Boat loans on classics????

abjohn · #1 10-10-2007, 10:04 AM

Let's say your looking at a classic boat, 30+ years of age. However this boat has had a grocery list of upgrades and new power. You're basically looking at a new boat but the bank still sees it as a 30 yr old boat. We're talking about something that may have cost upwards of $35,000 to be for sale today.
Anyone know of lenders that specialize in older boat loans. A group that understands a refurbed Potter has less depresiation than some Palm Beach that ain't worth shat the minute ya drive it off the lot. Maybe one that would take the time to review a thorough survey/estimate by a boat industry professional.

I suppose yall can see the discouragment I'm encountering with my dealings with banks and their loan SOPs lately

Old'sCool · #2 10-10-2007, 10:31 AM

To insure my '73 I had to have a recent survey. I would imagine there's a bank that would finance with the same.

abjohn · #3 10-10-2007, 11:26 AM

That's funny. The boat I'm talking about is in your region (South Cacalacky)

What survey company did you use and how much did it cost?

LoveMySeacraft · #4 10-10-2007, 01:37 PM

If a home owner, I would use equity credit line. Its tax deductable, less insurance problems, etc...my .02

Old'sCool · #5 10-10-2007, 02:58 PM

Quote:

That's funny. The boat I'm talking about is in your region (South Cacalacky)

What survey company did you use and how much did it cost?

Mine came from Virginia so the surveyor was there. I chose one from the SAMS website. I paid $350 w/sea trial but, the surveyor would not drive himself!! PM or e-mail me if you have specifics.

SteveH · #6 10-10-2007, 06:41 PM

I agree with Lovemyseacraft. I paid 35K for my 23 footer about two years ago and found that the best way to do it was to take out a credit line on my home. If that is an option, I would consider it.

Billybob · #7 10-11-2007, 07:54 PM

Yeah, but you have to be careful, regardless of how you finance, you have to insure. Unless you get a survey and appraisal, all you'll get is book if something happens, and that ain't gonna cut it.

abjohn · #8 10-12-2007, 08:27 AM

Very good point! Thank you

Islandtrader · #9 10-12-2007, 08:40 AM

Another way to look at the boat loan is this.

What is the motor worth and what is the trailer worth.

Those 2 things should be a substantial part of the price. This are known quantities and loan value on them should be easy to obtain.

Just a thought.

3rdday · #10 11-28-2007, 12:06 AM

as for insurance get "agreed Value coverage" where they do not depreciate it. It is worth what you say it is worth, you pay the premiums based on the stated value.