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post #1 of 14 Old 07-13-2011 Thread Starter
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Boat Loan

Does anyone have any info on getting a boat loan? I have bought houses before but never boats. I want to buy my first used sailboat within the next six months. Not sure where to start. Is there a 'Wells Fargo' for used boat loans?

Chesapeake Bay area

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post #2 of 14 Old 07-13-2011
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Your lending source would depend on the price range age and size

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post #3 of 14 Old 07-13-2011
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New or used boat? How old if used?

the usual suspects: Scott, Essex, Offshore Financial and Boat US just to name a few. Must of the time the broker and/or dealer can recommend someone they work with... my 2 cents. just google boat loans.
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post #4 of 14 Old 07-13-2011
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if you have a good relationship with a local bank, many in the bay area are better deals than the commercial folks,

IF you have 20% downpayment, good FICO and means to pay back. EVB and Chesapeake Banks both have in house boat loan folks who are very good to work with and are very knowledgeable, similarly M&T in the Balt area.
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post #5 of 14 Old 07-13-2011
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What about VA do they have boat loans?
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post #6 of 14 Old 07-13-2011
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Quote:
Originally Posted by Advocate777 View Post
........Is there a 'Wells Fargo' for used boat loans?
You are looking for a corrupt, nearly bankrupt big bank? Find a local bank that is specifically in maritime finance in your area.


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post #7 of 14 Old 07-13-2011
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If you are looking for your first sailboat there are plenty on the market at distressed market prices. A couple thousand can get you on the water, 5 or 6 thousand will get you there in style and give you an opportunity to learn about hulls, rigging, sail, etc as you bring the boat back to life.
Sailing is less stressful when you know the hull beneath your feet is paid for.
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post #8 of 14 Old 07-13-2011
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Last year I got a loan from SunTrust Bank. I financed over 50% of the value at 6% over 15 years. These were much better terms than I could find anywhere else. They were easy to work with and very helpful.

Your rates and terms will vary based on value and equity of course.

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post #9 of 14 Old 07-14-2011
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Ironically, its harder to get a very small boat loan than a large one. If they are too small, the bank does not make enough to justify all the work involved.

Also, keep in mind that a boat can be considered a second home for interest tax deduction purposes, if it has a permanent built in head, galley and sleeping quarters. This, however, requires a lien on the boat itself to qualify. Some banks may suggest other types of loan products, particularly if the amount is too small to justify all the maritime work.


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post #10 of 14 Old 07-14-2011
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Quote:
Originally Posted by Minnewaska View Post
Ironically, its harder to get a very small boat loan than a large one. If they are too small, the bank does not make enough to justify all the work involved.
Yeah, I ended up just doing a personal loan with a credit union because my boat didn't cost all that much. Rates ended up being lower than what I've been paying on my car and I own the title on the boat.
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