is adding fees? What are they and how much?

 

[sprink56]

Trying to find lenders for 1995 boat. Marine lenders saying must be 1999 or newer. Is money that tight in Maryland.

The banks have the money...they aren't lending it. The used boat market older than 1999 models is tough for financing...nationwide.:huh:

 

[Larry&Leisa]

The banks have the money...they aren't lending it.

unless you can prove you don't need it too badly.

 

[aquaskiman]

I just sold a 1993 19ft Ski Ray and had one fellow give me $100.00 to hold the boat for a week while he got financing. I was selling it for $6500.00. He called me back telling me he couldn’t get a loan on anything older than a 2000. He said he was even going to put $3000.00 down and they would not loan him the money. He said his credit score was about 690. So I put it back up for sale and sold it the next weekend.:huh:

 

[Larry]

I remember even before all the banking issues, all the boat lenders would only consider boats up to 10 years old. That's why allot of people went the home equity route, if they were buying new or old, because the rates were atractive and it was still deductable.
I think we will see a greater depretiation on boats over the 10 year mark now because of the financing issues (home equity is dried up, for the most part).

 

[Quint4]

Credit unions are usually easier to deal with..although I haven't applied for a loan in over a year.

 

[Beer Thirty]

I got mine with my credit union without any problems. For used auto and boat loans i wouldn't really go anywhere else.