Cam's point about many lenders preferring USCG documentation is a very valid one. Also, if the boat is USCG documented, you can often qualify for a marine mortgage rather than a consumer loan, and the interest is often deductible, as many boats will qualify as a second home—provided they have a permanent galley and full-marine head installed.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.