Join Date: Feb 2010
Location: Narragansett Bay
Thanked 390 Times in 369 Posts
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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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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.