Is this true?

[GalaxyGirl]

A broker told me that I should buy a Hatteras because for older boats, "Hats are the only boat that banks will finance". He even gave a break down of how many banks will finance a Hat based on the year.

Is this true?

I do not want financing, but I'm thinking about ease of re-sale later. Is this a factor worth putting weight on?

[Sandero]

I saw something about older style motor yachts on TV... It seems as if they getting outdated because of all the new systems these days and owners are dumping them... and they need to have system upgrades... I don't know what they then sell for... but they are like renovated old homes with modern appliances etc. I suppose the price point would be lower per ft because the big money wants new and shiny.

[rebel heart]

I had a friend who tried to sell his twin engine (here in Mexico) and he said twins are really hard to sell right now because of increasing fuel costs. For the kind of boat I think you're looking for it will be hard to resell no matter what. The higher the price the fewer the buyers.

[psneeld]

Highly doubt it as there are boats out there with as good as or better reputations and resale than Hatteras.

In fact a boat I'm moving next week is a late 60's/early seventies Hatt and it's a POS that the owner thinks a paint job and newly varnished interior is gonna sell it.

No bank in it's right mind would finance it over a 3 year old almost anything.

[rw58ph]

Not true. It dependant on the age, and the survey. Many not be conventional bank/finance but there are specialty financing available with a higher rate. Again there are many advantage using a bank/finance as they are a great resource.

So you are looking at old Hats?

[RainDog]

I have always heard the problem is financing a boat over 20 years old. Have not heard of any bank basing that on make or model. I had two friends who could not get financing because the boat they were looking at was over 20 yo. My credit union told me they normally would not do it, but they did in my case only because I was putting 80% down.

[zeehag]

your broker is trying to make a sale. broker manipulating his deal so you will fall into it--he wants his commission and doesnt care a whit about the buyer or seller. good luck. keep eyes open and dont fall for bs.

[CPseudonym]

I call BS as others have pointed out.


As to resale scenario lets assume I'm in the market for a used Hatt 70 MY 4 years from now. If my broker wants to show me two otherwise identically equipped and priced yachts, one owed by an older couple and the other had 7 people living on it full time for four years I'd pass on even looking at the second boat.

[Boatguy30]

You (hypothetically) are talking what a 50-60' boat ASKING maybe 250-400K?

anyone that can afford to own, maintain, insure and operate a boat like that is going to want a newer boat. I would guess the market for these yachts is as bad or worse than that of 25-35' sailboats of the same age for the same reason. just a different scale.

Just plunk down that wad of cash you have (hypothetically) and get it over with. No boat is perfect.

[FLLCatsailor]

Hats are just as easy to finance as any other motor yacht that is older than 15 years old...

[boatman61]

I've lost track... are we on a Port or Starboard tack now...

[Snore]

Port but--- JIBE HO!!!!

Try space coast credit union....despite the free financial advise offered elsewhere I financed my 32 y/o Tartan and they are holding the paper

[ranger58sb]

Speak directly to Sterling and Essex and other well-known boat finance companies like that, see what they say.

-Chris

[Capt Phil]

Once again, Zee nails it.... I would be wary of a broker introducing issues that are better handled by a potential lender than one who may have an interest in consumating a sale, trusting individual that I am. Phil

[FLLCatsailor]

Originally Posted by ranger42c

Speak directly to Sterling and Essex and other well-known boat finance companies like that, see what they say.

-Chris

I would also check with Joe Flynn at Scott Financial.