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Old 03-01-2018, 02:34 PM   #1
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Older vessel financing

We are looking to finance an older boat and are looking for any positive experiences from folks here, or hopefully specifics on possible lenders. I'm not looking for advice on how to deal with my person finances, so "only buy with cash" isn't helpful, but I'm hoping someone has found a solution to financing an older boat. We had very little trouble financing our last boat (metal, homebuilt, old) but that was a bunch of years ago and lenders are much more strict these days. I have put in a lot of effort looking and have found nothing so far. Anyone have any luck with this that can point me in a direction?
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Old 03-01-2018, 02:39 PM   #2
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Talk to Cindy Lewis at Sterling. She was really good when we bought our boat. PM me for her phone number.
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Old 03-01-2018, 02:56 PM   #3
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You might try First Bank of Alaska. They have offices in Ketchikan and Juneau, not sure about Sitka. I have known others with success with them.
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Old 03-01-2018, 02:56 PM   #4
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We used Suntrust for our first boat, but I wouldn't recommend them again. At the time, (2009) the economy was tanked and nobody would do a loan on an 80's trawler. At least not the places we checked. Once the balance was low enough, we converted it to a Home Equity Line Of Credit. Some say not to tie your boat to your house, but the amount, while high to us at the time, wasn't such an amount that it would break the bank. With the new digs, we are now with US Bank. Our boat is a 2000 model year, so I don't know for sure if they do older boats (like 80's trawlers) or not. Pretty happy with them so far. No complications or interactions to speak of.

TBH, unlike a surveyor, taking advice for your broker might be a good idea. I wouldn't know a way that a broker could benefit from steering you to a loan institution. Not that there ain't one.
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Old 03-01-2018, 04:31 PM   #5
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Thanks for the tips so far. Looks like Suntrust will not finance anything over 20 years old. I have calls in to both Sterling and Kitsap, we will see what they say. Any other suggestions are appreciated.
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Old 03-01-2018, 04:44 PM   #6
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You might have to get a personal loan or refinance your home. Refinancing your home might be the least expensive way to "borrow" the money.
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Old 03-01-2018, 06:56 PM   #7
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I'm using my home equity . for the 4th time ,Harley, skiff,slip ,trawler. now I need to sell off the other toys to pay it off.
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Old 03-01-2018, 06:58 PM   #8
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and also if you have a newer car you don't owe on the interest will be cheaper if you borrow on it .
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Old 03-01-2018, 07:59 PM   #9
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Try reaching out to Charles Beres at Seacoast Bank in Ft Lauderdale. Late summer of 2017 we financed a 1986 trawler through him.

Charles.Beres@SeacoastBank.com | C: 561.373.0029 | O: 954.767.1031 | F: 954.767.6174
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Old 03-01-2018, 09:17 PM   #10
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What about owner financeing?
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Old 03-02-2018, 07:56 AM   #11
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Home equity is often the easiest way and will generally get you the lowest interest.
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Old 03-02-2018, 09:01 AM   #12
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It is not uncommon that a old boat is insufficient collateral due to age. Part of this is due to insurability too. Then your Sitka location for non AK banks adds a conflict.

Your balance sheet, prior insurance losses, credit history and size of loan will dictate bank's interest. Is your current bank not willing to work with you?
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Old 03-02-2018, 04:41 PM   #13
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People’s bank of linden wa. Will go as old as 30 years. Their rates are great but the have very strict lending requirements.
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Old 03-03-2018, 09:02 AM   #14
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Quote:
Originally Posted by sunchaser View Post
It is not uncommon that a old boat is insufficient collateral due to age. ......................
That should tell you something. If the asking price is more than the bank thinks it's worth, perhaps it is more than the boat is worth.
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Old 03-04-2018, 06:54 AM   #15
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Quote:
Originally Posted by aboatman View Post
That should tell you something. If the asking price is more than the bank thinks it's worth, perhaps it is more than the boat is worth.


I would disagree. When did banks become the defacto expert on everythingís value? They may look at some sort of book value, but not actual value. In addition, no value can be accurately tracked based on something as simple as supply and demand. Art, classic cars, homes in desirable areas... and boats. Just because a bank wonít loan you money, doesnít always say anything about its worth.
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Old 03-04-2018, 08:29 AM   #16
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We're talking monetary value. What they could expect to sell the boat for if the borrower defaults on the loan. That's the book value.
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Old 03-04-2018, 09:04 AM   #17
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A good classic boat survey would give you a better idea of value.
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Old 03-04-2018, 09:14 AM   #18
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When we bought our current boat, the bank originally approved the purchase price according to BUC value. After the survey it approved a loan up to the surveyor’s assessed value.
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Old 03-17-2018, 06:14 AM   #19
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Banner bank will finance older boats as well. Good luck!
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Old 03-17-2018, 10:59 AM   #20
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I know that when we sold our 1990 sailboat, and bought our 1973 motor yacht our buyer and seller both got them financed at their credit union, because we had to do both closings there. Both of those took place in 2017.
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