Loan terms and age of boat

[nilaszewski]

Just wondering if it is possible to get a longer term than 3 years on an older boat? I want to upgrade to a 19-20ft pro walleye boat but the max term anyone around me will offer is 3 years, age range is 1995-2005. Looking at older Rangers, Skeetrs, Champion, etc.

Im basically looking to have super cheap payments, loan amt 12-15k.

Thoughts?

[nilaszewski]

anybody?

[Daniel Johnson]

I got longer term loan on a older 621 Ranger. Had to educate the loan officer on the retained value of high end fishing boats and he helped get it approved. May require a higher down payment or interest rate. Probably won't go past 4 or 5 years. If your bank is worth doing business with, I would think that they would try to help you!

good luck!

[reclending]

Originally Posted by nilaszewski

Just wondering if it is possible to get a longer term than 3 years on an older boat? I want to upgrade to a 19-20ft pro walleye boat but the max term anyone around me will offer is 3 years, age range is 1995-2005. Looking at older Rangers, Skeetrs, Champion, etc.

Im basically looking to have super cheap payments, loan amt 12-15k.

Thoughts?

All depends on how old and where you try. Most lenders we work with have a 10 model year max. We have a couple smaller regional type lenders that will look at an older boat but credit history needs to be very strong. Using these depends on where you live. I know it sounds odd but that is the way some work. thanks, Ken

[j77]

Is it possible to get a 10 year term on a used boat...2010 -11 model?

[reclending]

Originally Posted by j77

Is it possible to get a 10 year term on a used boat...2010 -11 model?

Year of the boat does not really come into play for term with the lenders we use. The $$ amount dictates the term. The age will have an effect on the rate in most cases. Most lenders will charge a bit higher rate on used. Let us know how we can help.
Thanks,
Ken