Where to get a boat loan for a used boat? (Recommendations?)

gtochris

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I'm considering a nice sport boat that is probably on the bottom end of the loan spectrum (Mid teen's in price) and 10 years old. We have 850+ credit each and I could put down up to 1/2 roughly but would like to resist paying it off for a year or two while we settle some house projects.

Any recommendations on where to go and who is reputable?

Thanks.

-Chris
 

oldjeep

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Re: Where to get a boat loan for a used boat? (Recommendations?)

Local credit unions
 

Silvertip

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Re: Where to get a boat loan for a used boat? (Recommendations?)

You have all of the usual sources: 1) banks, 2) credit unions, 3) the dealer if buying from a dealer (but interest rates will be higher), or 4) your local loan shark. It is also best to borrow from yourself so you can borrow from your own retirement fund in some cases. This requires that you repay obviously so it does require some discipline on your part.
 

gtochris

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Re: Where to get a boat loan for a used boat? (Recommendations?)

Alot of the local banks by me have outsourced the loans part it seem to their websites, none the less I'll look into it. A quick Google search pulls up countless lenders, I just don't want to get hosed by some poor company with a bad reputation.
 

agallant80

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Re: Where to get a boat loan for a used boat? (Recommendations?)

Getting a loan on a 10 year old $350,000 boat is not difficult. Getting a boat loan on a 10 year old $15,000 boat is a difficult thing. I know when I went to my credit union I looked at their guidelines and it was no more than 8 years old and no less than $20,000. It may be easyer getting a personal loan.

If you borrow from a 401 then you have to pay it back and the interest on the loan goes back in to your account too. If you are planning on doing this for a short period of time then that may be your best option.
 

Home Cookin'

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Re: Where to get a boat loan for a used boat? (Recommendations?)

Bank of Daddy

home equity loan is the best way to go

very hard to get loans on old boats
 

DAN M VAGOS

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Re: Where to get a boat loan for a used boat? (Recommendations?)

My guess would be family then friends lol
 

Pony

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Re: Where to get a boat loan for a used boat? (Recommendations?)

If you go through the bank, a personal loan is probably the way to go. Like others have said, it is difficult to get a used boat loan through them. I actually tried a few weeks ago and was not approved. I have pretty decent credit in the mid 700's. I got a rejection letter that pretty much explained that the boat was too old/not worth the $ I was trying to secure for it.
 

agallant80

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Re: Where to get a boat loan for a used boat? (Recommendations?)

Money Mutual
Payday loans
Western Sky
Speedy Lending
Peach tree Financial

Just sit down and watch the Maury show or Sprinniger for an hour. There are tonnes of people that want to lend you money and they can have it in your account as soon as tomorrow!
 

jenn_8675309

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Re: Where to get a boat loan for a used boat? (Recommendations?)

We got our boat loan through Navy Federal Credit Union. We applied, they gave us a blank check. There were no questions from the credit union as to age or size of the boat. We shopped for the boat, found what we wanted (1988 Sun Runner), and wrote the check. We got a great low interest rate too. A credit union will almost always have the best deals.
 

gtochris

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Re: Where to get a boat loan for a used boat? (Recommendations?)

My guess would be family then friends lol

I very well might hit my parents up for a 0 interest short term pay you back in 6 months thing. I just save that for the last resort!
 

Celtichawk

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Re: Where to get a boat loan for a used boat? (Recommendations?)

We got our boat loan through Navy Federal Credit Union. We applied, they gave us a blank check. There were no questions from the credit union as to age or size of the boat. We shopped for the boat, found what we wanted (1988 Sun Runner), and wrote the check. We got a great low interest rate too. A credit union will almost always have the best deals.


Everyone has already me mentioned all the places to receive a loan from. My question is do you own a home? If so and with credit score that you currently have you would be able to go any place. For starters if you own a home and have a mortgage why not with your bank? Or do you keep all cash out of bank lol. Seriously though whatever bank you currently use try them if you trust them with your earnings then why not?

Yes keep in mind there will be limitations on the age of boat vs cost.

Good luck
 

25thmustang

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Re: Where to get a boat loan for a used boat? (Recommendations?)

Sold my old 1987 29'er to a guy who got a loan on it. I was shocked but it happens. I believe it was a credit union he went through.
 

tpenfield

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Re: Where to get a boat loan for a used boat? (Recommendations?)

I'm considering a nice sport boat that is probably on the bottom end of the loan spectrum . . . . We have 850+ credit each . . .

-Chris

What is that ? Credit score . . .

Home equity line of credit would be a reasonable way to go.
 

worntired

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Aug 11, 2008
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Re: Where to get a boat loan for a used boat? (Recommendations?)

If you're military you can through USAA. My brother got a loan a couple of weeks ago for 5k for a 1984 Formula F18. Really easy for him.
 

Zirkel

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Re: Where to get a boat loan for a used boat? (Recommendations?)

I just recently got a loan on a 13 year old, 17,000.00 boat from LightStream. Low interest, easy application process. They are part of the same company the holds my home mortgage (SunTrust). No lien on the boat, they just put the money in my account.
 

kungpaoshizi

Petty Officer 1st Class
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Apr 29, 2013
Messages
221
Re: Where to get a boat loan for a used boat? (Recommendations?)

Don't get a loan. Save your money until you can slap cash down for the whole thing. If that isn't today, then you're looking at the wrong boat.
 

Slide

Petty Officer 1st Class
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Aug 2, 2010
Messages
269
Re: Where to get a boat loan for a used boat? (Recommendations?)

Don't get a loan. Save your money until you can slap cash down for the whole thing. If that isn't today, then you're looking at the wrong boat.

If you can get a good rate, nothing wrong with financing. I don't even blink an eye if it's <3%, you're essentially even with inflation. The best boat loans are 4-5% which is still not bad.
 

cozilla

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Re: Where to get a boat loan for a used boat? (Recommendations?)

I went with Penfed for my 98 bowrider we bought last summer. No questions asked. Just joined and sent the boat information. They sent me the check and that was that. Low interest rate too. Used them to finance a new car we purchased this past spring. Great rates.
 

jkust

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Re: Where to get a boat loan for a used boat? (Recommendations?)

I'd say home equity line.
 
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