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PrebleBoy 12-27-2012 02:57 PM

Financing
 
Has anyone had success financing while living aboard?

I am in the market for an Alberg 37 (or something very similar) to live aboard while I am stationed in Rhode Island for 6 months. The problem is that the only places with reasonable rates won't finance those who live aboard.

Perhaps I should give the truth a little bit of a fisherman's reef, since I will only be living aboard for 6 months of the loan.

Any suggestions would be very helpful.

azguy 12-27-2012 03:53 PM

Re: Financing
 
Interesting, did they say why..?

The two things I thought of was additional 'wear and tear" from 24/7 usage and the fact that it may be much harder to 'repo" if it's a legal palce of residence rather than a plain old boat.

PrebleBoy 12-27-2012 05:28 PM

Re: Financing
 
They didn't say. But I just got approved for a loan with USAA for the amount I wanted and at a reasonable rate. It wasn't the lowest, but I told them I only wanted to live aboard for six months at dock, not cruising, and they said that it was inconsequential.

So, now I have a slip at the Navy Marina in Newport, RI and a loan! All I need is a boat!!!

I'm looking for an Alberg 37, Bristol 40 or a Block Island 40.

mdi 12-28-2012 06:05 AM

Re: Financing
 
Quote:

Originally Posted by PrebleBoy (Post 967674)
USAA for the amount I wanted and at a reasonable rate.

USAA will make loans others will not, at reasonable rates because of who they offer service too. It is how I got my boat. :)

Heinous 12-30-2012 01:57 AM

Re: Financing
 
I used USAA as well.

tmiller1116 12-30-2012 01:00 PM

Re: Financing
 
we used Essex for our financing since we only needed a bit... most of the boat financiers want you take out a minimum $25k and Essex only wanted us to take out a minimum of $15k They are affiliated with Bank of the West on the Pacific side of the country :)

And yes, we live aboard and they knew it.

PrebleBoy 01-11-2013 05:45 PM

Re: Financing
 
Update: My offer on a Bristol 40 was just accepted this morning!

mdi 01-11-2013 05:50 PM

Re: Financing
 
CONGRATS!!!!!!!!!! I know that is a nice feeling, ride the joy :)

It's just like sailing;)

Silvio 01-11-2013 07:39 PM

Re: Financing
 
congratulations!!

swellbound 01-11-2013 09:00 PM

Re: Financing
 
It's pretty much impossible to obtain financing on a boat beyond 25 years old. With regards to financing a live aboard situation, the lender sees its collateral floating away to the South Pacific. Just buy what you can afford for cash and have fun; you'll feel much better!;)


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