Financing

  • March 25, 2011 3:10 AM
    Message # 553044
    Deleted user
    Does anyone have a lead or suggestion for obtaining a boat loan on a boat over 25 years old? My son is taking the plunge, so to speak, but boats built before 1986 seem to be the limit for a mortgage.
  • March 25, 2011 11:03 AM
    Reply # 553241 on 553044
    Anonymous
    I financed Inalla, my W32, through Essex Credit.  They seem to specialize in boats, RVs, motor homes, that sport of thing, and had no problem with a 1974 boat.  A lot of banks and savings institutions don't have much experience with those type of collateral, so they seem to equate 'older' with 'junk.'

    Give them a try -- through them I actually got the financing with Keybank, but I'd start with Essex,  <www.essexcredit.com>  and no, I don't have any financial interest in the company!
  • March 25, 2011 2:06 PM
    Reply # 553339 on 553044
    Anonymous
    For any Military active/reserve/retired, and USAA members.  I financed $48k of Sweet Cheeks through USAA.
  • March 25, 2011 7:38 PM
    Reply # 553476 on 553044
    Deleted user
    I have had good luck with credit unions. Mine will go down to 1976 on a boat.
  • March 25, 2011 9:15 PM
    Reply # 553495 on 553044
    Anonymous
    I'm sure that there are a number of options for financing.  The reason I suggested Essex is because I'd had a good experience.  My credit union said they would finance a boat that was over ten years old, which would pretty much include the whole fleet.

    I checked with State Farm (with whom I've had my car insured for years) and they said they couldn't insure a 1974 model boat, so I went with BoatUS.

    Best et is to shop around ans ask other owners, which you've done in this forum.
  • March 26, 2011 3:42 AM
    Reply # 554737 on 553044
    Did a small amount of financing through Key Bank without problems.  The harder part was finding a reasonable insurer.  Finally went with Farm Bureau as we are inland.  Just need to shop around.  Maybe start with Yachtworld.com and see where they lead you.
  • March 26, 2011 8:08 AM
    Reply # 554804 on 553044
    Deleted user
    Essex will. They understand boats.  Ken
  • March 26, 2011 12:47 PM
    Reply # 554925 on 553044
    Deleted user

    Thanks for the responses. As usual, the Westsail community reaches out to help. He is in touch with Essex.

    Werner

  • March 30, 2011 11:23 AM
    Reply # 557843 on 553044

    The financing question dovetailed nicely into my concern over insurance. Terry mentioned BoatUS above, which happens to be my agent for Liability only.  If I received good information today from their underwriter, then I will need to find another Insurer before heading into the Caribbean as they only cover Canada and the US including the Bahamas.

    I asked for referrals and am currently waiting on a response from World Marine, and quotes from International Marine, and Atlas Marine. American Marine declined due to the age of the vessel.

    I'd prefer to continue with Liability only but it has been mentioned before that full coverage is the minimum offered outside the US.

    I've heard of several issues with underwriters, including regional exclusions, inflated premiums, Ryders, and recurring haulout survey's $$$.

    The alternative of voyaging sans insurance doesn't seem very appealing either.

    What is the general consensus among westsailors.

     

    Scott