Best place to finance a used boat?

[Little Rockstar]

I am looking to purchase a 1989 sonic 31SS...where would be the best place to try and finance something like this.

 

[Steve Mahler]

Re: Best place to finance a used boat?

if it is 31 feet long this may not work, but with a boat that old, and a very tight credit market, a personal unsecured (high rates) or home equity loan is the only route. However if this is big bucks, that probably wont work.

Boats in that category are very hard to sell right now because of financing, some dealers wont take older trades for that reason.

 

[NSBCraig]

Re: Best place to finance a used boat?

Depending on the motor package it may be harder.

I'd ask that question on offshoreonly.com and screamandfly.com you'll probably get better answers there.

I spoke to a broker two weeks ago and he said best bet is a redit union nowadays, although I was gonna try essex credit (the one that boattrader pushes) first.

Cool boat, I grew up in the town they make um'

 

[dingbat]

Re: Best place to finance a used boat?

I checked several places when I bought my used boat. My local credit union had the best rates by far.

 

[jkust]

Re: Best place to finance a used boat?

Funny, my sister with a horrible credit rating just bought an old 1998 Alumacraft fishing set up last month from a dealer. To my absolute shock, the dealer affiliated bank financed her at 7.0% while the outside nonaffiliated banks she shopped were at 15+%. If my sister can get credit, literally anybody can IMO. If there is any credit crunch it must not apply across the board. I was hoping she would not get credit since the boat was priced at 2x market value plus you pay sales tax on dealer sales but she doesn't listen.