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How can I check the value of the boat I am buying? Our financial craftsmen are here to provide superior customer service—whether at a branch, online, or over the phone. The rates and terms are highly dependent on the boat, so we recommend applying with a boat that is similar in age, length and type to one you are interested in buying and use a realistic purchase price. Working with leading marine lenders, BoatUS is able to offer competitive rates and terms to help you purchase a new boat or refinance your existing boat loan. Add a Poll to this Thread.

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Boat loans share similarities to both vehicle and home mortgage financing. A loan application would need to be completed for our lending partner to underwrite. Similar to a home mortgage, the bank can ask for your personal federal tax returns, proof of assets, and may ask for additional financial information depending on each Boat financing can be a hassle, but with Essex Credit it doesn't have to be. We'll take care of everything from procurement of state titles to Coast Guard documentation. We offer boat loans with competitive rates and terms. Our trusted sales associates are there with you throughout the boat financing process. Our personal and efficient service will get  · The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > The Boating Forum if you are in a position to do that. rates now are quite low and most loans let you lock in a rate for 10 yrs with a fixed payment schedule. Most credit unions will do it but I think they will require a survey which is not a bad idea anyway on an older /

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We both recently retired and this is our gift to ourselves. We'd heard from other boaters how user-friendly your services and reasonable your rates, and they weren't wrong. So again, thank you. I reached out to LightStream because I'm buying my first boat and I can't say enough about how great this experience was. I submitted my application online on a Wednesday, got a call a few hours later that missed. Called them back in the morning the next day, answered a couple of questions they had, got an email 20 minutes later asking for me to attach my latest paystub, 20 minutes after I did that I got an email with approval.

I could have had the money wired the next day if I chose. I held off because I was still negotiating with the broker on the boat. The whole process took less than 24 hours. To put it in perspective, I submitted an application with the broker to finance through his company two days before I submitted with LightStream I just told him to forget about it, I was going to pay cash.

That helped the negotiations! I never, ever take the time to write reviews but this process was so easy, the customer service and responsiveness is by far the best I've ever had. If you're looking for a pleasant experience financing your next toy, you have to reach out to LightStream and see what they have to offer. I have to respond to this confirmation just to say I cannot remember when I have been so impressed with the efficiency, simplicity, and design of anything! The period of 30 days is perfect.

This is a very good deal for the boat I want, but is not confirmed as of yet. Wanted to secure the funds ahead of time. I will definitely return to your site for future needs, and recommend you to anyone who might need your services.

Thank you very much for making our loan application a very enjoyable experience. I should point out that we are both in Australia , and we have a perception that America is more litigious than elsewhere, which might explain some of the difficulties that you are experiencing. It is worthy of note thatthere are certain things that do make a boat harder to insure. Probably the most common one is that it can be very hard to insure a ferro-cement boat.

I won't go in to the reasons why this is the case for fear of starting a flame-war but it is definitely the case that FC boats are hard to insure. It is also hard to get insurance if your standing rigging is more than about 10 years old even if you have a recent rig survey. But, frankly, most people would recommend replacing standing rigging after no more than 10 years anyway.

Finally, it is hard to get insurance if your standing rigging is rod, rather than wire. Rod rigging is relatively rare, and can always be replaced with standard stainless wire.

The rod rigging is hard to insure because when it ages it can fail caastrphically, without showing any previous signs. I understand that there is not a real problem getting money for a older boat as long as it is n ot made of wood.

I called about a loan for a Feadship that was made of steel and they said no problem. Insurance is another matter, after 25 years boats get harder to insure. Either that or just sell your sole, come on it will be worth it! Thanks for the encouraging responses, but we have aleady met with resistance from boat financing companies. They say their banks will not consider a 70's era boat, period. Naturally, we will have a thorough survey done before closing the deal, but there is little point in doing that if it will be impossible to get financing.

Has anyone had experience with a specific company that will consider older boats? They have been very good about arranging insurance for our now 20 year old boat--with a good insurance survey--and may have sources for financing as well. The problem with older, larger, boats is that its very difficult to re-sell them which makes it hard for a lender to accept them as security for a loan. You might find, as we did, that you own bank, with whom you hopefully have established a banking relationship, will be more receptive provided you have a reasonably good credit rating.

As an alternative, you might also allow your lender to cross collateralize your loan with a lien on your home. Not ideal but doable. I had no problem getting a loan for a 25 year old boat from Trident Marine in Annapolis. I think that you need to focus on dedicated marine lenders rather than the 'banks'. I did have to have a survey but as long as the insurance company accepted the survey, Trident was fine.

Well, they are not exactly myths, just based on people's individual experiences, which are necessarily limited. Where it gets dangerous is when people extrapolate from an N of one to a general rule When I bought my boat in several finance companies told me they would not work with a boat older than 15 years. Others would not finance a liveaboard boat. I did not do an exhaustive search, I ended up borrowing the money from a family member , always a dangerous thing, but in this case it worked out.

On the other hand I had no trouble getting insurance. I dealt with a local broker who represents many firms so he had a choice of underwriters. I am sure there are some who would rather not deal with older boats. When first insured they insisted on a full, detailed survey, and repairs of any serious items found.

Fortunetly I had one just completed as part of the purchase , so it wasn't a big deal. Just this summer the local marine lenders decided not to loan on boats over 10 years old. It has created a huge problem for brokers. The age of the boat isnt the biggest issue to the bank. Send a private message to CSK I paid off the first boat in 3 years, then 2 years later traded it in for my current boat and plan to pay this one off as if it were a 5 year loan.

I didn't intend to just not pay it off.. My death benefit is still over million after the boat loan, so if I die now, my wife will have plenty of money, plus she can probaly replace me quicker since she would also own a nice world cat! If you have one and a half times liquidity, call ever you have a history with and your all set. Send a private message to sportboats. Find More Posts by sportboats. Some small local banks will do it. I have done it in Va.

Do alot of calling. Send a private message to s. Find More Posts by s. Get a boat you can afford to pay for outright. On a '77 model, you will surely be putting some money and sweat into it. Why would you do this on a boat that belongs to the bank? Send a private message to mgeiger. Find More Posts by mgeiger. Thread Tools Show Printable Version. Add a Poll to this Thread. Your question will be posted in:.

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