Motor Upgrade

[UKBDM]

Is it common to loan $ to someone wanting to upgrade motors? $4000?

[reclending]

Originally Posted by UKBDM

Is it common to loan $ to someone wanting to upgrade motors? $4000?

Sometimes it works. On repowers there is always questions about age of the boat and getting $ out of whack. The other has to do with liens on the current engine or boat. Most lenders do not want a lien on only the motor, they want the rig. Nothing cut in stone on that topic. For that dollar amount a small local bank or CU might even do a personal loan for a few years to help a customer out. If you need a hand, let us know and we will gather more info and see if it would work for you. Thanks, Ken

[UKBDM]

Thanks, Ken. There is no lien on the boat, motor or trailer. I paid cash for all three but against good advice, I purchased a 25hp instaed of a 40hp. Another part of it is moving up to the power trim and tilt.

I will PM you with more details if I decide to do something. Thanks again.

[omc frank]

Originally Posted by UKBDM

Is it common to loan $ to someone wanting to upgrade motors? $4000?

Honda does it all the time it is a personal loan on the motor usually no lean on boat. got to have good credit score to get these unsecured loans 3.99%

[That Minnesota guy]

Late model set-up or is it older? Tracker often under-powers their packages so thats why I ask. If it's late model and everything is in good shape I would think you can do something provided you go with a new motor. Like was mentioned they would then take the boat, motor & trailer as collateral.