Join Date: Feb 2010
Location: Narragansett Bay
Thanked 239 Times in 224 Posts
Rep Power: 7
The interest on home equity loans is typically tax deductible. The interest on a boat loan can be deductible if the boat qualifies as a second home (and you don't already have two homes). I think that requires a bed, head and galley, all installed permanently. A cooler, camp stove and port potty don't count.
If you use the home equity loan, just be sure you perform all the due diligence that a marine lender would if they were lending you the money: title searches, proper filing of new title/registration, notorized bill of sale, insurance, survey, escrow to hold deposit, etc.
Where are you and/or the boat located? There may be some recommendations on who to use. Maritime lending is a specialty. Unfortunately, I think small loan amounts are hard to get. Too much work for the lender to make money on it.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
In the harsh marine environment, something is always in need of repair. Margaritas fix everything.