I'm considering purchasing my first boat and I have a few questions. The boats I've been looking at are around 2004 models costing around 20-25k. How long will lenders finance a boat of this age? What range would interest rate be in? Any other tips I should be aware of? I don't want to apply for a loan until I have some of this basic info. Thanks in advance

No one has ever bought a 10 or 11 year old boat and cares to share the details?

There are some options for that age group but they do get a bit more slim after 10 model years. From the lenders we see, age does not matter for term as much as amount financed and the credit history. Some lenders will use $25,000 and above as the longest term cut off. Some lenders will offer 144 or 180 months. IF credit has been bumpy, they might cut the offered term length but not always. If the loan amount is closer to $20,000 the term normally would be 120 or so. Now, if you take that long term ALWAYS PAY EXTRA EVERY MONTH YOU CAN! Nobody has made 180 minimum payments and you should not be the first to start.
Let us know if we can help.
Thank you,
Ken

Thanks Ken. I actually filled out an application and spoke to someone yesterday about a soft pull. They said you would probably contact me today