Join Date: Sep 2010
Location: North Texas
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Re: The Live aboard dream right out of college?
Originally Posted by DRFerron
Others more experienced with boat loans (we don't have one) can chime up but it's my understanding that you'll be hard-pressed to find a bank to give you a boat loan for that small an amount and almost definitely not for an older boat. Other options people have suggested for those in your situation are lines of credit, but you need to own a home, I believe, for that.
He may be in a situation where it's better to get a boat that needs some work that he can pay cash for. It'd be more expensive in the long run, but it'd get done.
It's a buyer's market. If he's patient and uses good resources (auctions and things), he could get a boat with good bones for cheap. As he lives on it, eating bologna and cheese, he can do upgrades and repairs until she's ready and shove off.
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Last edited by Sublime; 04-07-2012 at 02:02 PM.