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Old 05-16-2014, 06:50 AM   #1
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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.
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Old 05-16-2014, 07:07 AM   #2
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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.
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Old 05-16-2014, 07:56 AM   #3
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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.
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Old 05-16-2014, 09:00 AM   #4
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Cheapest is usually a second on your dirt house.
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Old 05-16-2014, 09:27 AM   #5
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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.
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Old 05-16-2014, 05:29 PM   #6
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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.
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Old 05-16-2014, 06:56 PM   #7
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[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.
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Old 05-16-2014, 11:17 PM   #8
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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.
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Old 05-17-2014, 05:24 AM   #9
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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.
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Old 05-24-2014, 10:10 AM   #10
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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.
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Old 05-24-2014, 07:51 PM   #11
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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%)
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