Reply
 
Thread Tools Display Modes
 
Old 05-16-2014, 07:50 AM   #1
Veteran Member
 
PuppyR's Avatar
 
City: Little River, SC
Country: USA
Vessel Name: Morning Starr
Vessel Model: Marine Trader DC
Join Date: May 2014
Posts: 35
Trawler Financing

I'm looking at 32 to 34 foot trawlers built in the 1980s and priced between $35,000 and $50,000. Can someone tell me what my financing options would be, down payment, present interest rates, companies to contact, etc. Thanks for the help.
__________________
Advertisement

PuppyR is offline   Reply With Quote
Old 05-16-2014, 08:07 AM   #2
Guru
 
kthoennes's Avatar
 
City: Sioux Falls, South Dakota
Country: USA
Vessel Name: Xanadu
Vessel Model: Mainship 37 Motor Yacht
Join Date: Oct 2013
Posts: 857
Lots of threads on that topic already. Our local credit union gave us fantastic terms on a boat generally in that size and age and price. (Not a trawler yet but the credit union wouldn't have cared what type of boat we bought.) Lots of general (non-boat) lenders do go strictly by NADA bluebook values though which can have no connection to reality at all.
__________________

kthoennes is offline   Reply With Quote
Old 05-16-2014, 08:56 AM   #3
TF Site Team
 
Pau Hana's Avatar


 
City: Seattle, WA
Country: Good Ol' US of A!
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 1,647
Quote:
Originally Posted by PuppyR View Post
I'm looking at 32 to 34 foot trawlers built in the 1980s and priced between $35,000 and $50,000. Can someone tell me what my financing options would be, down payment, present interest rates, companies to contact, etc. Thanks for the help.
Local credit unions are a great resource, as are specialty marine finance brokers (Essex Credit, Seacoast Marine Finance, etc). Make sure you get the boat hauled and surveyed.

Down payment- probably in the 15-20% range. As this is a smaller note and an older boat, the interest may be high (6-8% range). Like anything financial, the credit rating, loan amount, etc will all play a factor in the numbers.

We're at 4.24 with Key Bank.
__________________
Peter- Marine Insurance Guru & tuna fishing addict!

1989 52' PT Overseas yachtfisher
Pau Hana is offline   Reply With Quote
Old 05-16-2014, 10:00 AM   #4
FF
Guru
 
FF's Avatar
 
Join Date: Oct 2007
Posts: 16,515
Cheapest is usually a second on your dirt house.
FF is offline   Reply With Quote
Old 05-16-2014, 10:27 AM   #5
Guru
 
City: North Charleston, SC
Country: USA
Join Date: Sep 2010
Posts: 4,390
Quote:
Originally Posted by PuppyR View Post
I'm looking at 32 to 34 foot trawlers built in the 1980s and priced between $35,000 and $50,000. Can someone tell me what my financing options would be, down payment, present interest rates, companies to contact, etc. Thanks for the help.
.

You will get the best information by contacting lenders and asking them what you are asking here. Direct from the horse's mouth, so to speak.

Most folks have a bank or credit union that they are already dealing with so start there.

If you're thinking of buying a thirty five year old boat, you should factor in maintenance and repair costs as well as the up front cost of the boat. Thirty five years puts a lot of wear and tear on a boat.
rwidman is offline   Reply With Quote
Old 05-16-2014, 06:29 PM   #6
Guru
 
kthoennes's Avatar
 
City: Sioux Falls, South Dakota
Country: USA
Vessel Name: Xanadu
Vessel Model: Mainship 37 Motor Yacht
Join Date: Oct 2013
Posts: 857
Yep -- maintenance costs us about 20% of the purchase price per year, give or take. Now that can vary of course depending on how OCD you are about maintenance and repairs, how well the boat was maintained before you bought it, and your appetite for upgrades (like LED bulbs instead of incandescents) but that's about what it works out to for us. Dont' underestimate the maintenance costs, it will always be mroe than you think. This is not a cheap hobby or activity, no matter if you're buying a million dollar trawler or something chea -- well, less expensive.
kthoennes is offline   Reply With Quote
Old 05-16-2014, 07:56 PM   #7
Hospitality Officer
 
Andy G's Avatar
 
City: Pittwater
Country: Australia
Vessel Name: Sarawana
Vessel Model: IG 36 Quad Cabin
Join Date: Sep 2010
Posts: 1,557
[QUOTE=kthoennes;234368]Yep -- maintenance costs us about 20% of the purchase price per year, give or take.

That seems high to me.

Of course,that may have more to do with the higher price price of boats in our part of the world.The $ costs of upkeep may be about the same.
Andy G is offline   Reply With Quote
Old 05-17-2014, 12:17 AM   #8
Guru
 
kthoennes's Avatar
 
City: Sioux Falls, South Dakota
Country: USA
Vessel Name: Xanadu
Vessel Model: Mainship 37 Motor Yacht
Join Date: Oct 2013
Posts: 857
Well, old boat (1983), low purchase price, and my high expectation that everything on the boat should work properly, works out to about 20% for us.
kthoennes is offline   Reply With Quote
Old 05-17-2014, 06:24 AM   #9
FF
Guru
 
FF's Avatar
 
Join Date: Oct 2007
Posts: 16,515
Almost all the cost of maint is the Labor bill.

If you can replace a bilge pump float switch its far cheaper than the yard guy spending all morning at $100 an hour.

I would be very careful about engine condition as that is one item most owners cant easily swop out them selves.

Instead of purchasing a heap of electric gadgets , just cut out the adds and keep them on board.

Every few weeks look at the newest version , and enjoy the thrill of not having outdated electronics aboard.

A VHF is nice , but for most inshore work a pair of hand held works fine , a functioning auto pilot is also nice if you plan on dawn to dusk operation.
FF is offline   Reply With Quote
Old 05-24-2014, 11:10 AM   #10
Senior Member
 
Vashon_Trawler's Avatar
 
City: St. Petersburg, Florida
Country: USA
Vessel Name: M/V Sherpa
Vessel Model: 24' Vashon Diesel Cruiser
Join Date: Jun 2013
Posts: 426
Interesting... I attempted to finance a trawler (roughly same age and amount as yours) a few years back and no lender would touch it (including my local credit union). As I recall, the boat's age was a factor.
__________________
“Go small, go simple, go now”
― Larry Pardey, Cruising in Seraffyn
Vashon_Trawler is offline   Reply With Quote
Old 05-24-2014, 08:51 PM   #11
Senior Member
 
Lollygag's Avatar
 
City: Valley Springs
Country: USA
Vessel Name: Lollygag
Vessel Model: 1979 42' CHB Europa
Join Date: Jan 2012
Posts: 259
Our broker suggested we take a loan before selling stock. After we said go ahead and look at loan rates for a 35 year old boat, he came back and asked when we need the stock sold. The loan amount wasn't that great but the rates were astronomical compared to our car (3%) or solar system (5%)
__________________

Lollygag is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





All times are GMT -5. The time now is 09:24 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012