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Old 08-01-2012, 06:13 PM   #1
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Older Boat Financing

Considering a mid seventies boat in the Seattle area. Would like to finance 50%. Can someone prvide a few lenders that finance older boats.
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Old 08-01-2012, 06:15 PM   #2
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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.
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Old 08-01-2012, 07:04 PM   #3
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Also try SunTrust. Not sure if they do greater than 30 years old but they do a LOT of boat loans...
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Old 08-01-2012, 08:58 PM   #4
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Navy Federal if you're in the field of eligibility.
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Old 08-01-2012, 08:59 PM   #5
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Try a credit union.
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Old 08-01-2012, 10:56 PM   #6
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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.
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Old 08-02-2012, 08:16 AM   #7
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USAA. great customer service. Very fast
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Old 08-02-2012, 08:57 AM   #8
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USAA. great customer service. Very fast
Are USAA financials open to ther general public?
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Old 08-02-2012, 09:02 AM   #9
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Essex will finance older, even wooded boats; if it floats they will finance.
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Old 08-02-2012, 10:15 AM   #10
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Banner Bank will finance boats older than BECU.
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Old 08-04-2012, 09:27 AM   #11
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Psneeld,
Not sure. I joined when I was in the military. You can call and ask. Great customer service.
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Old 08-04-2012, 01:02 PM   #12
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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.
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Old 08-04-2012, 01:23 PM   #13
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Must be children of member, former member, military active or previous. Great bank. I prefer Navy Federal myself, but both are great institutions.
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Old 12-01-2014, 05:05 PM   #14
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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!!
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Old 12-02-2014, 01:49 AM   #15
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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.
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Old 12-02-2014, 02:16 AM   #16
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These guys were at one of the boat shows

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Old 12-02-2014, 06:30 AM   #17
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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.
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Old 12-02-2014, 08:12 AM   #18
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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
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Old 12-02-2014, 08:14 AM   #19
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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%.
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Old 12-02-2014, 10:11 AM   #20
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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.
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