How hard is it to get a loan for a live-aboard? Is it possible to get a loan for a boat if you don't own a house?
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No house, no problem
Getting a boat loan isn't all that much different than getting an auto or home loan. The loan is secured by the value of the boat, and the bank will want to make sure you have enough dependable income to make the payments. Good credit records help. because boats can fall in value more than homes, you'll probably need established credit to get the loan, but I doubt that home mortgage history would be required. ph.
Getting a boat loan isn't all that much different than getting an auto or home loan. The loan is secured by the value of the boat, and the bank will want to make sure you have enough dependable income to make the payments. Good credit records help. because boats can fall in value more than homes, you'll probably need established credit to get the loan, but I doubt that home mortgage history would be required. ph.
Write Off!
Don't forget, you can claim the interest on the loan as a deduction as a first or second home.
Don't forget, you can claim the interest on the loan as a deduction as a first or second home.
LOANS...
You will need at least 20% down (most cases anyway). The appraised value (used boats) will also have to be greater than the loan. I don't think livving aboard will affect the loan process, but I have heard of some insurance companies balking at the idea. Why, I do not know, a liveaboard will more likely be around for those whacky middle of the night problems! I would not deal with an insurance co. that does not insures liveaboards. Also, don't forget, you will also have to pay up front: Sales tax (most states) Texas is 6.25% Documentation fee ($525) Banks will require the boat documented, so that the lien is rrecorded. Part of this documentation fee is for the abstract (like a title search, which finds any liens). BE SURE TO USE A REPUTATABLE DOCUMENTATION SERVICE. A friend of mine got hosed, when the service failed to disclose $28,000 owed to a previous owner, who happened to see his old boat at the marina, legal issues are pending and could be it's own discussion thread. Survey: $10 - $15/ foot Quick haul for survey ($3-5/ft.) should include power wash, If the boat looks good, change the shaft anodes if needed ($15) Insurance: $1,200 / year You will need proof of insurance before the bank lets you take over "their" boat. Anyway, that's what I can remember, in Nov. '2000, I purchased a '93 Oceanis 350. and haven't been happier. I plan to move to Miami or Ft. Lauderdale to liveaboard. Good Luck, Marc
You will need at least 20% down (most cases anyway). The appraised value (used boats) will also have to be greater than the loan. I don't think livving aboard will affect the loan process, but I have heard of some insurance companies balking at the idea. Why, I do not know, a liveaboard will more likely be around for those whacky middle of the night problems! I would not deal with an insurance co. that does not insures liveaboards. Also, don't forget, you will also have to pay up front: Sales tax (most states) Texas is 6.25% Documentation fee ($525) Banks will require the boat documented, so that the lien is rrecorded. Part of this documentation fee is for the abstract (like a title search, which finds any liens). BE SURE TO USE A REPUTATABLE DOCUMENTATION SERVICE. A friend of mine got hosed, when the service failed to disclose $28,000 owed to a previous owner, who happened to see his old boat at the marina, legal issues are pending and could be it's own discussion thread. Survey: $10 - $15/ foot Quick haul for survey ($3-5/ft.) should include power wash, If the boat looks good, change the shaft anodes if needed ($15) Insurance: $1,200 / year You will need proof of insurance before the bank lets you take over "their" boat. Anyway, that's what I can remember, in Nov. '2000, I purchased a '93 Oceanis 350. and haven't been happier. I plan to move to Miami or Ft. Lauderdale to liveaboard. Good Luck, Marc
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