Boat loans for used under 25k

[mokanmalibu]

I am looking for recommendations on a recent source for financing for a boat around 25K. Anything pre-July 08 is probably not valid given the economy.

Back Story

I want to upgrade for family space and better ski wake (from early 90s Malibu to early 00s diamond hull), so found several used Malibus that fit what I wanted and want to spend and negotiated a price on one and went to get financing. Planning to sell the 90s model in the Spring/Summer (a little risky). Here is where the unexpected part (to me anyway) comes in.... Most lenders would not take an app on a boat under $30-50K. I found a lender that said they would do 8% as long as the sale price was over $25K...below $25K jumped to higher interest.

The Challenge

THEN the lender came back saying I was approved (good), but that the boat had to be over $25K at 85% of low value Nada...without option/engine adjustements...basically saying I need a boat that ~$29.5K in low value Nada to qualify. The 85% being a recent drop from 110%. Puts me into more of a boat then I really want to buy. So if this is everywhere...could be extra tough ...cash only buyers...for the slightly older Malibus.

Any suggestions/recent financing experience other than home equity (employer situation) or local credit union (wants 4 year term)?

[Hman442]

I would talk to another credit union. Around here, you can string out boats and rvs about as long as a home loan, and, get loans for less than 25k. Maybe different states have different policies ?

[Ndawg12]

Bank of America ran a special (2 weeks ago). 4.9%, no money down, 7,10,12,15 year terms and at least 20k financed. This should work for you if they are still running that. I can give you my dealers info if you want more specs.

[Soon2BV]

Try essex credit, they specialize in boat loans.

Check with Amy Walsh, email = [email protected]

also, credit unions or a local, homegrown bank might want to do it.

i know my credit union had a maximum loan value of $25K, regardless of the higher value of the boat.

[mokanmalibu]

Bank of America came through for me. Not as good of rates as quoted above though. Easy to work with. Picked up the Sunscape last Friday. Thanks for all the suggestions.

[martinarcher]

We bought our 'Bu with a loan from our insurance company State Farm. They have a branch called State Farm bank that deals with financing anything from cars to boats. We got a loan for a little under 10K last year when rates were higher. I think the rate was around 9%, but for a lower financed amount, I just pay ahead on the loan to minimize interest. I should have it payed off before the loan is a year old. Sure limits the interest when you pay the loan as fast as possible. Christmas bonuses sure help too. Hope you can get your new 'Bu.