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Go Back   WakeWorld > >> Boats, Accessories & Tow Vehicles Archive > Archive through December 15, 2008

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Old     (toeside900)      Join Date: Jul 2004       11-20-2008, 8:44 AM Reply   
I am still looking into getting my first boat. I am looking at newer boats and know that I can get something that I would be very happy with for around 40-45k if I finance. Another option, and I started looking into this yesterday, I have been looking at 95'+ Nautique Super Sports, but I am still looking at 15-18k. Will banks finance boats that are this old, or if I go this route am I going to have to pay cash?
Old     (meathead65)      Join Date: Sep 2006       11-20-2008, 9:38 AM Reply   
Most, but not all, main line "traditional" marine lenders will not go past 10 years old.

Check a couple of internet loan sites, like boats.com, and see if you can find one who will go past that timeframe.

Also make a call to a local credit union or two and see what they have to say.
Old     (roverjohn)      Join Date: Dec 2007       11-20-2008, 10:21 AM Reply   
While you're at your local bank or CU see if they have any wake boat loans in default. You might find a deal.
Old     (fatsac)      Join Date: Jun 2004       11-20-2008, 10:26 AM Reply   
Ask you bank for a line of credit. I did this and walked out with 20k at 9.9% through Wells Fargo. It may be more difficult now but worth a shot.
Old     (wake1823)      Join Date: Dec 2005       11-20-2008, 10:29 AM Reply   
use a CC with a low fixed rate or 0 percent interest...that's how I bought my first two boats.
Old     (duffymahoney)      Join Date: Sep 2008       11-20-2008, 10:30 AM Reply   
I got a loan for a 96 this year, and the credit union was fine with it, because it's worth more than 10k. Call around and ask credit union(banks said no) what boat ages and values will work for them. You also can't get a loan for an older boat above the book value. So if you are looking at a pimped out boat that is 3,000 more than book, they would only finiance to the book value. Good luck

Duffy
Old     (wake1823)      Join Date: Dec 2005       11-20-2008, 10:33 AM Reply   
you'll be able to find no fee or low fee ( $50 or less) balnce transfer checks. If you have acess to usaa, they will loan you stupid amounts ($75k +) on your CC cheaper than any bank will and charge no fee for cash advance/balance trandsfer checks. Try to stay away from maxing out the card though.

It was cheaper and more cost effective ( including all tax advantages) to take money off my ussa CC for a home equity project vs. a HE loan thru usaa.
Old     (toeside900)      Join Date: Jul 2004       11-20-2008, 11:00 AM Reply   
Thanks for the posts. Duffy, can I ask how long the term is on your loan? I have a good credit union that I use...so I will likely go that route if I go with an older boat.

I have been looking for wake boats in default...hard to find around here, but every now and then one will pop up. Currently there is an Avalanche c4 that is going to be auctioned off this Saturday...too soon for me to do something, but I will try to see what it goes for.
Old     (duffymahoney)      Join Date: Sep 2008       11-20-2008, 11:32 AM Reply   
I have a 10 year term. I paid 13k and put down 2k on the boat and the payments are around $140 a month. I am also looking for an older avalanche C4, but I will not be ready to buy until spring. I love my old v-drive, but we mostly surf and my boat has just an ok goofy wake. Good luck, my credit union does great boat specials after the first of the year.


Duffy

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