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  #1  
Old 10-28-2007
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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?
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Old 10-28-2007
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Have you considered a home equity loan?
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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!
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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.
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You could try contacting one of the larger marine financing companies, like Essex credit...
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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
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Giulietta is just really nice Giulietta is just really nice Giulietta is just really nice Giulietta is just really nice Giulietta is just really nice
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
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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!
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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.
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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)
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