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Loan for 31 Bertram
Posted: Jul 5th, '07, 16:11
by JK
Since the boat is for sale I have been getting a lot of questions about getting a loan for the boat. Called a few places today and they follow the BUC/NADA books and place no value on a survey. Said on my boat (and prob every other 1974 with diesels) they can probably get a 45-50K loan at the max. There has got to be a way to finance these boats....maybe not for 150K but a sub 100K loan. Any ideas on wjo to call?
--JK
Posted: Jul 6th, '07, 23:14
by Doug Crowther
Best way is a home equity line and they can write you a check. Up to 95% of current market value of their home with a 620 credit score (what I'm offering-J.P.Morgan/Chase goes 100%).
There is an outfit in Florida- Ganis Credit Corp that writes loans on boats up to 20yrs old based on surveyed value. Boat U.S. brokers boat loans to them. They would consider boats over 20 yrs old on an exception basis based on survey. Boats over 20yrs old required 25-30% down last I checked. Check with them they are located in Lauderdale.