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| financing a custom built boat http://www.mudmotortalk.com/mmt_v2/viewtopic.php?f=2&t=74977 |
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| Author: | sdavis76 [ Thu Feb 20, 2020 5:32 am ] |
| Post subject: | financing a custom built boat |
i wasnt sure what section was best to post this so excuse me if its not. looking to buy a stumpjumper in the very near future. in looking at financing options the first few companies i spoke with wouldnt even talk to me about it once i mentioned it was a custom build. has anyone ran into this before and what companies would you recommend? i know there will be guys say i should just pay cash but i want to get in the water lol not sure if it matters but im looking at an 1854 cc i havent made my mind up yet as to the surface drive or outboard question yet. |
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| Author: | Capt. JJ [ Thu Feb 20, 2020 6:42 am ] |
| Post subject: | Re: financing a custom built boat |
I'm not super familiar with stumpjumper, but assuming he is a registered manufacturer with the Coast Guard, and issues his own HIN/hull numbers on the boat, it shouldn't really be viewed or approached as "custom" by a lending agency. I have done a couple boats for people over there years that they had gotten loans through credit unions for. Being I'm a registered manufacture, it's not much different then buying a boat brand from a dealer. The fact that they are "custom" building to your specifications should not play into it a whole lot. Now if the builder is just providing you material receipts, and you have to get the boat registered through a state agency yourself as homemade, then yes, I doubt any lending agency would touch that. Also, depending on you financial situation or strength, you could probably look at a unsecured or signature loan. Rate will probably be a little higher. |
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| Author: | fowl_ [ Thu Feb 20, 2020 11:15 am ] |
| Post subject: | Re: financing a custom built boat |
I bought my boat from Mike. I just went to my bank. Mine worked out just by luck that I put my motor on a credit card with 0% interest for 18 months so I paid that off and the rest was an unsecured 4 year loan. They didnt need a ton of paperwork, and he provided and edited it when necessary pretty quickly. Sent from my SM-G955U using Tapatalk |
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| Author: | JSS3 [ Thu Feb 20, 2020 7:09 pm ] |
| Post subject: | Re: financing a custom built boat |
LightStream.com They will have your money in your account tomorrow with a decent rate. Unless you have hood rat credit... |
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| Author: | sdavis76 [ Fri Feb 21, 2020 2:44 am ] |
| Post subject: | Re: financing a custom built boat |
thanks for everyones input |
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