Old enough to know better
Join Date: Dec 2006
Location: Beacon, NY
Thanked 175 Times in 171 Posts
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Re: Jeanneau 42 vs. Catalina 42
We've hit a financing roadblock! Our bank only finances boats up to 15 years old. Our other lender wants 30 - 35% down because we're liveaboards. Zoiks!
Fortunately, the seller is being patient with us. Out last resort was to apply for a loan through Essex Credit Corp. I guess they finance a lot of boat and RV purchases. We should hear back in a couple of days.
Those leopard skin sails might have to wait.
Finding someone to finance a 23 year old boat may be a problem, especially with a low down payment. That is the big reason they drop a ton in value after 15 years. If you find someone please advise who did. You might want to speak to local boat brokers to see if they will tell you who they have had success with. I am trying to get a mortgage myself and even that is tough nowadays and there is government backing on the loans and the house can't be moved! I would have expected 30% down on an used boat, liveaboard or not.