Boat loans? - Page 2

sailingdog · #11 (**permalink**) 08-09-2007

It could be because of their personal experience and a having a bad credit rating.

Quote:

Originally Posted by ImASonOfaSailor

This sounds easy then, I dont know why this person said it was hard to get a loan then, they said they go back on you 5 years and its like a luxury loan! The banks do not like giving them out to anyone? It all sound wrong, I know these people have money. I think people dont want you to have something better then others and they just tell you things? I hate that I usually talk about the future with my friends, I dont think they think I am serious here! I have may 2 1/2 years left to wait and I am going to get my Trimaran!

camaraderie · #12 (**permalink**) 08-09-2007

Engcon...
Of course we had a credit score above 800 and that helped.

So you're the ones breaking the curve!! (G)

Bardo · #13 (**permalink**) 08-09-2007

Is it true that the interest on a marine mortgage is deductible like a terrestial version? Broker told me, so I assume he lies.....but that might make a loan more palatible.

camaraderie · #14 (**permalink**) 08-09-2007

Bardo....yep...as long as the boat has head and galley and sleeping quarters and is used for sleeping at least a couple of weeks a year total.

sailingdog · #15 (**permalink**) 08-09-2007

Quote:

Originally Posted by camaraderie

Bardo....yep...as long as the boat has head and galley and sleeping quarters and is used for sleeping at least a couple of weeks a year total.

A caveat... IIRC, the head has to have a permanently installed marine toilet, porta-potties don't cut it... the galley has to have a permanently installed stove, camping stoves don't cut it.

Bardo · #16 (**permalink**) 08-09-2007

I shouldn't even be thinking about a loan. My plan has been to pay cash. but the difference between affording a 1980ish 33 footer and a a 1985 35 footer (with upgrades) that will take me further into the future seems worth considering.

JimsCAL · #17 (**permalink**) 03-31-2012

First post and its to reply to a 5 year old thread???

DesertPirate · #18 (**permalink**) 04-01-2012

If you own your own home, it might be cheaper to take out an equity line of credit for loans up to 25K or so. If you are refinancing your home in order to take advantage of today's low mortgage rates and you have a lot of equity in your home, you could add in the money you want for your boat you would end up paying a lower interest rate and be able to write off the boat's finance charges.

bratzcpa · #19 (**permalink**) 04-02-2012

I read through this thread with some interest. A couple of thoughts to add to it (from the tax angle):

- many times the boat (with eating/sleeping/sanitation facilities) can be used as a second residence to enable deducting the "interest" on your income taxes. Keep in mind that you're limited to one principle residence, and ONE secondary residence too. So . . . if you've got a couple of boats, be careful!!! Same applies to motor homes,campers, beach houses, etc.

- I concur with using your principle residence equity (if any equity left after the decline) as a first choice. lots easier to get, and easier to deduct interest too. Congress keeps talking about taking away the interest deduction for second homes - - - they seem to think that's a tax break just for the wealthy. LOL

~markb