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I have never financed a used boat before and I'm looking for advice. We might pull the trigger on a 1999 Ventura 20 with a 2000 200 HP Merc. They are asking 13,500 but whatever price we agree to we'd probably put down 15-20% and see if we can finance the remainder.

Does anyone have a recommendation for a lender for used boats and would we have trouble finding a company that would lend money on an 19 year old boat and motor?

Any advice on this would be much appreciated!

John

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John -

If the bank looks for value, steer them away from BUC or NADA. Not applicable for boats.

My friend York Harbor has been looking at that model for years. 10-12K sounds right assuming there is a roadworthy trailer.

If you change your mind on the boat, let me know, he might be interested.

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I doubt any lender will make a 'boat loan' on a 19 year old 20' boat. if you don't have the cash on hand, you're likely to going to have to take a 'personal loan' at a higher interest rate. Assuming there's no prepayment penalty involved you could increase your monthly payment to pay off the note earlier and effectively lower the interest cost.

Good Luck with your new boat!

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While not a financial planner, consider a home equity loan. There may be a tax benefit as well.

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I've financed a 1989 37' Egg Harbor that was in mint condition. A much more expensive boat than what you're talking about. I called professional companies that specialize in financing these types of boats (yacht financing), only find terrible rates and terms. With my credit score I was determined to get the financing I wanted. Finally called a local credit union. I told them what I wanted, how much I was putting down, and they said no problem. I never even filled out an application and I got a great rate! I went in to do the paperwork and it took only a few minutes and I was all set; they didn't ask for an appraisal or survey (which I had done anyway). Point is, check your local area and make lots of calls, likely the best deal you might find is in your own backyard.

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If you have a good relationship with your local bank, it can be scary how easy it is to get a loan. Go ask!

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Are you going to take another loan out to replace the 20 year old engine when it goes south after possibly spending money on the old one?

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No one will finance a boat more than 10 years old.
I just took out a personal loan at credit card rates - immediately paying off a huge chunk of it. Then the payments aren't too bad, despite the huge rates.

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Check out LightStream it’s a breeze you can have the money in your account a few hours later. I got 6.5% for 5 years.