Financing an older boat

[F14CRAZY]

I'll try not to get too off topic...

I'm interesting in purchasing a circa '78 Chris Craft Catalina 281...$5k-15k range.

Considering that my credit is good, would any bank be willing to finance some of it? 5 years term and 20% down wouldn't be a problem at all. Definitely would have it surveyed...did the stringers in my Capri and don't want to again especially in something that big

 

[Beefer]

Re: Financing an older boat

You'd probably be better off getting a personal loan.

 

[airdvr1227]

Re: Financing an older boat

I don't think any bank will touch financing on something that old.

 

[reelfishin]

Re: Financing an older boat

Your only option will be a personal loan. Even if you did find a bank willing to write a loan on a 30+ year old boat I'd expect the interest rate to be sky high and they would most likely insist on replacement cost insurance to cover the value of the loan.

 

[Brewman61]

Re: Financing an older boat

Just ask them. Try a few banks and credit unions in your area. They'll let you know if they want the business or not. You never know till you ask, it only takes a second, and it costs you nothing.
Personal loan is another option, essentially a loan given without any collateral- ask about those too. Not sure how readily they're being granted these days, with the credit standards being what they are.

I got an offer years ago from Capital One, for an unsecured loan. I think they offered my up to $15K at 5% interest at 5 years. Could use it for whatever I wanted.
Not sure how common such offers are now, but I got tons of offers like that up to a few years ago.

 

[skargo]

Re: Financing an older boat

Why not just save the money and pay cash for such a small amount?

 

[F14CRAZY]

Re: Financing an older boat

Thanks for the replies. I'll be saving up over the fall/winter to buy in the spring so I may be able to purchase it entirely in cash (which is what I'd prefer to do).

 

[Home Cookin']

Re: Financing an older boat

home equity line

 

[F14CRAZY]

Re: Financing an older boat

home equity line

I don't own a home

 

[BoatNoobie]

Re: Financing an older boat

5K-15K is a big gap.

$5K, you should be paying cash and not financing. A lot of banks will not finance something so old. Also, there may be a minimum amount where you have to finance too.

If for some reason the bank will finance, they will probably finance only a certain value (book value), not whatever the selling amount is.

Your best bet is line of credit or personal loan.

Talk to your bank or look online at some of the other banks and see what they detail on boat/personal loans.

 

[skargo]

Re: Financing an older boat

I don't own a home

It was terrible advice anyway

 

[F14CRAZY]

Re: Financing an older boat

At $5k, yes, I would be paying cash. It's not like I've had them surveyed yet but I've seen solid Catalina's for that. The $15k Catalina would have a newer trailer, modern electornics...come on guys you know how it goes

I'll check into a personal loan too