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Hello all, need a loan for skiff but some I’ve been looking at, skull island/Xplor, aren’t well known/ on nada for value. Banks have used the NADA to give me an amount they will loan, with no extras included. Any ideas on how to get loans for these lesser known skiffs? Thanks and happy new year!!
John
 

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Ask your lending institution if they'll accept a marine surveyors report and evaluation for lending and insurance purposes... Do this before contacting a marine surveyor since you'll be paying for his (or her) services...

Some insurers will require a marine surveyor's report before issuing a quote -others will accept what's called "agreed value" ( you and your insurer agree on how much you'll be insuring your boat for). I've had an "agreed value"policy on my old (1988) Maverick now for some years... Getting loans on older or lesser known skiffs is always a tough deal. A simple alternative is to establish a line of credit with your bank - then use some or all of those funds to make your purchase... Always though, make sure it's insurable before making a purchase since you wouldn't want to get caught short...
 

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When I bought my boat they used the price of a new skiff compared to the price of the boat I was purchasing. Also sent them a price list to show the cost of the add-ons over the listed base price.
 

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I Love microskiff.com!
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Discussion Starter · #6 ·
Ask your lending institution if they'll accept a marine surveyors report and evaluation for lending and insurance purposes... Do this before contacting a marine surveyor since you'll be paying for his (or her) services...

Some insurers will require a marine surveyor's report before issuing a quote -others will accept what's called "agreed value" ( you and your insurer agree on how much you'll be insuring your boat for). I've had an "agreed value"policy on my old (1988) Maverick now for some years... Getting loans on older or lesser known skiffs is always a tough deal. A simple alternative is to establish a line of credit with your bank - then use some or all of those funds to make your purchase... Always though, make sure it's insurable before making a purchase since you wouldn't want to get caught short...
Hadn’t thought about the insurance end of the equation- thank you!!
 

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You can also go to a yacht broker and get a Yachtworld Soldboats listing and current market pricing evaluation. You'll likely have to ask nicely and perhaps bribe them a little. I did this when I was looking at skiff from a custom builder that only builds few every year, before I bought my East Cape. You could also contact the builder to get a letter of suggested value. Also consider talking with a boat/marine specific lender.
 

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Get the builder to send the loan company the build price of your boat.
Use a credit union if you have access to one.
Progressive insurance is the cheapest.
 

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Home equity loan will give you a lower rate, also Lightstream does loans that aren't secured by the boat so valuation doesn't come into play.
 

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Home equity loan will give you a lower rate, also Lightstream does loans that aren't secured by the boat so valuation doesn't come into play.
You mentioned Skull Island; they work with Lightstream. I couldn’t tell you anything on their rates, but as redchaser stated, they don’t use the vessel as collateral.
 

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Lightstream.com
Basically a personal loan you can use for whatever you want
Wont ask for any details on the boat
get approved and money deposited into your bank right away
pay off as early as you can!
 

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I tried to finance through my credit union. I’d been a member for over 30 years....,800-plus credit score, no home mortgage....etc...a perfect candidate for a boat loan...or so I thought. First up was the high interest rate. Second...they couldn’t find my boat in the NADA Guide. After jumping through the hoops....I finally got approved....then at the last minute they denied my loan because the boat was built and would be purchased out-of-state ( Florida)....I’m in Georgia.

I got frustrated with the whole loan process and decided to sell some stock and pay cash.
 

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Space coast credit union. If it’s not on NADA, they will finance 80% of 90% of the purchase price. Good interest rate as well.
 

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I tried to finance through my credit union. I’d been a member for over 30 years....,800-plus credit score, no home mortgage....etc...a perfect candidate for a boat loan...or so I thought. First up was the high interest rate. Second...they couldn’t find my boat in the NADA Guide. After jumping through the hoops....I finally got approved....then at the last minute they denied my loan because the boat was built and would be purchased out-of-state ( Florida)....I’m in Georgia.

I got frustrated with the whole loan process and decided to sell some stock and pay cash.
Wow, that's surprising. I just financed through my CU. I was worried about NADA values but it worked out, kind of complicated deal too, me in Louisiana, boat in Fla, seller in another state. We had to get greative with bills of sale with 2 notary lines etc... By the way while I got my loan from my CU I also got a quote from Lightstream to compare. For 72 months the interest rate was going to be about 8.4%. My credit is good, not super high just because I have very few loans etc. My credit union beat that rate by a decent amount.
 

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I think my CU quoted 6%....but wouldn’t budge on the purchase of a boat from another state. As I mentioned previously...I’m in Georgia...where I’m guessing, boat loans are unfortunately not as common as in Florida.

Wow, that's surprising. I just financed through my CU. I was worried about NADA values but it worked out, kind of complicated deal too, me in Louisiana, boat in Fla, seller in another state. We had to get greative with bills of sale with 2 notary lines etc... By the way while I got my loan from my CU I also got a quote from Lightstream to compare. For 72 months the interest rate was going to be about 8.4%. My credit is good, not super high just because I have very few loans etc. My credit union beat that rate by a decent amount.
 

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Lightstream rates vary depending what kind of loan you select. Boat Loan rates are a little higher. Select Auto Loan & you’ll get the lowest possible rate. For what it’s worth, when i was boat shopping I got 5.2% rate for 84 months with a 800+ credit score. I decided to pay cash instead for the boat, but still, monthly payments would not have been too bad, and I would’ve owned the boat out right.
 

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Local credit union is awesome to work with... I didn't finance the skiff, but did the bay boat last year.

Went to Wells Fargo (who has our house, business, and personal accounts) and they offered 8% for 72 months. Drove across the street to the credit union, that I've never done business with, and they gave me 4% for 120 months. With the better rate, I'm able to make double payments every month so it will be paid off in 60 months. Don't hesitate to shop around
 
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