Any recommendations on financing these days?

[Ron Childress]

Banks in general not accepting 1997 and less.
Thanks in advance.
Ron

 

[OBXTucker]

There are a couple of great brokers here than can probably give you some good advice.
I don't know about the 15 year stipulation, but I know that banks have loosened their lending practices towards boats recently. People are starting to buy boats again - and I can't imagine all of them are new(er) or all cash. That said, the banks are still requiring hefty down payments....

Good luck!

 

[gracie]

I would suggest trying Sterling Associates. They are in MASS., but work with UniBank. 508-234-1550 or www.boatbanker.com. They do have other offices on the website throughout the country. They do give preference to Hatteras boats. Last time I checked as far back as 1988 models?

 

[cb48lrc]

We were able to get financing on our 1977 LRC without any problems. Chris Welch at Costal Financial was great to work with.
Here is his contact info

Costal Financial Corp
1100 Laskin Rd, Suite 201
Virginia Beach, VA 23451

757/491-6600
Chris@wefinancefun.com

 

[Boatsb]

We have some luck through the connections at the brokerage.

There are some more willing than others to look at a deal. See what the broker can find.

 

[George]

Ask OBAMA, Solyndra did and got a crap load

 

[Bill Root]

Ask OBAMA, Solyndra did and got a crap load

When we bought BUFFALO GAL 18 mos. ago Sterling Finance was doing up to 80% of purchase price on Hatteras, Viking or Bertram up to 30 years old. All other production brands were max 10 years old. Of course, you had to be able to show that you didn't have to have the financing to buy the boat in order to get the financing, but there are ways to move money around to make that work. Good luck.

 

[saltshaker]

I've received a few flyers from Sterling about financing for purchase or refit of older Hatts. Don't know how difficult it really is to get the money when there finally is a deal but when I was boat shopping last year, one of the first questions asked was "how will you be paying for the boat?" Most sellers and brokers didn't want to get involved in financed deals. That's how I was when I sold my 46C. A lot of pre-aproved deals come apart when it's time for the bank to come up with the money. Another thing to watch out for with financed deals is the value the surveyor and bank are willing to put on the boat. Often it is less than the deal and the bank will look to you to make up the difference in your down payment. Cash is king right now. If you can't pay cash then you better make sure you have a hefty down payment. I think Bill hit the mark with stating that the banks will only give you the money if they think you have enough to buy on your own.