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Old 10-16-2015, 02:13 PM   #1
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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?

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Old 10-16-2015, 02:18 PM   #2
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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.

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Old 10-16-2015, 04:47 PM   #3
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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
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Old 10-16-2015, 05:00 PM   #4
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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.
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Old 10-16-2015, 06:12 PM   #5
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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
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Old 10-16-2015, 06:47 PM   #6
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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
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Old 10-16-2015, 06:52 PM   #7
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Secured line of credit! You don't even need to tell them what you are spending it on!
Don't believe everything that you think.
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Old 10-16-2015, 08:14 PM   #8
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Try BoatUS. They have a network of banks they work with. You have to join but it's not painful.
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Old 10-16-2015, 08:31 PM   #9
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Essex is likely paying attention to their past experience.
Kar-KEEN-ez Koot
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Old 10-16-2015, 09:00 PM   #10
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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.
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Old 10-16-2015, 09:52 PM   #11
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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.

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