All,
A friend of mine is in the process of purchasing a 1981 Gulfstar 44. His lending institution refused his application because the boat is over 20 years old! I suggested he check out BoatUS, and they said the same thing! Has anyone else run into this? Does anyone know of an institution that doesn't have this limitation?
This will impact us all when we finally have to give up our beloved CDs!
Steve Alarcon
CD36 Tenacity
Seattle
alarcon3@prodigy.net
financing older boats
Moderator: Jim Walsh
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Brett Miller
Re: financing older boats
Citizens Bank in Providence, RI will do it (or at least they used to). They will require some significant substantiation of the claimed value, but they won't dismiss it out of hand. Hope that helps.
Steve Alarcon wrote: All,
A friend of mine is in the process of purchasing a 1981 Gulfstar 44. His lending institution refused his application because the boat is over 20 years old! I suggested he check out BoatUS, and they said the same thing! Has anyone else run into this? Does anyone know of an institution that doesn't have this limitation?
This will impact us all when we finally have to give up our beloved CDs!
Steve Alarcon
CD36 Tenacity
Seattle
-
John R.
Re: financing older boats
I have a friend here in SW Florida who is a broker and he always told me that the wise thing to do if interested in an older boat was to first get a valuation appraisal by a surveyor that does valuations for insurance companys and then shop the appraised value around to various lenders. Some of them will go with older vessels if the valuation and condition can be verified.
Good luck
Good luck
Brett Miller wrote: Citizens Bank in Providence, RI will do it (or at least they used to). They will require some significant substantiation of the claimed value, but they won't dismiss it out of hand. Hope that helps.
Steve Alarcon wrote: All,
A friend of mine is in the process of purchasing a 1981 Gulfstar 44. His lending institution refused his application because the boat is over 20 years old! I suggested he check out BoatUS, and they said the same thing! Has anyone else run into this? Does anyone know of an institution that doesn't have this limitation?
This will impact us all when we finally have to give up our beloved CDs!
Steve Alarcon
CD36 Tenacity
Seattle