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Author Topic:   financing old whaler
JakeReaves posted 06-10-2002 10:40 PM ET (US)   Profile for JakeReaves   Send Email to JakeReaves  
hello,
does anyone have any information on how to go about financing and old whaler??...I am trying to buy an 1989 model with a 1999 model engine...are there any banks that will do this??...thanks, Jacob Reaves
JustinAndersen posted 06-10-2002 10:59 PM ET (US)     Profile for JustinAndersen  Send Email to JustinAndersen     
No problem. I've done it a few times myself. You'll need to get a marine survey of the boat done to attach an independent value on it though. Good luck
NORTHPROP posted 06-11-2002 07:18 PM ET (US)     Profile for NORTHPROP  Send Email to NORTHPROP     
One other option that might be applicable would be to secure a line of credit. Works just like a loan, but with a much better intrest rate. Once you are aproved, you can shop for whatever you like.

I just got one through ING, with a current rate of around 5.9%. Monthly payment is 2% of the outstanding balance. I don't think you could find a personal loan for that rate right now. Only drawback, the rate can flex up or down with prime. For right now though, things still look good for the down side.

I plan on buying my whaler this way.

Good Luck on the purchase!

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