financing a boat - SailNet Community
Reply
 
LinkBack Thread Tools
post #1 of 21 Old 10-28-2007 Thread Starter
Junior Member
 
Join Date: Oct 2007
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
financing a boat

I'm Canadian and I'm wanting to finance our boat. We have been to our banks but we are not happy with what they had to tell us. They had no experience with a boat loans and the rates were high.
We are wondering if there are any US banks that will loan to Canadians?
marc2don is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #2 of 21 Old 10-28-2007
Senior Member
 
Join Date: Aug 2007
Posts: 212
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
 
Have you considered a home equity loan?
7Psych is offline  
Quote Quick Reply Share with Facebook
post #3 of 21 Old 10-28-2007
Senior Member
 
Valiente's Avatar
 
Join Date: Jun 2006
Location: Toronto
Posts: 5,491
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 11
   
1) Pay off your house as fast as you can.
2) When paid off, remortgage it. Buy a boat.
3) Move onto the boat, and rent out the house. The rental income pays for the new mortgage...BUT, the new mortgage is only a fraction of the original cost you paid. This is the way to "capture" the insane upswing in Canadian real estate prices.

Boat loans are crazy. Using your house like a bank isn't, because the banks want to keep you on the mortgage hook, and so will give you a "preferred" deal.

Oh, and if you get tired of the boat? Sell it, and pay off the house and kick out the tenants!
Valiente is offline  
Quote Quick Reply Share with Facebook
post #4 of 21 Old 10-28-2007
Senior Member
 
Join Date: Aug 2006
Location: wherever
Posts: 5,283
Thanks: 8
Thanked 17 Times in 16 Posts
Rep Power: 12
     
I condsidered the house rent idea. But I've read too many horror stories about bad tennents.
Plus, the housing market has gone flaky. I doubt we'll see 10% yearly gains, maybe not even 5% gains for a while.
But we will see gains in property taxes & insurance!
I'm unloading my house, even at a loss; because I don't want the hassle of absentee landlording and the ever increasing costs of maintenance & taxes with shrinking returns.
xort is offline  
Quote Quick Reply Share with Facebook
post #5 of 21 Old 10-28-2007
Telstar 28
 
sailingdog's Avatar
 
Join Date: Mar 2006
Location: New England
Posts: 43,290
Thanks: 0
Thanked 15 Times in 12 Posts
Rep Power: 14
         
You could try contacting one of the larger marine financing companies, like Essex credit...

Sailingdog

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

Telstar 28
New England

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)

If you're new to the Sailnet Forums... please read this
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
.

Still—DON'T READ THAT POST AGAIN.
sailingdog is offline  
Quote Quick Reply Share with Facebook
post #6 of 21 Old 10-28-2007 Thread Starter
Junior Member
 
Join Date: Oct 2007
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
Thanks,

We are planning to sail in a year. We are wanting to sell the house at this time. We talked about an equity loan on the house but what happens when you sell the house in a year? We still have a mortgage on it.
We don't want to rent when outside of the country.

I have e-mailed Essex but have not heard from them. I will need to call next week.

The orginal plan was to purchase the boat after we sold the house but with the exchange rate at the moment the prices are looking good.

Thanks
marc2don is offline  
Quote Quick Reply Share with Facebook
post #7 of 21 Old 10-28-2007
.
 
Join Date: Nov 2006
Posts: 10,851
Thanks: 0
Thanked 5 Times in 2 Posts
Rep Power: 13
         
In order to buy my boat, me and my wife prostituted for a few years....

My boat is big, but Cam's boat is much bigger...he's a bigger whore than I am...that's my only consolation
Giulietta is offline  
Quote Quick Reply Share with Facebook
post #8 of 21 Old 10-28-2007
Senior Member
 
Valiente's Avatar
 
Join Date: Jun 2006
Location: Toronto
Posts: 5,491
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 11
   
Quote:
Originally Posted by xort View Post
I'm unloading my house, even at a loss; because I don't want the hassle of absentee landlording and the ever increasing costs of maintenance & taxes with shrinking returns.
I think the economy here is doing a little better.

I would agree with you except that it is quite easy in my city to contract out this sort of management for $100-$200/month, which when you are collecting $2,600/month on two units is easy to bear.

Phoning me in Fiji if a tap is dripping isn't going to cut it!
Valiente is offline  
Quote Quick Reply Share with Facebook
post #9 of 21 Old 10-28-2007
Senior Member
 
Valiente's Avatar
 
Join Date: Jun 2006
Location: Toronto
Posts: 5,491
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 11
   
Quote:
Originally Posted by marc2don View Post
Thanks,

We are planning to sail in a year. We are wanting to sell the house at this time. We talked about an equity loan on the house but what happens when you sell the house in a year? We still have a mortgage on it.
We don't want to rent when outside of the country.

Sell first and put the money in a 30 day T-bill, and flip as necessary. You can rent or sublet a condo while you sell off your stuff, go to boat shows and other fun things.

The best time to buy will be in February, when the boats look cold and miserable and dirty and the owners don't want to deal with launching a boat they are trying to sell.
Valiente is offline  
Quote Quick Reply Share with Facebook
post #10 of 21 Old 10-28-2007
moderate?
 
camaraderie's Avatar
 
Join Date: May 2002
Location: East Coast
Posts: 13,877
Thanks: 0
Thanked 3 Times in 3 Posts
Rep Power: 16
     
Giu...you're right and I am ashamed of my past. In my opinion, Portugese women make the best clients because they are so hungry for skilled, good looking lovers. By the way...I have a lot of these pretty bills they gave me for my trouble....I saved them cause I liked the sailboats...are they worth anything now?? (g)
camaraderie is offline  
Quote Quick Reply Share with Facebook
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Making Passage w/o a Rudder wind_magic Seamanship & Navigation 60 07-16-2010 01:23 PM
The Search for the First Boat - long learning curves pmoyer Boat Review and Purchase Forum 45 12-20-2008 01:28 AM
Naming and Renaming Your Boat Sue & Larry Cruising Articles 0 12-15-2003 07:00 PM
Rust Never Sleeps John Kretschmer Buying a Boat Articles 0 02-27-2003 07:00 PM
Performing in Light Air Brian Hancock Learning to Sail Articles 0 01-15-2003 07:00 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome