please help me find a lender where can i finance a boat?

[simplyorange]

i need help on where to finance a boat somewhere that specializes in boat loans, the bank i bank with is a small local bank and they gave me some wacky numbers because of the year and "bank polocies".they are pretty much treating it as an auto loan.i want to buy the 26 american offshore in the classifieds here,been wanting a twin 300 cat and the timing just feels right. help me find a lender and you will be helping two members on the site, thanks in advance.

[rev.ronnie]

Try to open a heloc (home equity line of credit). Assuming you have the margin on the loan to value on the home, it will be a much lower interest rate. It uses the home as collateral vs. A boat. Theoretically, a home does not depreciate and is a more sound loan in the banks eyes vs. A boat that depreciates rapidly. they have been harder to get due to the home market crashing, but it's worth a try.
The downside is, there will be some initial closing costs and possibly an appraisal, but the favorable interest rate will offset it in a short amount of time.

[HStream1]

The Rev pretty much hit the nail. A home equity line is the way to go if the equity scale tips in your favor. I have had one on my home for 5 or 6 years just incase and I believe the interest if I use it is 2.99%.

From experience having a best friend that owns a marina. Most banks won't do boat loans even for new purchases unless you have a credit score in the mid to high 700's. And even then they jack the interest. Over the last three years the boat repo market has far exceded the home foreclosure market and the banks use that as a reason to jack the interest. Or simply not approve the loan all together.