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Old 03-30-2010
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Financing A Catamaran

Hello, I am looking to buy a houseboat(used/100k). Banks
want 20% down,which is ok, but also want the rest for you to
either have in your bank account or in things that you own.
Who has that much money/ items worth that much money? Is
there another option? I have 2 cars in my name, one is payed
off the other is not. Other than that I have nothing worth
anything. Help.
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Old 03-30-2010
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do you own a house, just so you know a boat with a fixed head and kitchen can qualify as a first or second home.

you might be better looking at new boats for the financing end, although the prices go up when new as you know. a gemini 105mc will run around 160 new, and they could easily be a live aboard.
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I do not own a home, as this will be my first. How does this help me?
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a boat loan without using the boat as collateral is a personal loan with higher interest rates. get the loan as a home loan using the boat as collateral and the home, lower rates and normally easier qualifying
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I see, thank you. Do you know anything about online specific boat loaners. My local banks look down upon the boat even as a house loan.
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Old 04-01-2010
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You would need to go with a marine finance company that is willing to take your loan on with the boat as collateral. This is generally referred to as a marine mortgage, and the interest on the loan is often deductible, provided the boat has the necessary facilities to qualify as a home—fixed galley and head systems—no porta-potties or camping stoves.

However, most companies will only do a marine mortgage on larger purchases, so it depends on what boat you're looking at.
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Old 04-02-2010
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Well I am hoping to find a used Gemini Under 100k. So I would think that will qualify. Anything else that can help me? Should it be insurance ready? What will help qualify me besides money down and good credit?
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Old 04-02-2010
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Lenders want you to have assets exceeding your debt - that is a common prerequisite as well as a reasonable debt to income ratio and insurance for the full value of the loan. You might be putting the cart before the horse in boat shopping first.
I assume you already know that financing a depreciating asset is the worst financial decision possible.
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Yeah I really am trying to find a good lender. Preferably 10% down, no higher than 7%. This will be my first "home". Planning on taking the loan out for more than the boats value to add solar and wind. I see a loan application on yachtworld, although I am not sure on there specifications on loans from them.
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Old 04-02-2010
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DSK

good luck on finding those terms, and someone willing to lend more than the value for added items.....

IN this market, expect 20% down, good FICO, means to pay back the loan, and some degree of net worth.

It matters not to them that you will live in it, that may actually be a negative to many lenders.

Then there is the insurance issue of live aboard...you may want to get a firm commitment and binder, not a quote...
all the best
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