Need help getting a loan for a boat....

[lepper]

howdy, I Am wanting to purchase a 1994 Bluewater aluminum boat with a yamah pro-v150 jet, with 9hp kicker and new top, Everything is in Mint condition. what is the trick to getting finacing on this? It is not from a dealer and banks/creditunions don't seem to want to deal with that. is there anyway to get around this? The credit union actually said they would finance the Low Blue book value, which is around 8000, they owe 12,000 on the boat and are willing to just let me assume the loan but the lender they have won't let us do that... please help, I gotta have this boat.. I gotta gotta gottta..... thanks in advance.<br />dave

 

[Homerr]

Re: Need help getting a loan for a boat....

In the eyes of a lender, a boat is not a neccessity. It's a luxury. Therefore getting a loan is difficult to begin with unlesss you have a glowing halo around your head!<br />At least this was in my case, and I have above average credit.<br /><br />Is there any way you can swing a personal loan?<br />How about a home equity loan or refinance?<br />This way you can get the interest to write off instead of paying it out on the boat.<br /><br />Depending on how bad you REALLY want it, there's always a finance company out there willing to rip you a new one in interest. (-:<br /><br />I go through a darn good credit union, and they still wanted a bazoodle down payment before they would even think about loaning on a used boat, 10-20% I think.<br /><br />(So I bought a new one instead!) LOL!<br /><br />What part of Oregon are you in if I may ask?<br /><br />H.

 

[lepper]

Re: Need help getting a loan for a boat....

i'm on the south coast.... around the coos bay area.... I have spoke with my credit union and they only want to give low blue book which really sucks... this boat new is 30,000. and I will do some looking tomorrow for loads and talk to see if I can just assume there loan which would be really REALLY nice... anyway.. thanks for the reply anyother thought out there?

 

[lepper]

Re: Need help getting a loan for a boat....

oh and for the record I have awesome credit.....

 

[blifsey]

Re: Need help getting a loan for a boat....

Have you checked to see avg and high retail on boat are? Use www.nadaguides.com to check. As bad as you want boat, perhaps they're asking too much. Also, here's a link to boat loan info on boatus. http://www.boatus.com/boatloans/default.asp Never used them and know nothing about them, have just seen the link when surfing boatus site.<br /><br />Good luck,<br />BL...

 

[FlyBoyMark]

Re: Need help getting a loan for a boat....

8 years old and they still owe $12,000.00? Boy did they get ripped on the financing.....Banks view 20% per year depreciation..the boat to them is worthless at this age even though it may be a VERY nice boat. Personal signature or equity home loans are the only answer unless ya want to put about 30% or more down. Keep in mind....business wise to financial institutions, as a general rule, this boat is worthless even though it may have REAL value.

 

[Homerr]

Re: Need help getting a loan for a boat....

Coos Bay? The family and I go there all the time.<br />Love the crabbing in Charleston!<br /><br />Guess we're neighbors!<br /><br />Greetings!<br /><br />H.

 

[JB]

Re: Need help getting a loan for a boat....

Hi, Lepper.<br /><br />If you have very good credit, go to a Bank of America and apply for a low interest Visa card.<br /><br />Buy the boat with that. For gosh sake, don't miss a payment or your interest rate will go from about 7% to 24% overnight.<br /><br />Good luck.

 

[lepper]

Re: Need help getting a loan for a boat....

thank you for all the info. But I have decided to not get taht boat.... Found out it is way overpriced as much as I like it.. it isn't worth the money, so, I went to the marine here and decided, i'm going to get a new one!! alumaweld.. now if I can only decide between 17' or 19'..... YES NEW BOAT HERE I COME! and the rate is a lot better....<br /><br />homerr where you located at?? I am actually south of coos bay in a little town called bandon....

 

[blifsey]

Re: Need help getting a loan for a boat....

I've seen a couple of alumawelds at a sporting shop here. They look real nice. Think about how/where you'll use the boat, number of people you'll have, storage (garage size?), etc. Then, forget all the thinking you did and buy the biggest, baddest boat/engine combo you can afford <br /><br />Seriously, good luck,<br />BL...

 

[lepper]

Re: Need help getting a loan for a boat....

That is probably what I will do..... I was thinking I m ight want a jet on it, but I decided a good ol prop for me, I'm going to be taking it in all conditions.. (well nice days on the ocean) and lakes rivers ect.... i'm sooooooo psyched.. the wife even wants the bigger one!!!!

 

[Homerr]

Re: Need help getting a loan for a boat....

I'm actually out of Medford. Just over the hill!<br /><br />As a matter of fact, the Alumaweld shop isn't very far away either. Kinda hard to imagine they build them right here in our little neck of the woods!<br /><br />H.

 

[lepper]

Re: Need help getting a loan for a boat....

right over there uh? I wonder if you can get them cheaper from where they make them.... wanna look for me?????

 

[sea wolf]

Re: Need help getting a loan for a boat....

lepper, go for the 19ft. u won't be sorry, as there ain't much room on a 17ft. many people make the mistake of buying a boat that's too small for their needs than regret it afterwards. remember you own it for at least the life of the loan, so think it over. good luck.

 

[crab bait]

Re: Need help getting a loan for a boat....

as a rule ,, whenever you go to a manufactor of anything an try to buy ,,,, you'll always pay more... cause they have to sell it at ' manufactors reccommended retail price' which is always higher then a dealers selling price... reason being,,,, the factory can't under cut a wholesale buyin' dealer for less...

 

[norman158]

Re: Need help getting a loan for a boat....

before you buy alumaweld go and look at a north river my brother in law just got one seems to me to be a little better built