boat loans on a private sale

[BigReel]

A friend of mine is looking at a boat from a private sale and will need a loan north of 60k. Boat has a recent survey.

Does anyone have a suggestion for companies other than the big 5 banks for a recreational/personal loan?

Tyler

 

[Foxsea]

Sure, try a credit union. The cheapest loan will be a line of credit secured by real estate.

 

[sudsy]

You could try www.dealerfinance.ca they are the go to for most boat/marine dealers on the island. Not sure if they do used boats but may be worth a call.

 

[ryanb]

It would be highly advisable to use a HELOC if he can get one. Anything else is going to have unfavorable rates.

 

[Damien]

x3 on using home equity. Further, set auto payments to an amortization schedule that makes sense for you. So you don't wind up making the minimum interest only payments, the never never plan.

If the boat buyer doesn't have enough equity to cover a boat purchase in that neighbourhood, I'd seriously reconsider and make some life decisions.

 

[burnsy22]

x3 on using home equity. Further, set auto payments to an amortization schedule that makes sense for you. So you don't wind up making the minimum interest only payments, the never never plan.

If the boat buyer doesn't have enough equity to cover a boat purchase in that neighbourhood, I'd seriously reconsider and make some life decisions.

/agreed

 

[BigReel]

Ya, I always try to have my vehicles and toys paid off in cash. Not everyone has that option. Thats why the dealers can sell these expensive toys to the average buyer.

Lots of places only finance if you are buying through a dealer.

 

[Damien]

Not many have that kind of 'cash', more like lending money to yourself via home secured credit.