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Old 02-08-2019, 07:02 AM
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reclending reclending is offline
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Join Date: Jun 2011
Location: Office is in Michigan
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Default Boat re power and finance

This is a question and answer from another forum we have a thread on. Thought it could be helpful. Question first, then my answer. Trying to post some things about financing to spur some conversation. Ken

Question - I bought a boat 2 years ago and I still owe on it Iím thinking of repowering. Whatís the options I have to do this? Refinance? Iím assuming I would need to find a dealer that would take my old motor on trade.[/FONT]

Answer - Re-power is tricky. There are limited options for those types of loans right now. I believe most lenders are getting enough normal business they don't need to get too far off the main road.
We do have an option for a re-power that would include a re-finance of the whole package. Just know going in that they are more of a middle of the road lender. No lender would do just an outboard without liens on the whole package. Also, if you have a current loan, your current bank would need to be paid for the engine you are trading in. Having a lender release one part of a financed package does not happen. It is too difficult to find the correct value.
In short, re-power is not as simple as it sounds. We do have an option but it is limited.
Let me know how we can help.
(517) 543-6921 - Office

Thank you,
Office 517-543-6921
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