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Old     (jtech)      Join Date: Aug 2008       11-08-2010, 7:49 PM Reply   
I have a deposit on an older boat through a private party that I need to finance short term (3-4 months) until the proceeds from real estate close escrow. The loan amount on the boat will be less than 20k and most lenders I am looking at won't go below 20-25k or older than 2001.

Loaning money from and friend or family isn't an option. I will pay off the loan when the homes I am selling close. I understand that there may be a pre-payment penalty under one year but that cost would be much less than the money I will save if I complete the sale with the current owner who is in a pinch and needs cash.

Does anyone know of a lender that does loans for lower amounts on older boats?


Old     (HighVoltage)      Join Date: Aug 2010       11-09-2010, 7:20 AM Reply   
I would check with a credit union. They usually have the lowest rates and are more willing to loan money.
Old     (olmoomba)      Join Date: Apr 2010       11-09-2010, 8:18 AM Reply   
I can think of a couple of options right off the bat. I'm not a banker.

1. Credit Union - great rates, usually easy to work with. Generally no early pay-off penalty
2. Personal Loan from your bank of choice. Higher interest rates but no colateral needed.
3. They have those Loans for your title places. I don't know their lending limits as well as terms. Guaranteed to pay very high interest.

Good luck!
Old     (saberworks)      Join Date: Sep 2010       11-09-2010, 5:15 PM Reply   
I ran into the same issue as you are running in to. My local credit union even gave me a hassle because the boat was repossessed in another state. I ended up with a local bank who didn't give me any hassles. Call around to local banks and credit unions. Mind ended up being 6.75% I believe.


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