Consignment boats and loans
 

Does anyone have any experience with buying a boat on consignment and getting a loan. I've agreed to buy a 30k boat on consignment and I am looking for 12-15k loan. I've contacted some credit unions and Bank of America. They have all said they don't loan on consignment purchases. Has anyone dealt with this or have any advice around this?

DO NOT USE BANK OF AMERICA. Is all the advice I have.


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Why? They have the best rates and terms by far. Is there something else that I should be aware of?

One option is to take a personal loan out for the amount then once you have the boat in your name and its all legal go back to what ever lender you choose and take out a boat loan or leave it as a personal loan depending on interest rate.
Merc got screwed around by Bank of "China" America, they couldn't tell him the same amount twice that his pay off was

From personal experience and from what I've seen on this site they are a pain to deal with. I just paid off my boat when I sold it. They gave me several different payoff amounts. Just about every month we was on the phone fighting with them. Trust me don't fall for their line of crap.


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