I am a novice but am thinking about buying a 45' sailboat to live on board. I have just started to research the subject. I need to learn about how to finance a boat, how much of a downpayment is required, and should I get a very well equiped boat or a lessor equiped. Any information or concerns are welcomed Glad to join your forum Thanks
Sailboat Financing
- Thread starter Tai Chi Sailor
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Call them...
search any website or sailing mag for financing companies and they will be glad to give you specs. BoatUS has a big financing arm, as does Bank of America, etc. big factor will be age of boat, lots won't finance older boats >25 years or so, and your experience. Generally figured 20% down, 20 years, although the newer the boat, and the larger the loan the better the terms. As for equipment, if you're buying used, get all the toys on the boat you can....much cheaper that way. However, with the huge advances in technology, old electronics may not be very useful.
search any website or sailing mag for financing companies and they will be glad to give you specs. BoatUS has a big financing arm, as does Bank of America, etc. big factor will be age of boat, lots won't finance older boats >25 years or so, and your experience. Generally figured 20% down, 20 years, although the newer the boat, and the larger the loan the better the terms. As for equipment, if you're buying used, get all the toys on the boat you can....much cheaper that way. However, with the huge advances in technology, old electronics may not be very useful.
Try a Home Equity Loan
If you have a lot of equity in your home a home equity loan is an easy way to do it. You own the boat outright at the start (as much as you own your own home).
If you have a lot of equity in your home a home equity loan is an easy way to do it. You own the boat outright at the start (as much as you own your own home).
Do It Now At Any Cost!
Tai Chi, However you can as quick as you can buy as much a boat as you can afford It will change your life forever!! With your good credit you will have plenty of support from financial institutions. Don't worry about dockage, it will always be available and surprisingly enough, you will aoways be able to afford it. Good Luck, RL
Tai Chi, However you can as quick as you can buy as much a boat as you can afford It will change your life forever!! With your good credit you will have plenty of support from financial institutions. Don't worry about dockage, it will always be available and surprisingly enough, you will aoways be able to afford it. Good Luck, RL
e boat loans
try eboatloans.com their a broker but i used them ! very helpful resonable and quick they know how to get r done
try eboatloans.com their a broker but i used them ! very helpful resonable and quick they know how to get r done
Seacoast
I used Seacoast Marine Financing, and had an excellent experience with them. They are a broker, but they bent over backwards to make the loan work. You will have two problems though. The first is a slip. I hear that slips in San Diego are getting harder and harder to come by. Secondly, most financing places don't want to lend to liveaboards. The major players in the lending market will make you sign a statement that you are not planning on living aboard.
I used Seacoast Marine Financing, and had an excellent experience with them. They are a broker, but they bent over backwards to make the loan work. You will have two problems though. The first is a slip. I hear that slips in San Diego are getting harder and harder to come by. Secondly, most financing places don't want to lend to liveaboards. The major players in the lending market will make you sign a statement that you are not planning on living aboard.
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