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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum > Sailboat financing in Hampton Roads, VA
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Thread: Sailboat financing in Hampton Roads, VA Reply to Thread
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Topic Review (Newest First)
03-06-2012 09:18 PM
PalmettoSailor
Re: Sailboat financing in Hampton Roads, VA

Ditto SunTrust, they seem to know what they are doing in terms of yacht loans.

You might also pick up a Spinsheet and check the advertisements for local lenders.
03-06-2012 08:47 PM
Minnewaska
Re: Sailboat financing in Hampton Roads, VA

Quote:
Originally Posted by F15EWSO View Post
Just finished getting "pre-approved" with my bank for $99.999 at 5.49% on a 15yr loan. Can anyone share if this is a good rate? I've been with this landlocked bank for 25+ yrs so getting the approval was about a phone call and 10 minutes.

Should I shop around?
I assume they are filing a lien on the boat, which you should likely want for tax deductibility, then it's a pretty good rate.
03-06-2012 06:24 PM
F15EWSO
Re: Sailboat financing in Hampton Roads, VA

Just finished getting "pre-approved" with my bank for $99.999 at 5.49% on a 15yr loan. Can anyone share if this is a good rate? I've been with this landlocked bank for 25+ yrs so getting the approval was about a phone call and 10 minutes.

Should I shop around?
08-14-2011 11:50 AM
chuck53
Quote:
Originally Posted by dhays View Post
I financed my boat through SunTrust Bank in Texas. Check the page out and clink on the rates and terms link. See if you qualify. They have very competitive rates for boat loans and will even handle the USCG Documentation Process for you.
If you go the CG documentation route, do it yourself for $95. Most service companies that do that, charge $400-500 to handle it for you.
08-13-2011 11:38 AM
dhays
SunTrust Bank

I financed my boat through SunTrust Bank in Texas. Check the page out and clink on the rates and terms link. See if you qualify. They have very competitive rates for boat loans and will even handle the USCG Documentation Process for you.
08-13-2011 08:08 AM
chuck53 Jorge_cast,
Just so you know, yes, interest on a live aboard boat is deductible on your taxes. However, the amount of interest you will be paying on a $25,000 boat may not be enough to be of any help to you unless you have a lot of other tax deductions.
When it comes to tax time, even with the boat interest deduction, you may be better off taking the standard deduction instead of itemizing.
08-13-2011 12:06 AM
Minnewaska Your debt to income ratio will not be adjusted for interest deductibility, so that won't matter. Getting the deduction will not allow you to borrow more, it will only leave you more to spend, which is the point.
08-12-2011 04:02 PM
sailpower You don’t have to have a designated liveaboard loan in order to take the deduction.

You should find a lender that does liveaboard and submit to them. No point wasting your time with a lender that doesn’t do these loans.

Lenders also have different tiers of rates and requirements depending on the amount of the loan and the age of the boat.

If you have the time it might be a good idea to go to a boat show and visit all the finance booths.
08-12-2011 03:44 PM
Jorge_Cast Regarding the live aboard contingency:

So would it be best to state up front that my intent is to live aboard or omit that fact? I would like to mention it as a live aboard because deducting my monthly rent could result in a higher loan amount as my debt to income ratio would be much lower. Thanks for all the responses thus far!
08-10-2011 05:38 PM
chuck53 Google Chesapeake Bank. They have branches in the tidewater area and are a very boat friendly bank regarding loans, but as mentioned above, may have conditions regarding live aboards.
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