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Old 05-19-2023, 05:10 PM   #2
kthoennes's Avatar
City: Sioux Falls, South Dakota
Vessel Name: Xanadu
Vessel Model: Mainship 37 Motor Yacht
Join Date: Oct 2013
Posts: 2,380
You're right, this has been covered in previous threads but very quickly, before we bought our current boat, we did buy a 1985 Carver at one point, fairly recently. We used our local (well, state-based) credit union and they financed it like an RV, used the category of "recreational vehicle" they used for RV's, boats, ATV's and the like. We also have accounts with the big national banks like Wells Fargo and Bank of America, but we didn't even bother try those. Valuation on old boats can be a challenge because sales data is so limited, but it was a breeze for us. We financed our current boat that way too but didn't have the age challenge because it was newer. Our loan to value ratio was about 50% on the old boat, about 30% on the current boat.
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