Problems with Financing

P

pcgil

New member
Hello all,
Sorry for the serious topic, but I was wondering if anyone could offer advice on getting financing for a C-Dory? My bank approved me, but declined the boat. It is the 22' Angler in SC. They, the bank, said the NADA, which is all they use for reference, comes up to about 10.5k. It's a '94 with twin Honda 45s + electronics. Anyway, does anyone have any advice? Obviosuly the NADA is totally underestimating the value of this boat... I was all set to pick it up next week, what a bummer.
Thanks,
-Gil
 
You need to get your loan officer to come onto this site and check the boats for sale and the boats sold. they might get a different opinion then. have them call and talk to several C-Dory dealers to get comparables from them.
mayhaps you just need to be a little more forceful and prove to them the true value of these fine boats.
 
Print out a copy of C-Dory's for sale on this site and have the banker compare to NAPA. Get a letter from a C-Dory dealer with the true price of a 94 C-Dory. Jack on C-Otter.
 
We who have invested in Boston Whaler Classic's (pre 1990's) have had to deal with the same problems when it comes to banks. Although I have never finianced a boat, all the Whaler guys have told me that you have to find a banker that can look beyond the NADA and understand the marketplace for Nitch Boats. Go to the top of the ladder of bankers who has the power to make real life choices...not just read books.
 
Another consideration would be to get a Home Equity loan if you own your home and have some equity in it.
That way you will get a lower interest rate and be able to write the interest off on your taxes.
 
I remember sitting down with the banker and talking boat loan, he was cool. He looked at the price and looked at his forms and started rattling off stuff "I assume it has an ice maker, trash compactor, oven, stove, forced air heat and AC, hot tub.yadaa yada yada....ya no problem we can finance that much"

I hate to recomend it, but as mention, a home equity loan will get you a lower interest rate and tax deductions...not a good policy to buy toys with a home loan though me thinks

ALSO, is your banker just looking at the value of the hull and not adding the motors, trailer and other stuff, NADADORKS just give the hull value I believe
 
I financed my new boat with a company in Annapolis. I don't know if this person is still with them but she was very helpful. The company was Sterling Acceptance Corp. and the person was : Lauren A. Nowak [lauren@sterlingacceptance.com]

They specialize in boats and placing only boat loans with banks and know the market.

Good Luck!
 
Perhaps getting the boat surveyed by someone knowledgeable of the market for such niche boats and using a lender who does a lot of boat business.
 
I'm with moose. Stick the place up and get a new 225 cat.

"friends will post bail money, real friends will say " dam that was fun, who's posting bail?"
 
Try establishing a credit line and just tap that, they don't even ask why you need the money for that. Once it is established as a boat loan they are estimating it for collateral strictly w/ NADA.
 
Another consideration would be to get a Home Equity loan if you own your home and have some equity in it.
That way you will get a lower interest rate and be able to write the interest off on your taxes.
Click to expand...

Unless you already have a vacation home, the C-Dory 22, 25 and 255 qualifies as a second residence and you can deduct the interest on your income taxes.
 
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