Boat Finance

[Aquatic Jihad]

Hello all!

Does anyone know if lenders will make loans on older boats (meaning 1978-1994). I have determined that an older boat will be just fine for me.. I've been looking for something in the 21-25 ft catagory. I have no idea if lenders will issue loans on these boats though. Any advice or input is appreciated.

Thanks

[mj1angier]

They will make loans if asking price is within value of boat. Rates are higher and length of loan is shorter.

Mickey Barbour
Angier, N.C.

[yachtjim]

You should call Jerry Pitts at Russo Marine. 410-604-0200. Tell him Jim sent you and he will hook you up with one of our programs. An older boat is not a problem with a knowledgeable lender. Let me know how it goes.


Yacht Brokerage
Discount Marine Electronics
Marine Surveyor Reviews

[Aquatic Jihad]

Thanks for the advice, it may be a month ot two before I call him but I will.. I'll make sure to let him know you turned me on to him... My name is Chris

Thanks again

[Recovery Room]

Another option you may want to consider, if this is available to you is to get a home equity loan. The rates will be much cheaper and the interest is tax deductible regardless of the type of boat you purchase. Normally for a boat to be tax deductable, it has to have sleeping, cooking and head facilities. With a home equity, it takes this requirement out of the equation.

Recovery Room

[cgrand]

agree with the home equity loan if that's an option for you. rates are the lowest they've been in recent memory, and as stated, the interest is tax deductible.

good luck!

Pacific 19CC, Yamaha F100