Done-it-again
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- Apr 3, 2016
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What are the rates have you seen? Lets say 150k.Not true. We can loan on boats as far back as 30 years. Just because the RDP preferred boat lender can’t, doesn’t mean it can’t be done. This is why people should shop around.
I have 3 sources that can/will do a loan for a 20yr old custom boat. I can even go to 30 years in some cases (rates are not ideal). Production boats are business as usual.
On April 1, Flagstar stopped recreational lending altogether. There are other sources that still will.
To correct the rumors, you can still get a loan for a custom boat built between 2003-2011. Just last week we funded an 03 Daytona w 525/, 06 Cobra 230 w/496, and 06 Mach 26 w 600hp.
The catch is that you must put a min 10% down, 10-12yr term (15 on some boats), and rates are gonna be slightly higher.
Magic’s are a different beast altogether. The most you can get financed for is around 50k. Lenders go by NADA values. There is a big delta between NADA and market pricing on Magics. I expect Magic prices to drop quickly as a 100k Magic typically needs 50k down.