Older Boat Financing

[Tollytales]

Considering a mid seventies boat in the Seattle area. Would like to finance 50%. Can someone prvide a few lenders that finance older boats.

 

[Adelaide]

Considering a mid seventies boat in the Seattle area. Would like to finance 50%. Can someone prvide a few lenders that finance older boats.

I recommend Keybank.

 

[Pineapple Girl]

Also try SunTrust. Not sure if they do greater than 30 years old but they do a LOT of boat loans...

 

[sbu22]

Navy Federal if you're in the field of eligibility.

 

[Gulfstar 36]

Try a credit union.

 

[Woodsong]

Without a doubt, many of our clients have consistently had the best success financing older boats via a local credit union. Not only are they typically willing to loan on the boat, they are also easier to work with.

 

[Blue Heron]

USAA. great customer service. Very fast

 

[psneeld]

USAA. great customer service. Very fast

Are USAA financials open to ther general public?

 

[marinetrader]

Essex will finance older, even wooded boats; if it floats they will finance.

 

[bobc]

Banner Bank will finance boats older than BECU.

 

[Blue Heron]

Psneeld,
Not sure. I joined when I was in the military. You can call and ask. Great customer service.

 

[psneeld]

Psneeld,
Not sure. I joined when I was in the military. You can call and ask. Great customer service.

Thanks...been a member since 1977....was wondering for other folk since you mentioned it.

 

[SomeSailor]

Must be children of member, former member, military active or previous. Great bank. I prefer Navy Federal myself, but both are great institutions.

 

[Wayfarer]

Greetings Sports fans!

Bringing this thread back from the dead... I'm curious if these same lenders are still as generous as they were a few years ago. Does anyone have any other recommendations? What sort of rates and terms are out there? Have you had good or bad luck with anyone in particular?

I might be in the same situation as the OP. 1970s boat, looking to finance a sizeable percentage, 50-60%. The last time I asked my Credit Onion, they wouldn't give me anything better than a 3 year loan at 9% and nothing older than like '94. I'll check with them again, but I'm not optimistic. They don't seem to be interested in boats.

Also, I'd be living aboard, but I've read on the internets (so it must be true) that it's not a good idea to tell the bank that. I'll have an address at my parents' place.

Thanks for your input!!

 

[Robster_in_edmonds]

Also, I'd be living aboard, but I've read on the internets (so it must be true) that it's not a good idea to tell the bank that. I'll have an address at my parents' place.
* *

I'm not a fan of lying, or deliberately telling an incomplete truth. you are either an honest person or you are not. Not only do you need to finance the boat you will need to insure it as well. Your contract with your insurer includes your duty to properly represent your risk factors.

If you can't afford to purchase a forty year old boat you probably can't afford to maintain it. If you are comfortable misrepresenting the truth in order to get what you think you want you are probably going to be one of those people we all see living at the end of a dock in a ramshackle boat that couldn't make it from here to there on a calm day.

Everyone loves the rules until they are applied to themselves.

 

[siestakey]

These guys were at one of the boat shows

https://www.essexcredit.com/home/boat/

 

[Wayfarer]

I'm not a fan of lying, or deliberately telling an incomplete truth. you are either an honest person or you are not. Not only do you need to finance the boat you will need to insure it as well. Your contract with your insurer includes your duty to properly represent your risk factors.

If you can't afford to purchase a forty year old boat you probably can't afford to maintain it. If you are comfortable misrepresenting the truth in order to get what you think you want you are probably going to be one of those people we all see living at the end of a dock in a ramshackle boat that couldn't make it from here to there on a calm day.

Everyone loves the rules until they are applied to themselves.

Y'know, I've been on several forums over the years, and never once have I used the 'ignore' feature. I want you to know that you're the first! Congratulations! You'll have to find somebody else to condescend to.

