At what age do lenders stop lending on boats?

Wildboating

At what point is a boat not eliglbe for normal financing?   For some reason im thinking 20 years.   What does that do to the value of your boat, not to mention the ability to sell it.

Handymans342

13 to 20 is my experience

zaverin1

Not true at all and applies to boat brand
condition and terms like down payment or trade in involved.
lake trust credit union here in mi does it all
you can't obviously ask for a 30k loan on a boat that's sells for 15

Wildboating

I thought most stop lending after 20 years or you have to take a personal loan not tied to the boat.   So how does this affect resale values with our boats aging?

Handymans342

Depends on the brand

DazeOff

Any boat less than 3 years old, no problem from just about any lender. 3-10 years old, and over 50k loan, still not a problem with good credit 720+ and at least 20% down. Smaller loans are tougher because there's not enough in it for lenders to get excited. With boats, the bigger the loan, the easier it is to get the loan. Anything over 10 years old and less than 50k is going to be tough. Might as well use a home equity line of credit and not mention the word boat. Credit has gotten significantly tighter in the last 3-4 years, especially for those looking to buy the smaller, older express cruisers in the $20-40k range.

zaverin1

Credit unions are the key
specialy the ones that specialize in boat loans 

rasbury

My credit union that we have been with for over 30 years was no help at all..

raybo3

I believe the older the boat the higher the interest rate.......

zaverin1

Weird

nick92675

check out https://www.essexcredit.com/home/boat/rates/ - they do older than 96, just add .75% to the rate.