How can I get financed?

H

hiddenridge

New member
I have been looking at various C-Dorys for between $20K and $40K but my banks keep saying they will only finance 100% equity as stated by NADA. I present a boat to them that has a sale price of say $35K and the equity value comes back $20K so even with 20% cash down we are way apart.

Any ideas?
 
hiddenridge":2mmaa2fj said:
I have been looking at various C-Dorys for between $20K and $40K but my banks keep saying they will only finance 100% equity as stated by NADA. I present a boat to them that has a sale price of say $35K and the equity value comes back $20K so even with 20% cash down we are way apart.

Any ideas?
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This is a problem when trying to purchase a C-Dory. The NADA values are not even remotely close to the street value or selling prices. I had a problem with this buying brand new as well. Keep looking for banks that will hopefully work with you.

Good luck.
 
We bought an 07 last year, put 20% dn, equity was not questioned by the bank. We went through B of A. You can present a case to the bank by presenting listings and the going market rates. You can go to Boatus web site and they will give you a lenghty report on that particular value and why each boat is individualized and why they are a niche boat. Unfortunately Boatus does not finance on the west coast however they do use another lender in Washington so you can get all that info on their site, since they do boat loans you might want to try that route, you can do it all on line.
 
we had this problem with the buying the 27. There was no Nada data for the boat at all. One bank told me it did not exist? We ended up using a marine surveyor to get the price right and the bank excepted that. I will say that BECU was the best to work with and had the best rates. 6.75 compared to 8 to 9 % with everyone else.
 
Many have stated great answers. Or, once when I was looking for a 2 year old toyota pick up with v-6, automatic, and the extended cab.... a banker not familiar with me attempted the same gig. So, I replied....that much???? great...buy me one for that and I will give you 5% profit. These C-Dory boats are a bit special and many banks do not understand that. A home equity is also another option.

Welcome by the way. Great to have you on the C-brat site. May even find an owner willing to do some type of owner financing. Who knows.

Byrdman...back in the States!!
 
I"m certainly no expert in this area, but what about a marine finance broker like Dimen -- now Sterling. In my experience the rates come in under 7%. Obviously, they know boats, and it is their job to convince the bank on the value of the boat.

Greg
 
I just went though financing on a 2009 Tomcat and after first trying a local "Boat Finance Company" a big waste of time, I ended up at 1st Security Bank of Washington. They were very nice to work with, you might give them a try.
 
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