Good lenders for 10+ year old boats???

(naptownwake) · (naptownwake) **Join Date: Jul 2007** 10-23-2008, 9:44 AM

I'm about to pull the trigger on a 96' super sport nautique and was hoping for some insight on financing.

I'm assuming I could only push it out to 5 years, being an older boat, and I want to minimize my interest payments, obviously.

I don't own a home, so tacking it on to home owners insurance isn't an option.

thanks

(sidekicknicholas)

When I bought our 95' Supersport I just took a loan, (not for a boat, just for cash) using my car and at the time that interest was less than getting a "Boat loan"

*I did only need to cover half the boat, the other half was paid from outright from the sale of our old boat....so I donno about taking the loan in full

(psudy) · (psudy) **Join Date: Dec 2003** 10-23-2008, 9:59 AM

As long as it NADAs out, you should not have a problem getting a typical loan. Provided your credit doesn't suck and you can afford the payments.

(naptownwake) · (naptownwake) **Join Date: Jul 2007** 10-23-2008, 10:00 AM

what was the interest rate on your loan, and who did you go through?

I'm also looking into paying for part of it with a secured loan against a CD that I was going to set up anyway.

(naptownwake) · (naptownwake) **Join Date: Jul 2007** 10-23-2008, 10:01 AM

what do you mean by, "nadas out"?

(psudy) · (psudy) **Join Date: Dec 2003** 10-23-2008, 10:05 AM

Rates vary. I wouldn't pay above 6.5% in this market. If you can do a CD secured loan, then that would be the easiest. Most places want 15% down that i have seen. Some will take less. Nada on that boat(stock) is about 16.9K. Based off of that at 6.5 % for 60months your payments would be around $330.00/month

(psudy) · (psudy) **Join Date: Dec 2003** 10-23-2008, 10:07 AM

Offering the CD as additional collateral keeps you from sinking an earning asset into a depreciating one. The down fall of it, is you could get upside down in the boat. If you are planning on keeping it for a while, I would keep the CD and just offer it as collateral

(psudy) · (psudy) **Join Date: Dec 2003** 10-23-2008, 10:07 AM

Thats what the NADA listed the boats worth at.

(meathead65) · (meathead65) **Join Date: Sep 2006** 10-23-2008, 12:15 PM

You will find that more than a few lenders won't go over 10 model years. Local Credit Unions might be your best bet on a boat that old.

(naptownwake) · (naptownwake) **Join Date: Jul 2007** 10-25-2008, 10:05 AM

Geez, I'm finding everything is around 9%! I've got good credit, too. any specific lenders I might look at to whittle this down a bit?

(brucemac) · (brucemac) **Join Date: Dec 2005** 10-25-2008, 10:14 AM

try looking into local credit unions. i got 4.99% with 20% down. and as previously said, as long as the lender can verify value through nada, and your credit is good you should be able to do better. you can also sometimes save a half a percent or so by having them auto-draw the payment from your checking.

(naptownwake) · (naptownwake) **Join Date: Jul 2007** 10-25-2008, 11:38 AM

bruce, who did you go through, and how long were you able to take the loan out for?

looks like your boat is a bit newer than mine, too. how big of a difference does that make?

thanks.

(psudy) · (psudy) **Join Date: Dec 2003** 10-27-2008, 7:33 AM

"Geez, I'm finding everything is around 9%! I've got good credit, too. any specific lenders I might look at to whittle this down a bit?"

9%! In this market? Thats like a 7% spread. Who do you bank with? Unfortunaltly if you bank with big banks, your bargaining goes out the window. They do not deal. Tell them you can get 7% across the street as long as you move your accounts over. I bet they come down.