what type of loan?? - SailNet Community
 
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post #1 of 3 Old 02-10-2004 Thread Starter
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what type of loan??

the bug has bitten me again. With a friend of mine selling his boat for a larger one, I have the option to purchase his old boat (great shape and what I''m looking for in reagrds to stepping up from my 22 footer to his 27 footer)

My question is most boat loans from marine lenders are for a min. 20,000 but I can purchase this boat for much less than that. Does your average bank have these type of loans (like a used car loan??)

Also, do I look to sell my boat asap even before any deal is done??? I don''t want to be stuck w/o a boat come springtime.

Just some thoughts???
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post #2 of 3 Old 02-10-2004
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what type of loan??

For a loan under $20K, you may want to consider a simple signature loan--there are some very competitive rates out there.

Some marine lenders go down to $15K...Essex comes to mind, but I''m sure there are others.

Fair winds,
Bill
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post #3 of 3 Old 02-11-2004
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what type of loan??

If you have a good credit score, you can probably get a card with an initial offer of a pretty low fixed rate-- my boat is being paid off on a Chase card at 3.99 fixed for the life of the loan. Since it''s not secured, I can''t take the second-home interest deduction, but it''s not enough to matter anyway.
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