Financing - SailNet Community
 7Likes
Reply
 
LinkBack Thread Tools
post #1 of 28 Old 12-27-2012 Thread Starter
Lieutenant, USN
 
PrebleBoy's Avatar
 
Join Date: Dec 2012
Location: Newport, RI
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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.
PrebleBoy is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #2 of 28 Old 12-27-2012
Senior Member
 
azguy's Avatar
 
Join Date: Jul 2012
Location: Scottsdale
Posts: 564
Thanks: 0
Thanked 15 Times in 15 Posts
Rep Power: 3
 
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.
azguy is offline  
Quote Quick Reply Share with Facebook
post #3 of 28 Old 12-27-2012 Thread Starter
Lieutenant, USN
 
PrebleBoy's Avatar
 
Join Date: Dec 2012
Location: Newport, RI
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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.
kd3pc and wingNwing like this.

Respectfully,
LT PrebleBoy, USN
PrebleBoy is offline  
Quote Quick Reply Share with Facebook
post #4 of 28 Old 12-28-2012
mdi
Multiman
 
mdi's Avatar
 
Join Date: Jan 2009
Posts: 89
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 7
 
Re: Financing

Quote:
Originally Posted by PrebleBoy View Post
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.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.




To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
mdi is offline  
Quote Quick Reply Share with Facebook
post #5 of 28 Old 12-30-2012
Custom User Title
 
Heinous's Avatar
 
Join Date: Mar 2009
Posts: 107
Thanks: 1
Thanked 0 Times in 0 Posts
Rep Power: 7
 
Re: Financing

I used USAA as well.

be excellent to each other
Beneteau First 42
Heinous is offline  
Quote Quick Reply Share with Facebook
post #6 of 28 Old 12-30-2012
Junior Member
 
Join Date: Sep 2012
Posts: 10
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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.
tmiller1116 is offline  
Quote Quick Reply Share with Facebook
post #7 of 28 Old 01-11-2013 Thread Starter
Lieutenant, USN
 
PrebleBoy's Avatar
 
Join Date: Dec 2012
Location: Newport, RI
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
Re: Financing

Update: My offer on a Bristol 40 was just accepted this morning!
Silvio likes this.

Respectfully,
LT PrebleBoy, USN
PrebleBoy is offline  
Quote Quick Reply Share with Facebook
post #8 of 28 Old 01-11-2013
mdi
Multiman
 
mdi's Avatar
 
Join Date: Jan 2009
Posts: 89
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 7
 
Re: Financing

CONGRATS!!!!!!!!!! I know that is a nice feeling, ride the joy

It's just like sailing


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.




To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
mdi is offline  
Quote Quick Reply Share with Facebook
post #9 of 28 Old 01-11-2013
Battered and Bruised
 
Silvio's Avatar
 
Join Date: Nov 2010
Posts: 490
Thanks: 0
Thanked 7 Times in 4 Posts
Rep Power: 5
 
Re: Financing

congratulations!!

SV S.S.R.I
It's my happy pill
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Silvio is offline  
Quote Quick Reply Share with Facebook
post #10 of 28 Old 01-11-2013
Junior Member
 
swellbound's Avatar
 
Join Date: Aug 2010
Location: Newport Beach, CA
Posts: 19
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
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!
kd3pc and jameswilson29 like this.

You can't control the wind, but you can adjust the sails.
swellbound is offline  
Quote Quick Reply Share with Facebook
Reply

Tags
alberg , financial plan , financing , loan , money

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Financing A Catamaran DSK6789 General Discussion (sailing related) 10 04-02-2010 10:16 PM
financing a boat marc2don Boat Review and Purchase Forum 20 06-17-2009 09:01 AM
Owner Financing mtschindler Boat Review and Purchase Forum 2 02-22-2009 08:12 PM
Financing erdagte Boat Review and Purchase Forum 7 12-19-2004 02:19 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome