Sailboat financing in Hampton Roads, VA

Jorge_Cast · #1 (**permalink**) 08-09-2011

I live in the Hampton Roads area and am looking to finance a new boat. Would it be best to go through a bank, a boat dealer, etc. I have pretty good credit and my debt to income ratio is pretty low. The boat would be a liveaboard. I want to get prequalified so I know what price range in which to look. Any tips or suggestions? Thanks

treilley · #2 (**permalink**) 08-09-2011

I think Boat US provides financing for new boats. They may be your best bet in this economy.

Remember that you can deduct interest as this is a primary or secondary home as long as it has a place to sleep, prepare food and poop.

treilley · #3 (**permalink**) 08-09-2011

I think Boat US provides financing for new boats. They may be your best bet in this economy.

Remember that you can deduct interest as this is a primary or secondary home as long as it has a place to sleep, prepare food and poop.

Minnewaska · #4 (**permalink**) 08-09-2011

A local marine lender is always your best first choice. You can try a national online type application, but they are by the book, and can have strange rules and ratios that frustrated even the best credit applicant. There must be a local marine newspaper or website or something, where you could find a local lender.

kd3pc · #5 (**permalink**) 08-09-2011

EVB Bank has a great boat loan department, 804-776-0777 ask for Pam

sailpower · #6 (**permalink**) 08-09-2011

A lot of marine lenders will not loan on a liveaboard. Make sure you check that when you are speaking to them as some of the fine print says that they can call the loan.

chuck53 · #7 (**permalink**) 08-10-2011

Google Chesapeake Bank. They have branches in the tidewater area and are a very boat friendly bank regarding loans, but as mentioned above, may have conditions regarding live aboards.

Jorge_Cast · #8 (**permalink**) 08-12-2011

Regarding the live aboard contingency:

So would it be best to state up front that my intent is to live aboard or omit that fact? I would like to mention it as a live aboard because deducting my monthly rent could result in a higher loan amount as my debt to income ratio would be much lower. Thanks for all the responses thus far!

sailpower · #9 (**permalink**) 08-12-2011

You don’t have to have a designated liveaboard loan in order to take the deduction.

You should find a lender that does liveaboard and submit to them. No point wasting your time with a lender that doesn’t do these loans.

Lenders also have different tiers of rates and requirements depending on the amount of the loan and the age of the boat.

If you have the time it might be a good idea to go to a boat show and visit all the finance booths.

Minnewaska · #10 (**permalink**) 08-13-2011

Your debt to income ratio will not be adjusted for interest deductibility, so that won't matter. Getting the deduction will not allow you to borrow more, it will only leave you more to spend, which is the point.