 

[siestakey]

Wayfarer

I spoke to a couple on our dock that did similar they put about 50% down on a 83 GB and the above company did the financing he told us that since then the mortgage got sold

 

[MikeM]

Greetings Sports fans!

Bringing this thread back from the dead... I'm curious if these same lenders are still as generous as they were a few years ago. Does anyone have any other recommendations? What sort of rates and terms are out there? Have you had good or bad luck with anyone in particular?

I might be in the same situation as the OP. 1970s boat, looking to finance a sizeable percentage, 50-60%. The last time I asked my Credit Onion, they wouldn't give me anything better than a 3 year loan at 9% and nothing older than like '94. I'll check with them again, but I'm not optimistic. They don't seem to be interested in boats.

Also, I'd be living aboard, but I've read on the internets (so it must be true) that it's not a good idea to tell the bank that. I'll have an address at my parents' place.

Thanks for your input!!

Sterling Acceptance in Annapolis gave us 4% for 20 years on a 1991 KK42. The best I could get from anyone else was 4.25%.

 

[psneeld]

Sometimes you can have great credit, be a fine upstanding citizen with a lot of pride but cash poor.

Not entirely sure why a financial institution should care as much about your address (actually about living aboard) as your credit history......

So making the assumption that telling "the system" that is really kinda broken, that your real address ashore is a relatives makes you a bum right off the bat...well you can call me one too.

 

[obthomas]

I live aboard and have a nearby post office box. I do not consider myself a Bum. The post office will not deliver mail to the marina, so when it comes to certain licenses such as drivers license, engineering license, concealed carry, and passport that insist on a physical addresses what am I to do? I have to lie. This is not my nature just my predicament.

 

[nwboater]

Key Bank in Anacortes specializes in boat loans with low rates.

 

[Ron T]

The last few vessels that I surveyed were all purchased using HELs. Very good interest rates.

 

[psneeld]

I live aboard and have a nearby post office box. I do not consider myself a Bum. The post office will not deliver mail to the marina, so when it comes to certain licenses such as drivers license, engineering license, concealed carry, and passport that insist on a physical addresses what am I to do? I have to lie. This is not my nature just my predicament.

Exactly....that's why I say the system is broken...some agencies have no allowance for "out of the box"."off the grid", etc lifestyles.

New Jersey told be to suck it up and live without a driver's license.

So my choice is to lie to an agency with the inability to see past their nose of do without many things in life even life long criminals are entitled to under the guise of "constitutional rights".

 

[alormaria]

Join BoatUS. They will find a bank for you. They even got me and my boat financed.

 

[siestakey]

Join BoatUS. They will find a bank for you. They even got me and my boat financed.

Amazing all the things Boat us does I did not know

 

[Skinny]

Chris Stevens at Sterling Associates in MA helped me with my 79' Mainship. Not many banks are willing to look at something that old. If someone needs a contact, please PM me. I'm sure you can find it with a search but I'm not posting someone's email or phone number in a public forum. The reason I decided not to pay more up front for my boat is that my interest rate is relatively low and my retirement account is doing much better. The obvious choice would be to front load more money into retirement than paying off debts at this point. Even if you can afford it, sometimes it is not the best decision to pay for things outright. Not to mention with an older boat I would rather have some cash in the bank for emergencies.

 

[tegdesign]

I just financed through Key Bank. They were very low key but easy to deal with and had no problem with an older boat. Once they tell you what you would be approved for (they use what ever boat you are seriously thinking of as a starting point) make sure you have them recalculate when you finally make up you mind on the boat you want to make an offer on because the approved loan amount will change per boat. Get your approval in writing.

 

[Wayfarer]

Key Bank in Anacortes specializes in boat loans with low rates.

The last few vessels that I surveyed were all purchased using HELs. Very good interest rates.

Sterling Acceptance in Annapolis gave us 4% for 20 years on a 1991 KK42. The best I could get from anyone else was 4.25%.

