Hey guys, not sure if this is the right place to be asking this and I hope it doesn't get deleted. I'm having trouble getting financing for a boat. I'm looking at a 10k loan but all of the banks/credit unions I hve talked to are saying that they either can't finance a boat older than 7 years (I'm looking in the early 2000's) or that they can only do a loan for 48 months which obviously increases my monthly payment and puts the payments out of my range. Can anyone give me some advice on this? I was thinking about looking for boat loans online but I don't have much experience with this. Any help is appreciated.

Thanks!

Best think I can tell you is to get a relationship with a bank, not a banking institution. Small town banks, and credit unions are always a good way to go, especially if you can get to know each other.

greeat advice on the credit union. Also did you know you can borrow against your 401k if you have one? this is how i fananced my last boat and it works great, Only thing to know about drawing a loan from 401k.. if you leave your job during the lenght of the loan, it becomes a taxable event, Otherwise you pay yourself back with about 4% interest.

the only thing you really lose is the return you would have had on that money had it been in your account.

You won't like my advice, but if you can't finance 10k for 48 months I wouldn't buy the boat. Any longer term than that and the interest makes it not worth it.

Keep life simple. Pay CASH and if you can't pay cash keep saving.

This is a fact. Please listen to Brant. It is not worth it. Also add to your budget $1000 a year in repairs, even if you don't need it, most of the time you will (power heads, computers, props, prop shafts, trolling motor shafts, tires and the list goes on.)
Just remember what BOAT stands for B.ring O.n A.nother T.housand.
Good luck.
Start small and work your way up or go with the hundreds of anglers on here that can't find a partner. Offer to pay for their gas and tournament entry and you will have a fishing trip planned any time you want.
Sorry for my rant, but the long term boat financing is rough! Been there done that.

I have my insurance with state farms, I found out they will finance 03' and up for 15 to 20yrs with good credit.

Buy what you can afford not what you can get someone to loan you money for 20 years...

were are all the guys looking for a partner i have been looking for quite some time on the tff with no luck

20 years . . . thats a LONNNGGGGG TIME, lol

I hope you work for State Farm cause thats the only reason I can see on giving such advice.

If you are that close on the money,then you can't afford it. That's just the way it t-i-s, tis.

pm sent

just spoke to my state farm rep,,,said no way! 10 yrs on new boat 4 yrs on used,,,,and only 70 % of value loaned.

Don't make your bad financial situation worse by going further down in the debt hole. Buy something you can easily afford or don't buy.