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Discussion Starter · #1 ·
A co-worker just told me that he was denied a loan for a boat built in 1994. He said they told him anything older than 7 years forget it. Is this true? My fiancee and I keep toying with the notion of selling our boat and getting something bigger. Is it really that hard to get a loan these days? Even through a credit union?

(For the record he tells me his credit is good, he is an honest guy so I believe him.)
 

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Discussion Starter · #5 ·
He told me his credit union (credit union one) stopped loaning for recreational vehicles all together. Ah well, we will see when the time comes I guess.
 

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I got an 86 through Citizens Bank, not many around here but they were the absolute best.
 

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Discussion Starter · #7 ·
QUOTE(fitsus @ Feb 25 2010, 10:08 AM) <{POST_SNAPBACK}>I got an 86 through Citizens Bank, not many around here but they were the absolute best.

Recently? I only ask becasue loans have become a lot harder to get in the last year or so. I didn't have any problem in 2008 getting a loan from my credit union.
 

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I do know that CU One did stop for sure, that's who I got my loan from a couple of years ago. They said they were getting too many defaults on RV/Boat loans. Citizens and Bank of America are about the only "brick and morter" places around still doing them. There are online/out of state banks that are doing them(usually higher interest rates, no banks like Michigan right now, don't blame them).
 

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QUOTE(ChrisB @ Feb 25 2010, 10:17 AM) <{POST_SNAPBACK}>QUOTE(fitsus @ Feb 25 2010, 10:08 AM) <{POST_SNAPBACK}>I got an 86 through Citizens Bank, not many around here but they were the absolute best.

Recently? I only ask becasue loans have become a lot harder to get in the last year or so. I didn't have any problem in 2008 getting a loan from my credit union.


No it's been 6 years~I hope nothing has changed
 

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I got one last year for a 30 year old boat with no problems. Just had to send in a LOT of pictures.
 

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QUOTE(ChrisB @ Feb 25 2010, 10:04 AM) <{POST_SNAPBACK}>He told me his credit union (credit union one) stopped loaning for recreational vehicles all together. Ah well, we will see when the time comes I guess.
That must be new. I got a boat loan rate quote from them less than a year ago when I thought about refinancing the boat.

Not happy with Key bank, but we're stuck.
 

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Discussion Starter · #12 ·
QUOTE(JYurgo @ Feb 25 2010, 10:24 AM) <{POST_SNAPBACK}>I do know that CU One did stop for sure, that's who I got my loan from a couple of years ago. They said they were getting too many defaults on RV/Boat loans. Citizens and Bank of America are about the only "brick and morter" places around still doing them. There are online/out of state banks that are doing them(usually higher interest rates, no banks like Michigan right now, don't blame them).

He said BOA told him it had to be no more than 7 years old. He said he is going to talk to citizens.
 

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I found it very easy
went through National City

told them the loan amount I want they gave me a check I bought a 1987 boat

also Bank of America

did an auto loan with them very easy

if you have a contact at a bank use it
it helps that they know you and know a little of your banking history.

a good credit score makes everything easy
 

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DFCU is open to everone:

Rates effective Thursday, February 25, 2010

Loan Type Fixed APR Variable APR Max Fixed Terms Loan Amount
Boat Loan As low as 7.00% APR N/A 84 Months $5,000 - $35,000
Boat Loan As low as 6.50% APR N/A 144 Months $35,000 -$100,000
Boat Loan As low as 6.50% APR N/A 180 Months >$100,000
 

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I went through MPCU - My Parents Credit Union!!!

They gave me a better rate than a bank or CU would, and I gave them a better rate than their savings would!!!
 

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Depends on the bank.

Some won't lend for high performance, some won't lend based on age. I had a hell of a time finding a loan for my '91 Fountain, but Fifth Third hooked me up.

You will have to have at least 10% down, though. You won't find a 0 down loan for an older boat.
 

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Discussion Starter · #18 ·
QUOTE(sleeper @ Feb 25 2010, 11:25 AM) <{POST_SNAPBACK}>Depends on the bank.

Some won't lend for high performance, some won't lend based on age. I had a hell of a time finding a loan for my '91 Fountain, but Fifth Third hooked me up.

You will have to have at least 10% down, though. You won't find a 0 down loan for an older boat.

When did you get this loan?
 

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We are trying to refinance right now. Through Key Bank at the moment. Best rate there is 7.5% Most credit unions will not finanance more than 15 years. Just talked to Citizens this morning. You have to have 30% equity in your boat or no loan. They also are only doing 15 years at 7.25. Working on a deal with Boat Us. We'll see what happens. We have excellent credit but all of the loaners are petrified.

Good Luck
 

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you could try this one... the thing i have noticed most is most of these lenders want a loan of at least 25,000 local banks were not lending on anything, especially older than 10 years

the problem i was having was i was looking for boats in the 35,000 to 40,000 range and wanted to put 20,000 down and they did not want to finance that small of an amount

they would rather assume much more risk i guess


http://www.scottboatloan.com/
 
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