Posted by brooks89 on 07/18/18 - 1:28 PM
#3
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!