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Old 04-04-2012
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A bit of a pickle...financing a small amount for a larger boat?

I have to say, I've come a long way since my first post almost three years ago. The dream is still alive, yet I'm still on dry land. I seem to have run into a dilemma on financing.

I am looking at 32-34ft Catalina's in the 30K-60K range. With 20K already available, I want to finance the rest and get in sooner rather than later. The problem I'm finding is that lenders don't like such small loans and they don't want boats older than 15yrs old (1998).

Has anyone financed a small portion of their boat? Any suggested lenders or tricks? I'm looking in the Maryland area.

Thanks everyone! Help me get off land and into the water!

Last edited by gigamanx; 04-04-2012 at 04:20 PM.
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Old 04-04-2012
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Re: A bit of a pickle...financing a small amount for a larger boat?

If the boat is documented you could look into a Ship's Preferred Mortgage instead of a traditional loan.

Preferred Ship Mortgage - Advantages of Boat Documentation
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Old 04-04-2012
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Re: A bit of a pickle...financing a small amount for a larger boat?

Sad thing is w/ 20k down, you could get a loan on a new boat in a NY minute.
I'd try the bank your money is currently at or look into a credit union.
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Old 04-04-2012
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Re: A bit of a pickle...financing a small amount for a larger boat?

@misfits....I KNOW!! And that's what kills me. I can go get a $100K loan for a boat that is beyond my means, but can't get a 20K loan as a conservative spender looking for a boat that I can enjoy without being boat poor.
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Old 04-04-2012
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Re: A bit of a pickle...financing a small amount for a larger boat?

Personal line of credit? or transfer debt to your realestate holdings and "buy" boat outright?
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Re: A bit of a pickle...financing a small amount for a larger boat?

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Originally Posted by Faster View Post
Personal line of credit? or transfer debt to your realestate holdings and "buy" boat outright?
So wait two years and that 60k boat will be selling for 20k. Of course if you keep your 20k in the bank, in two years it wil be worth 15k
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Old 04-04-2012
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Re: A bit of a pickle...financing a small amount for a larger boat?

Giga, find a loan with no prepayment penalty. Then put down the minimum they want and buy the boat. Now you make a whopping prepayment against the principal, and you're pretty much back where you wanted to be.

Of course at the right price, you might even find the seller willing to finance you.
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