Thread Tools Display Modes
Old 10-16-2015, 02:13 PM   #1
Veteran Member
City: Fl
Country: US
Join Date: Sep 2015
Posts: 59
Question financing an older trawler

Looking at some older boats, I called Essex for rates etc they said I need 30% down on any boat over 20 and add .5 point interest.

I didn't ask if it was like 30 years old

But 10% if less that 15-20 years

That about what others are finding?

Jimbo2015 is offline   Reply With Quote
Old 10-16-2015, 02:18 PM   #2
Senior Member
City: Merritt Island
Country: U.S.
Join Date: Oct 2007
Posts: 471
I had a lender say nothing over 30 years old, and no wood at all. Forget which one, though. They didn't differentiate at 20 years at all.

I don't know why Essex is asking for the big down and higher interest... it's not as if the boat won't be fully insured. Capitalism at its best... and worst.

KMA is offline   Reply With Quote
Old 10-16-2015, 04:47 PM   #3
TF Site Team
Larry M's Avatar
City: Friday Harbor, WA
Country: USA
Vessel Name: Hobo
Vessel Model: Krogen 42-120
Join Date: Nov 2008
Posts: 4,393
Send a PM to yachtbrokerguy (Tucker). He's in FL and helped us out plus he's a TF memeber.

Trawler Forum - View Profile: yachtbrokerguy
Larry M is offline   Reply With Quote
Old 10-16-2015, 05:00 PM   #4
Senior Member
sbu22's Avatar
City: New Orleans
Country: US
Vessel Name: Panache
Vessel Model: Viking 43 Double Cabin '76
Join Date: Mar 2011
Posts: 431
I don't know if you're in Navy Federal's membership field - if you are, they'll (at least as of about 14 months ago) take it. A TF member PM'd me with a "thank you" then, having picked up the NFCU recommendation from a 3-4 year old thread. In his case, it was FRP dating to the 60s. Financed 100% of sales price.
sbu22 is online now   Reply With Quote
Old 10-16-2015, 06:12 PM   #5
Senior Member
cool beans's Avatar
City: Norfolk, VA
Country: USA
Join Date: Jul 2015
Posts: 144
Only thing I've been able to find online, especially since I want to live aboard, is either Essex or Light Stream . . .or Good Sam.

I've been leaning towards Light Stream if I can keep my tastes reasonable. Unsecured, max 7 year loan, simple interest, no prepayment penalty.

Essex requires Documentation, prefered ships mortgage, closing costs. . .but you can stretch the years out to get more boat (not sure if that's good or bad, lol).

I think Good Sam is backed by Essex?

2 brokers I asked about financing trawlers said the weren't even sure. Told me it's mostly a cash deal since it's retirees who've sold their homes buying these things.

Just my 2 cents
cool beans is offline   Reply With Quote
Old 10-16-2015, 06:47 PM   #6
Moonfish's Avatar

City: Port Townsend, WA
Country: USA
Vessel Name: Traveler
Vessel Model: Cheoy Lee 46 LRC
Join Date: Nov 2011
Posts: 539
We recently re-financed our boat as the initial three-year owner contract was coming up. First went to all the "usual suspects": Essex, Trident, etc. They said NO to anything older than 30 years (we have a 1979 model). So we started talking to our own credit union, then other regional credit unions. Same basic story, though one was willing with the boat's age but wouldn't do liveaboards. We ended up having a conversation with our local Kitsap Bank in Port Townsend. And wouldn't you know it, within a few weeks we were financed! Totally surprised me. They actually said they just don't get a lot of requests, but they should start promoting boat loans as most branches are in coastal towns...
Port Townsend, WA
m/v Traveler - '79 Cheoy Lee 46 LRC
Moonfish is offline   Reply With Quote
Old 10-16-2015, 06:52 PM   #7
Xsbank's Avatar
City: Duncan Cove, BC
Country: Canada
Vessel Name: Gwaii Haanas
Vessel Model: Vancouver Shipyards Custom Aluminum 52
Join Date: Sep 2013
Posts: 1,630
Secured line of credit! You don't even need to tell them what you are spending it on!
"...Tongue tied and twisted, just an earthbound misfit..."
Xsbank is offline   Reply With Quote
Old 10-16-2015, 08:14 PM   #8
alormaria's Avatar
City: Trenton
Country: USA
Join Date: Apr 2012
Posts: 670
Try BoatUS. They have a network of banks they work with. You have to join but it's not painful.
Al Johnson
34' Marine Trader
alormaria is offline   Reply With Quote
Old 10-16-2015, 08:31 PM   #9
Master and Commander
markpierce's Avatar
City: Vallejo CA
Country: USA
Vessel Name: Carquinez Coot
Vessel Model: 2011 Seahorse Marine Coot hull #6
Join Date: Sep 2010
Posts: 9,113
Essex is likely paying attention to their past experience.
Kar-KEEN-ez Koot
markpierce is offline   Reply With Quote
Old 10-16-2015, 09:00 PM   #10
Senior Member
City: Au Gres
Country: US
Vessel Name: Never Say Never
Vessel Model: President 41 DC
Join Date: Jul 2015
Posts: 100
Try Cindy Lewis at Sterling Financial. She just got us a loan on our 1987 President. Better rate than Key Bank and better term. 15 to 20% down depending on loan amount.
Comodave is offline   Reply With Quote
Old 10-16-2015, 09:52 PM   #11
AusCan's Avatar
City: Adelaide
Country: Australia
Vessel Name: Kokanee
Vessel Model: Cuddles 30 Pilot House Motor Sailer
Join Date: Jul 2012
Posts: 1,422
Originally Posted by Xsbank View Post
Secured line of credit! You don't even need to tell them what you are spending it on!
Agree 100%.
I organised one 25 years ago, and have paid it off and drew it down again many times over. No need to ever fill out a loan application again.

The only downside is that it gives you complete freedom to do whatever you want with the money. Some people need a bank to stop them from making really bad investments.

AusCan is online now   Reply With Quote

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 04:40 PM.

Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012