Boat loan for older trawler

[Panhdjoe]

Hello folks.. has anyone had any experience obtaining financing for a older trawler such as a Albin 36? Does any body loan money on this sort of a boat? We are beginning to look into moving up to a larger boat. Advice would be appreciated

[DougSea]

Loans should be available, but the terms will be less generous as far as APR goes, as well as term. And they'll want a larger down payment percentage. The bank will want a survey valuation done, and if it doesn't come in high enough that can also affect your loan ratios. I had this issue with my 28. Boat surveyed well, but he value was a few thousand under where I needed it to be. The bank was willing to finance it, but wouldn't give me the full amount I needed. Ended up renegotiating with the seller and got it done, but had no cash left for toys!

I have a guy I used up here in CT, but I'm sure you can find someone local. You want someone who specializes in boats, so your local bank is probably not the best bet.

[RobS]

I just happened to get my renewal mailing from Boat US and opened it this morning and there was a pamphlet on Boat loans. Here is the link. The fine print notes a 1% higher rate for 20 yr and older boats. I have not shopped boat loans so I cannot comment on the competitiveness of their rates. http://www.boatus.com/boatloans/

[Chester B]

Not sure if you are still looking but you may want to contact Lynda Kemppainen at Trident Funding Corp. they are brokers but she did a great job for us several years ago. 252-514-4488

[marko]

I can second what Chester said. Lynda did a great job for me on my current boat, At Last in 2011.

[DougSea]

Not sure if you are still looking but you may want to contact Lynda Kemppainen at Trident Funding Corp. they are brokers but she did a great job for us several years ago. 252-514-4488

I also used Trident, working with Vincent Luzietti in their CT branch. Very professional and easy to work with.