SailNet Community - View Single Post - need advice on financing a boat
View Single Post
  #2  
Old 03-20-2011
Minnewaska Minnewaska is offline
Senior Member
 
Join Date: Feb 2010
Location: Narragansett Bay
Posts: 8,989
Thanks: 10
Thanked 138 Times in 124 Posts
Rep Power: 6
Minnewaska will become famous soon enough Minnewaska will become famous soon enough
The interest on home equity loans is typically tax deductible. The interest on a boat loan can be deductible if the boat qualifies as a second home (and you don't already have two homes). I think that requires a bed, head and galley, all installed permanently. A cooler, camp stove and port potty don't count.

If you use the home equity loan, just be sure you perform all the due diligence that a marine lender would if they were lending you the money: title searches, proper filing of new title/registration, notorized bill of sale, insurance, survey, escrow to hold deposit, etc.

Where are you and/or the boat located? There may be some recommendations on who to use. Maritime lending is a specialty. Unfortunately, I think small loan amounts are hard to get. Too much work for the lender to make money on it.
__________________

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Jeanneau 54DS

In the harsh marine environment, something is always in need of repair. Margaritas fix everything.
Reply With Quote Share with Facebook