This is very encouraging, thank you. That's better than the rate I got on my mortgage. I guess It would be financially irresponsible for me not to finance a boat... right??

I live aboard and have a nearby post office box. I do not consider myself a Bum. The post office will not deliver mail to the marina, so when it comes to certain licenses such as drivers license, engineering license, concealed carry, and passport that insist on a physical addresses what am I to do? I have to lie. This is not my nature just my predicament.

Exactly....that's why I say the system is broken...some agencies have no allowance for "out of the box"."off the grid", etc lifestyles.

New Jersey told be to suck it up and live without a driver's license.

So my choice is to lie to an agency with the inability to see past their nose of do without many things in life even life long criminals are entitled to under the guise of "constitutional rights".

I honestly don't even feel like I'm lying to them. I'm going to be using my mom's address. I've got a room there that doesn't move. All of my stuff will be in the basement. I'll be paying them for storing it. My mail will be delivered there. Why wouldn't I use that as my address?? As it stands I'm living on a cargo ship for seven months out of the year anyway, so even living aboard 'full time,' will only amount to 5 months out of the year, maximum. People with big dirt houses that spend that much time on their boats wouldn't be considered full time live aboards by the bank or insurance company, would they??

Join BoatUS. They will find a bank for you. They even got me and my boat financed.

Amazing all the things Boat us does I did not know

I'll have to look into that.

The reason I decided not to pay more up front for my boat is that my interest rate is relatively low and my retirement account is doing much better. The obvious choice would be to front load more money into retirement than paying off debts at this point. Even if you can afford it, sometimes it is not the best decision to pay for things outright. Not to mention with an older boat I would rather have some cash in the bank for emergencies.

This makes a lot of good sense to me.

I just financed through Key Bank. They were very low key but easy to deal with and had no problem with an older boat. Once they tell you what you would be approved for (they use what ever boat you are seriously thinking of as a starting point) make sure you have them recalculate when you finally make up you mind on the boat you want to make an offer on because the approved loan amount will change per boat. Get your approval in writing.

Thanks Teg, this is the kind of stuff that's really helpful to hear. Sounds like the approval process is basically the same as buying a house.

Speaking of buying houses... I don't understand why it's not only acceptable, but encouraged that I should buy an 80 year old house, finance eighty percent of it's price, and pay it off at 5.7% for thirty years... but somehow buying a 40 year old boat, financing sixty percent at a rate of 4.5%, and paying it off in 20 years makes me a bum. I don't know anybody that can afford to buy a house outright with cash... not one person. Why should I feel like a jerk??

Thanks for all the positive input, guys!

 

[alormaria]

This is very encouraging, thank you. That's better than the rate I got on my mortgage. I guess It would be financially irresponsible for me not to finance a boat... right??











I honestly don't even feel like I'm lying to them. I'm going to be using my mom's address. I've got a room there that doesn't move. All of my stuff will be in the basement. I'll be paying them for storing it. My mail will be delivered there. Why wouldn't I use that as my address?? As it stands I'm living on a cargo ship for seven months out of the year anyway, so even living aboard 'full time,' will only amount to 5 months out of the year, maximum. People with big dirt houses that spend that much time on their boats wouldn't be considered full time live aboards by the bank or insurance company, would they??











I'll have to look into that.







This makes a lot of good sense to me.







Thanks Teg, this is the kind of stuff that's really helpful to hear. Sounds like the approval process is basically the same as buying a house.



Speaking of buying houses... I don't understand why it's not only acceptable, but encouraged that I should buy an 80 year old house, finance eighty percent of it's price, and pay it off at 5.7% for thirty years... but somehow buying a 40 year old boat, financing sixty percent at a rate of 4.5%, and paying it off in 20 years makes me a bum. I don't know anybody that can afford to buy a house outright with cash... not one person. Why should I feel like a jerk??



Thanks for all the positive input, guys!

Houses don't move far and rarely sink?