Do most people take out a second mortgage to finance a new Catalina? How long are they usually financed for and what is an average payment?
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Financing
Jon, I don't think you can say there is an average payment. Most lenders require at least 20% down and the loan term can be for 15 or 20 years. The interest rates are running about 8% to 8.5% now. A quick rule of thumb is that the amount financed over 15 years will require a payment of about 1% of the principal per month. As an example, $100,000 financed will cost about $1000 a month. Here is a web site for mortgage calculators to help you compute. http://www.mortgage-calc.com/ Also don't forget about the monthly insurance, dockage, electricity, etc. that you need to maintain the boat.
Jon, I don't think you can say there is an average payment. Most lenders require at least 20% down and the loan term can be for 15 or 20 years. The interest rates are running about 8% to 8.5% now. A quick rule of thumb is that the amount financed over 15 years will require a payment of about 1% of the principal per month. As an example, $100,000 financed will cost about $1000 a month. Here is a web site for mortgage calculators to help you compute. http://www.mortgage-calc.com/ Also don't forget about the monthly insurance, dockage, electricity, etc. that you need to maintain the boat.
Financing
Another thing to remember is that the new yacht can be considered as a second home, or first home if you don't have a first home, and the interest can be deducted as an itemized deduction. To qualify, you must have sleeping, eating and bathroom facilities on the boat. On new boats, I've seen financing as low as 5% down on new boats and 20% down on used boats. Interest rates about the same as homes. Max years is usually 15 years in our area. Good luck
Another thing to remember is that the new yacht can be considered as a second home, or first home if you don't have a first home, and the interest can be deducted as an itemized deduction. To qualify, you must have sleeping, eating and bathroom facilities on the boat. On new boats, I've seen financing as low as 5% down on new boats and 20% down on used boats. Interest rates about the same as homes. Max years is usually 15 years in our area. Good luck
I'd give these guys a call...
Essex Credit Corp, Essex, CT and Gannis Credit Corp on Long Island. I've used them both and both are good. Essex tends to be faster with their approvals. Sorry, I don't have any phone numbers. Mark Johnson
Essex Credit Corp, Essex, CT and Gannis Credit Corp on Long Island. I've used them both and both are good. Essex tends to be faster with their approvals. Sorry, I don't have any phone numbers. Mark Johnson
Give this Lady a call
Jon, Give Peggy Kidd a call at 510-376-5938. Peggy works for Dimen Marine in the SF Bay area and can answer any of your marine financing questions. Rodney Kidd C-38 #297, Flying Bear Alameda, CA
Jon, Give Peggy Kidd a call at 510-376-5938. Peggy works for Dimen Marine in the SF Bay area and can answer any of your marine financing questions. Rodney Kidd C-38 #297, Flying Bear Alameda, CA
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