Boat Finance?????????

[troy]

Had this the bloke ring me about my boat that is for sale and he asked me my bottom line which i told him and he said that was within his budget and would ring his brooker.
Couple days later he rang and said he was coming down for a look as his loan was approved.
He came down and had a look and said it was a sale and we shook hands on it.
About 4 hours later he rang and said bad news the loan was only for a new boat.
Anyone heard about this type of loan or is it a polite way of saying that he did not like my boat.
Troy

[FishHunter]

In my experience it was a bullshit story. You are lucky you even got a call

[Humdinger]

if it was new boat finance he would have been financed through a dealer .
i'd say he was full of shit

[gruntahunta]

All loans are subject to valuations unless they are personal loans or like line of credit loans on your property mortgage...so it is possible that your boat did not value up with the finance company and was rejected.

[TopBhoy]

You've learned a lesson though....don't take the boat off the market until ALL the readies are in the bank

[ozynorts]

When I was going through the process of buying a boat one of the problems with securing finance was that the lenders don't like to lend on anything that is going to be over 10yrs old at the end of the loan period. Not sure if this applies to your boat but he may have been telling the truth.

[Homer_Jay]

Not sure about boats, but I know there is finance company's who will only lend on new cars.

[SUPERDAFF]

Troy
Entirely possible and similarly, the interest rate can change according to whether it is new or used - that in itself can become a deal breaker. Not only that, the loan can be knocked back based on the material the boat is made from or even the age of the applicant. Likewise, in an insurance context, it can be knocked back on all sorts of grounds including the construction material, type of engine or even the location where the boat will be kept. It therefore is perhaps a little too hasty for people to start screaming "B/S" without even having sighted the originating financier's contract, don't you think?

[hooknpull]

If it wasn't a personal loan and was a secured loan. Most of the time the bank's will not approve the loan for a vehicle or boat over 3 or 5 years... to buy second hand stuff most of the time u need a personal unsecured loan which means higher interest rate. The guy most probably wasn't full of crap but may had organised the wrong loan for himself..

[Lancair]

Id say he's not bullshiting. Ive done exactly the same thing and it boils down to the purchaser not asking ALL the right questions. I got pre-approval for a boat loan, looked at some boats for sale privately, agreed to buy one, only to be told when I submitted all the details of the boat I wanted to buy, that it was too old by 6 months to get finance approval for!!! The only boats they'd (finance company) approve were new or less than 2 yrs old in almost new condition, like done 10hrs only. I ended up buying a demo model from dealer.

[troy]

My Boat is only 7 months old with only 9 hours of use due to health problems.
Just curious as to what was the reason.
If it came down to just one finance company with these rules he seemed to pull the plug very quickly as if it was me and wanted the boat as much as he said i would have tried other options.
But he was going through a Broker so what this means i have not a clue.
But it is all over now.
Troy

[troy]

Do not get me wrong as i am not bagging this bloke as i am confused by all this as during the second call he said to me that he was looking at a new formosa and mine but his broker said to him he would be better off buying mine as if he had to wait 12 weeks for the formosa to be built then he would have to re apply for a new loan .
But he cannot get finance for a second hand boat.
So this is why i am confused.
Troy