Chickenman Posted April 5, 2017 Report Share Posted April 5, 2017 I'm curious to learn how many legitimate recreational financing sources are available for preowned vessels. I know if you make your purchase at a marine dealership things are pretty simple. My concern arises for the private deals where no dealer is involved. I'm soliciting for experiences and solutions from those of you who have experienced this scenario and how you solved the financing issue. I don't know of many who have the financial ability to drop $60-80 K on a used vessel without financing. Please reply with your experiences. Link to comment Share on other sites More sharing options...
MPFit Posted April 5, 2017 Report Share Posted April 5, 2017 LightStream loan. Easy application and simple deposit into bank account. Requires excellent credit but also has no Lien on boat. Gives you the cash into account and you withdraw or cut a check. Link to comment Share on other sites More sharing options...
conocean Posted April 5, 2017 Report Share Posted April 5, 2017 There are plenty of used boat financing options. I highly recommend Chris Berkeley @ Intercoastal Financial: 772-559-8588. He can walk you thru the process. Tell him Paul @ Merritt's referred you. Link to comment Share on other sites More sharing options...
trf97 Posted April 5, 2017 Report Share Posted April 5, 2017 I went to my Cerdit Union and had no problems there. Low interest rate too. Link to comment Share on other sites More sharing options...
justdriftin Posted April 5, 2017 Report Share Posted April 5, 2017 I too have used my credit union and local independent bank for boats. Never had any problems, but was financing something around 50% LTV. Link to comment Share on other sites More sharing options...
Nag Juice Posted April 5, 2017 Report Share Posted April 5, 2017 USAA. They've been good to me Link to comment Share on other sites More sharing options...
MPFit Posted April 5, 2017 Report Share Posted April 5, 2017 24 minutes ago, Nag Juice said: USAA. They've been good to me I have some friends who have used USAA and their rates have been amazing. Link to comment Share on other sites More sharing options...
Nag Juice Posted April 5, 2017 Report Share Posted April 5, 2017 16 minutes ago, MPFit said: I have some friends who have used USAA and their rates have been amazing. $0 down, 100% financing for killer low rates. Junior brokers dream... Link to comment Share on other sites More sharing options...
nicecast Posted April 5, 2017 Report Share Posted April 5, 2017 I've been with USAA for years and have to say they have really changed since the Great Recession... much tighter on credit and much less competitive on rates. I can't say enough good things about Space Coast Credit Union. Had a small (<$20k) loan on my boat last year through USAA and was all set to pay it off with cash. On a lark I checked SC and the refi rate they offered was amazing, and they closed it within a day. Easiest finance transaction ever! Link to comment Share on other sites More sharing options...
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