Can I Finance an Older Boat?

Yes, older boats can be financed. Send me the listing before you rule one out—or assume that beautiful condition settles the financing. We need to look at the boat and the loan together.

Send me the actual boat

Year, make, model, engines, location, asking price and intended use give us a place to start. Maintenance records and repower details help explain what you are buying. New engines do not change the hull's original year.

The lender's wholesale valuation is the lending basis. The seller's asking price may reflect condition, equipment and demand that do not translate dollar-for-dollar into the approved loan.

Check the inspection requirements

Survey requirements depend on the program and boat. A condition-and-valuation survey and an engine inspection can cover different work. Ask the professionals what their inspection includes and what it does not.

If the lender does not require a survey, that is not a certification that the boat is sound. Consider what independent inspections you need for your own purchase decision.

Work out the cash and payment together

Suppose the purchase price is $65,000 and taxes and fees add an illustrative $1,800 (not a tax quote), so the total purchase cost is $66,800. If the final approved loan is $50,000, your cash toward the purchase is $16,800, less any credited deposit. Do not add another “standard down payment” to that: the approved loan already determines how much is financed. Until taxes and fees are known, the cash number is not final.

The available term matters too. Let's look at the actual loan structure before you commit to a deposit or inspection expense.

Keep reading

• Down payments and loan structure
• Boats missing from valuation guides

Have a boat in mind? Send me the listing through YourBoatMoney, or ask ScotBot to help you get started. You do not need every answer before we talk.

Educational information, not a loan offer or guarantee of approval. Requirements depend on the lender and transaction.