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Thread: Marine loans for houseboat

  1. #1
    Senior Member GoVols's Avatar
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    Aug 2011
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    Nashville, TN
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    Marine loans for houseboat

    When we bought our boat, the rule of thumb was the boat couldn't be any older than 20 years old. Today, a prospective buyer for my boat got news from a marine loan broker that because my boat is 10 years old, no one wants to finance it. How in the world could this be?!!

    A local bank is offering her a simple 6 year loan, but the payments would be huge. Can you guys suggest anyone to me that I can refer my buyer to?
    Formerly owned a 16X69' Sailabration

    Bet On Another Thousand

  2. #2
    Senior Member 42gibson's Avatar
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    Nov 2010
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    norwich,ohio
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    try one of the brokers,i'm sure they have outlets.
    44 gibson executive
    on the muskingum river & ohio river
    marietta,ohio

  3. #3
    Member Zilpo55's Avatar
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    Mar 2007
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    Lake Cumberland, KY
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    We purchased our 12 year old houseboat and financed with these folks a couple years ago. Only requirement besides a qualified marine survey was that it be documented. We had good experience with them.

    https://www.newcoast.com/

  4. #4
    Senior Member GoVols's Avatar
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    Thanks Zilpo! Someone else suggested the same company to me and Joey, the rep, told me my boat would qualify for a 10, 15, or 20 year loan still. The stupid company (Trident Lending) I originally referred my buyer to gave my buyer a lot of misinformation about houseboat lending, which I believe has now scared my buyer away! I'm fuming mad!
    Formerly owned a 16X69' Sailabration

    Bet On Another Thousand

  5. #5
    Senior Member Stmbtwle's Avatar
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    Apr 2003
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    Ruskin, Florida
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    Good thing I'm not planning to sell any time soon ... my boat is pushing 50.
    She's a tired old barge but she's paid for!

  6. #6
    Senior Member BananaTom's Avatar
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    Pensacola, Florida
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    Quote Originally Posted by GoVols View Post
    The stupid company (Trident Lending) I originally referred my buyer to gave my buyer a lot of misinformation about houseboat lending, which I believe has now scared my buyer away! I'm fuming mad!
    Sounds like an "Errors and Omission" claim may be warranted, if that is true.

  7. #7
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    Essex credit Ft. lauderdal Fl. www, essexcredit.com

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