Older boat loan.....Who?

[ohiohatteras]

Did a search, but almost all the posts I found were several years old....so I figured I'd ask the experts here to see what/who you guys know....

My brother is closing in on an 89 50' Bertram and is having trouble finding financing up here in Ohio due to the age of the boat. Seems lenders up here don't know much about boats unless its a 5 year old SeaRay! So......... Do any of you know of a lender that understands that some brands of older boats are still worth financing???

Please let me know what you know?
Thanks

 

[Toolsntoys]

Call Essex financing I'm sure they will help you I know the rules change with a boat over 20 years old. Expect to put down 30% , pay a higher interest rate, and have a solid credit score

 

[Bertramguy]

I'm in Southern California closed on a 1988 Bertram 54 and financed part of the purchase through Suncoast Bank out of Florida. My boat is basically a brand new boat, new power, all new systems, very high end interior. It surveyed better than most new boats according to my surveyor and bank, no recommended fix it items. That said because it was a 1988 hull the minimum down was 30% and they would only give me a 10 year term, which worked for me. The rate was the same as a new boat purchase but I think that was credit score driven.