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TOPIC: How to Finance a Whitby 42?

How to Finance a Whitby 42? 2 years 4 minutes ago #2529

Hello Everyone,

First I would like to thank you all ahead of time.

Me and my wife have been shopping for a boat for some time after much research. I do mean exhaustive research the Whitby fit all of our needs. But I have ran into a problem financing. So do you all have any recommendations. I have went to get pre-approved and was told by lenders that due to the age of the Whitby's and that they are not listed in NADA that a loan for this model of boat is not possible.

Let me give you some background.
Military retirement so steady income, good credit, and 20%+ down payment
We do not have a home to get equity out of since we are full time RV’ers.

Our plan was to buy the boat and then sell the RV. and continue our travels on the water.
So if any of you have bought or sold one recently I would love to know what bank or lender you used.
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How to Finance a Whitby 42? 1 year 11 months ago #2530

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This is a problem as the vessels get older. You might want to check Boat US, Navy Federal or Essex Credit.

Essex Credit has options available for liveaboards and can finance out to 30 years. You might have to go to 30% down but the rate might be around 5.75%.

Dale Kramer
S\V Puffin
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How to Finance a Whitby 42? 1 year 11 months ago #2531

We have a 1974 Olympic Adventure, which is a stretched Whitby 42. We got a loan from USAA, who used a survey to get the value of the boat since the boat is too old to have a 'blue book' value. This was in 2013 but they would have loaned us 100% of the hull value, based on the survey. It went through without a glitch. If you can belong to USAA, which is open to a lot more people now than it ever was before, you could apply there.
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