JJ Best Banc & Co. Now Makes It Possible For The Rest Of Us To Buy The Best ..

Now you can actually afford a boat that floats!

Now you can actually afford a boat that floats!

We would like to welcome JJ Best Banc & Company to the Woody Boater community.  The good folks at JJ Best Banc can help you finance your new classic boat like they have been doing for the collector car world for years. Fast aprovals and low rates make this a no brainier. The advantage of financing is clear if you are starting out and want to buy a restored boat instead of a project. Sometimes, folks, myself included, buy a dream boat that you get because it needs some work, and think over time you will restore it as you have money. Later you find out you could have saved a ton of money buying a perfect already restored one. This way you can manage that cost to the penny. This has been a hobby that has rarely used financing like this. Sure in some cases you may have used a home equity loan, but now there is a way to finance the boat on it’s own. So we not only welcome JJ Best Banc as a sponsor of Woody Boater, but to the entire hobby. For the record, I did NOT leave off the k.. I checked.. Several times.

24 replies
  1. Rick
    Rick says:

    If they really want to help they should have a department that assists with getting the wife’s approval for the new boat. The money part is easy.

  2. Don Ayers
    Don Ayers says:

    A welcome addition to the hobby to provide options for the buyer as most financial institutions have not a clue how to deal with these collector items.

    All the “Best” to you!

  3. Don Ayers
    Don Ayers says:

    BTW, nice looking boat in the story.

    Owned by Best? Are they fellow WB’ers???

    Tell us more

  4. Old Salt
    Old Salt says:

    For the record…. Did you double check the second P on “aproval” Maybe you could use Best Banc and buy a P like Wheel of Fortune… cheers

    Welcome Best Banc!

  5. Bob Menzel
    Bob Menzel says:

    .crap..now i gotta quit looking for a restored Coronado….
    …too easy…no no no no..

  6. Steve Haines
    Steve Haines says:

    I have to agree with Jack. I am not saying it is a bad idea but I am not sure if it is a good one either. I think you have to earn it.

    It will certainly help to drive up the cost of getting into this hobby. It will drive up the cost of restored boats and will certainly benefit the professional restorers among us. It will also drive up the cost of user boats as well unrestored wrecks. We can look at this as increased value of the assets we have but be careful what you wish for.

    I dont want to take away from the fabulous work that the professional restorers are doing as it is nothing short of magnificent. However I view this hobby as including a fair bit of sweat, effort and passion. I am not a professional restored, but I have restored and maintained classics. All the boats we have had in a our family have won ACBS awards primarly though hard work and alot of sweat equity from myself and my family as well as past and present owners. I have purchased both bone yard wrecks for a nickle and nearly perfect boats for a fair price. I understand the value of time. I do this because I enjoy obsessing about blocking out that 7th coat of varnish and making sure primer is laid down to perfection. Then we enjoy the heck of the boat all summer long picnicing, cruising and towing my kids around, sharing our classics with the world knowing that it all starts over again as soon as the boat comes out of the water.

    You have to love this game to be in it. I am not sure I am comfortable with the guy who would otherwise buy a Sea Ray on a whim picking up a classic because he can get it financed for the same money only to find it rotting in the back yard a few years later when he learns what sun and sand do to varnish.

    I know my opinions are not completely rational and there are counterpoints to them all. I am glad there are options for financing our habbit and maybe someday I will take advantage of it myself, but be careful what you wish for….

  7. m-fine
    m-fine says:

    I wish them luck. It will be a great option for those with the means and the knowledge. On the other hand I see the dangers. A boat can hold value, gain value, or depreciate rapidly depending on how the owner cares for it.

    Store it outside a couple seasons and skip the varnish refresh coats and suddenly the collateral on the loan is worth less than the remaining principle. How they handle that will be key.

  8. Jason Davis
    Jason Davis says:

    Just a thought…but if you have to make payments on a boat, you can’t afford it…regardless of whether it floats or not!

    • Rick
      Rick says:

      Not sure I agree with you on that but I’ll defend you’re right to express it. When I bought my Clorox Cruiser years ago I used a loan so my kids would still be young enough to want to go out with me. A classic could be the same way.

      • anonymus
        anonymus says:

        If it takes buying a boat you need to make payments on to get your kids to spend time with you, there may be some parenting issues you might want to borrow money to fix first.

        • Rick
          Rick says:

          They got to enjoy family outings on the boat from when they were 4 and 7 years old. My son is now 24 and lives in another state due to his job and my 21 year old daughter is away at school or summer internships now. I value the time we spent on the boat together and buying a larger boat than I could have paid cash for at the time (new house and new business) allowed us to spend entire weeks aboard. Without the boat we still would have been a very close family but this way we shared what I also valued growing up on my dad’s boat.

          • anonymus
            anonymus says:

            I am glad it appears to have worked well for you. I just feel that under the justification of “it will help me be able to spend more time with the kids” many people buy things they cannot really afford, and I could have too. You obviously could afford it. I love classic boats but they are something I would never borrow money for and that is simply my personal preference. To your point, my youngest just graduated from college and all of my children (all under 30) are now graduated from college and debt free. I hope that gives them the opportunity to have some great future boating memories on their own boat, like we did on mine when they were younger and I owned a simple small boat that I could afford. Now I own a 42 foot cruiser (non-classic and paid for) and we still enjoy time on it. Once again, I am glad it appears to have worked out well for you. I wish you and yours well.

  9. Alex
    Alex says:

    It would be very interesting to see the collateral requirements and other documents for this type of loan. (What’s a kidney worth these days anyway?)

    Paul (Harrison), you go first. This looks like a good candidate.

  10. brian t
    brian t says:

    So…. if one takes advantage of this new offer, buys a boat on payments rather than full cash what happens if the boat needs more money – ie for engine repairs or varnish or whatever – two years into a six year loan??

    Will they offer a 2nd loan to ensure that the collateral for the first loan – the classic boat – is protected ?? Will the new boat owner be required to maintain the boat to a certain standard to protect the bank’s financial interests ??

    Many questions.

  11. Cobourg Kid
    Cobourg Kid says:

    Hmmm just read the fine print …Canadian’s and New Zealander’s need not apply… sigh… another Ditchburn dream mercilessly quashed..

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