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post #11 of 16 Old 08-13-2011
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Jorge_cast,
Just so you know, yes, interest on a live aboard boat is deductible on your taxes. However, the amount of interest you will be paying on a $25,000 boat may not be enough to be of any help to you unless you have a lot of other tax deductions.
When it comes to tax time, even with the boat interest deduction, you may be better off taking the standard deduction instead of itemizing.
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post #12 of 16 Old 08-13-2011
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SunTrust Bank

I financed my boat through SunTrust Bank in Texas. Check the page out and clink on the rates and terms link. See if you qualify. They have very competitive rates for boat loans and will even handle the USCG Documentation Process for you.

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post #13 of 16 Old 08-14-2011
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I financed my boat through SunTrust Bank in Texas. Check the page out and clink on the rates and terms link. See if you qualify. They have very competitive rates for boat loans and will even handle the USCG Documentation Process for you.
If you go the CG documentation route, do it yourself for $95. Most service companies that do that, charge $400-500 to handle it for you.
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post #14 of 16 Old 03-06-2012
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Re: Sailboat financing in Hampton Roads, VA

Just finished getting "pre-approved" with my bank for $99.999 at 5.49% on a 15yr loan. Can anyone share if this is a good rate? I've been with this landlocked bank for 25+ yrs so getting the approval was about a phone call and 10 minutes.

Should I shop around?

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post #15 of 16 Old 03-06-2012
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Re: Sailboat financing in Hampton Roads, VA

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Originally Posted by F15EWSO View Post
Just finished getting "pre-approved" with my bank for $99.999 at 5.49% on a 15yr loan. Can anyone share if this is a good rate? I've been with this landlocked bank for 25+ yrs so getting the approval was about a phone call and 10 minutes.

Should I shop around?
I assume they are filing a lien on the boat, which you should likely want for tax deductibility, then it's a pretty good rate.


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post #16 of 16 Old 03-06-2012
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Re: Sailboat financing in Hampton Roads, VA

Ditto SunTrust, they seem to know what they are doing in terms of yacht loans.

You might also pick up a Spinsheet and check the advertisements for local lenders.

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