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Old 10-09-2009, 04:51 AM
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Default financing a repower

I have about 48 months left on my boat financing. I need to repower my boat with new outboards. Can I finance new power with an existing note on my boat? Or would I need to refinance the entire package.
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Old 10-09-2009, 04:55 AM
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Entire package more than likely unless the motor mfg offers financing, seems like when I repowered Yamaha had a credit account you could apply for but I just paid for my motor up front since I only needed one, if I had needed two it would have been a different story
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Old 10-09-2009, 05:01 AM
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You will be hard pressed to find a institution that will loan you money for a re-power. The following options are the best in my opinion:

1)Sell your boat and use that money for a down payment on a new boat. The way the market looks at your boat if you were to re-power it and try to resell it is the same as if you just kept the old power on it. Its still an older boat when it comes down to it.

2)Get a personal loan at your local credit union or what not.

3)Get a home equity loan and take the funds to re-power it. Be careful with this because if your personal finance takes a hit then you will have already used this option up.

4)Go see my cousin Vinnie. He will give you the loan but the points might be a little bit high compared to the above choices. haha

Personally I would sell the boat and use the money as a down payment for a new boat. Not only would you have a new boat but chances are right now you could get more boat for your buck because of the market.

Good luck on what ever path your choices take you down!
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Old 10-09-2009, 08:34 AM
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Outboards are titled in tx. evinrude, yamaha, and honda all have financing availible.
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Old 10-10-2009, 05:25 AM
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Quote:
Originally Posted by uncljohn View Post
Banks won't finance a new engine b/c there's no title. I had to re-finance my boat to include my new engine. So I had a $10K balance, needed a $13K engine, bank re-fi'd for $20K and I paid a couple K out of pocket.
Outboards do have a title in our state(SC), thought they did in all states.

Of course due to that we get a tax bill on our outboards every year also
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Old 10-10-2009, 05:48 AM
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I would check on-line or the boating mags for any company that offers re-financing for boats as they probably have a re-power option as well. When I re-powered with diesels 2 seasons ago I went with Keybank. They required a survey, but other than that there were no issues. FYI: Since the economy took a dump Keybank no longer does any boat loans.
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Old 10-10-2009, 05:57 AM
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Quote:
Originally Posted by uncljohn View Post
Banks won't finance a new engine b/c there's no title.
Heck, some states don't even title boats, but I think they still get loans
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Old 10-10-2009, 05:57 AM
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Financing engines are like financing four wheelers. Many loan companies out there. Motors are titled in Texas. Usually have to put the 20% down. I have repowered a 1993 boat with 06 4strokes.
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Old 10-10-2009, 06:01 AM
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Also, if you don't owe anything on your boat, car etc, you can probably refinance it. I paid off a car fully and refinanced a car restoration project, because the bank wouldn't finance the restoration. Also, I think I got 4.9% apr, a lot better than 12+% you'd probably pay for a consumer loan.
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Old 10-10-2009, 07:08 AM
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Thanks for all these replies. A couple of things. The holder of the current note is Key Bank. I went back to them to refi the boat and they said they are no longer financining marine loan in states in which they do not have a branch.

Working with my local evinrude dealer I have been approved for financing of the motors through Medallion Bank who is the financing institution for BRP. My question is when I insure the motors who is the loss payee? Key Bank, who is already the is primary? Would the manufacturer financing institution be junior?? This is kind of confusing
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Old 10-14-2009, 10:09 PM
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My boat is financed thru Key bank also. I bought a used boat and was gonna pay 7500 cash, when I put new 150 Yamaha 4strokes on it. That was another 20% down. So the Key bank guy said, lets just put the boat in the note and you will just put dowm 6800, cool. Fished it 2 yrs, now I wanted a bigger boat. My buddy wanted the engines, so I tried to just refinance the engines so I could get the boat outta the lein and now they dont do outta state loans.

So in your case, your engines and hull are married in one loan. You get new engines and put a seperate ins policy on them. Your boat sinks, 1 policy will pay for your hull and you give the ins company the old engines cause you can't sell them cause they have a lein on them, and the other policy covers the new engines .
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Old 10-15-2009, 03:30 AM
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Quote:
Originally Posted by rodstowing View Post

So in your case, your engines and hull are married in one loan. You get new engines and put a seperate ins policy on them. Your boat sinks, 1 policy will pay for your hull and you give the ins company the old engines cause you can't sell them cause they have a lein on them, and the other policy covers the new engines .

Very good idea, by the way glad you found a finance solution to your motors.

I was thinking when I looked at a re-power for my boat Yamaha had a finance company just like they do for atv's, PWC's and etc. Heck some of those PWC's now are as much as my new F200 was
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