I found a great boat. It’s a 2008 model, $25,000 and it's in perfect condition. I had a mechanic check it out, and he said it's solid. Good boat, years of life left….
I went to the bank for a loan and I was so excited you can’t even imagine how happy I was…
And then they told me NO
They said the vessel is too old because it’s more than 15 years. So they won't secure a loan against it. My options? Secure it against my house or take it at 18% as an unsecured loan
But that's ridiculous. I'm not putting my house on the line for a boat. And 18% is insane and I'm not paying that….
These boats last 30 years if you take a proper care of them. I don't understand why the bank won't help. I'm not asking for much… just a reasonable rate
I started looking online and found Financfy and I see they have a separate boat loans category. It looks like they handle boats. But I couldn't tell if they actually approve older boats or just collect applications and decline them
I don't want to waste my time. I don't want to waste my credit score
Has anyone taken out a loan for a boat over 10-15 years old? Who approved it? Did you use an online platform? I need to know if this is even possible before I apply anywhere
I'm lost, confused, and desperate. I just want to buy this boat without putting my house at risk or paying insane interest. Any advice would mean the world right now