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financing a custom built boat
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sdavis76
MMT Member
Joined: Fri Dec 14, 2018 2:02 am Posts: 4
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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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Thu Feb 20, 2020 5:32 am |
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Capt. JJ
MMT Pro Member
Joined: Sun Sep 30, 2012 7:27 pm Posts: 252
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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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Thu Feb 20, 2020 6:42 am |
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fowl_
MMT Member
Joined: Fri Sep 29, 2017 5:22 pm Posts: 32
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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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Thu Feb 20, 2020 11:15 am |
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JSS3
MMT Member
Joined: Mon Mar 12, 2012 1:17 pm Posts: 40 Location: Lizella, Ga
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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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Thu Feb 20, 2020 7:09 pm |
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sdavis76
MMT Member
Joined: Fri Dec 14, 2018 2:02 am Posts: 4
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Re: financing a custom built boat
thanks for everyones input
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Fri Feb 21, 2020 2:44 am |
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