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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum > Financing
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Thread: Financing Reply to Thread
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Topic Review (Newest First)
05-07-2013 11:21 AM
ACKward
Re: Financing

Congrats -- on both the vessel and on joining the long line of satisfied USAA boat financing customers. They were terrific when I bought mine 3 years ago; pretty much the definition of no hassle financing. And while they wouldn't refi me this year without a fresh survey (NADA guide value was bizarrely low for my boat and, unfortuantely, it's the only secondary source they allow), they were able to able to knock my rate down by 3/4 over the phone. Unquestionably the best.
04-28-2013 10:30 AM
RobGallagher
Re: Financing

Quote:
Originally Posted by PrebleBoy View Post
Here is Liberty, formerly Marage before we set off for Newport, RI last weekend. Sorry to take her from you Veracity, but she has the best lines I've ever seen in fiberglass so I could not let her go. There are some nice Bristol 40s for sale in Mattapoisette, MA on Yachtworld.

Unfortunately her engine, which started fine for the sea trials, did not start so we made the dinghy up to power. My father, uncle and I worked together to pull her in at the Navy marina in Newport beautifully.

We averaged 8.5kts on the 103nm sail, broad reaching most of the way! At one point we hit 10kts if you can believe it! I've never sailed that fast on a CCA boat.

Now to fix/replace the starter motor on this unknown Westerbeke 53hp.
That is one fine looking vessel. More pics!
04-28-2013 08:39 AM
Veracity
Re: Financing

She is certainly lovely, Prebleboy. I was actually interested in something a bit roomier but I don't think I'd be able to resist her. I looked at the listing and thought I'd be happy just sitting and eyeing her on her mooring. Stunning. Anyway contracted yesterday for a Niagara 42 - more of a truck to your new jaguar but I think she'll work out for the kind of cruising we do. Maybe catch up with you in Newport or Block I or Nantucket or .... this season.
04-27-2013 10:25 AM
PrebleBoy
Re: Financing

Here is Liberty, formerly Marage before we set off for Newport, RI last weekend. Sorry to take her from you Veracity, but she has the best lines I've ever seen in fiberglass so I could not let her go. There are some nice Bristol 40s for sale in Mattapoisette, MA on Yachtworld.

Unfortunately her engine, which started fine for the sea trials, did not start so we made the dinghy up to power. My father, uncle and I worked together to pull her in at the Navy marina in Newport beautifully.

We averaged 8.5kts on the 103nm sail, broad reaching most of the way! At one point we hit 10kts if you can believe it! I've never sailed that fast on a CCA boat.

Now to fix/replace the starter motor on this unknown Westerbeke 53hp.
04-18-2013 04:38 PM
Reefpoints
Re: Financing

I'm another happy USAA customer.
04-04-2013 07:36 PM
Veracity
Re: Financing

RRRR... I'm in the market having lost my Tartan 37C to Sandy and set my eye on Marage, sent and email to SS and was hoping to have a look this weekend! Absolutely beautiful. Good luck with her!
03-31-2013 10:46 PM
benesailor
Re: Financing

Congrats prebleboy, That's a stunning boat! Need more pics

I used USAA as well. It took 2 minutes to approve and they could care less if you lived aboard. I had other banks say no way. It was almost scary!
You didn't happen to check pentagon federal did you?
03-31-2013 10:38 PM
PrebleBoy
Re: Financing

Further Update: First Bristol 40 did not pan out so I continued to look until I found a beautiful Sailmaster 45 designed by Sparkman and Stephens. We came to a price and survey looks good. We will sign this week.
01-30-2013 11:34 AM
jobberone
Re: Financing

Quote:
Originally Posted by Minnewaska View Post
Where do you plan to keep the boat?

If you are a US citizen, its going to be harder to flag it in another country, unless you set up a trust and pay attorneys for the rest of your life.

The charter companies commonly sell their inventory, but I would highly caution a new sailor from doing that. Those boats take a beating and you will pay for that in maintenance. If you're experienced, you can find a good deal.... maybe. They might, on the other hand, tip you off on where you can obtain financing down there.

Your problem is going to be insurance, even if you can find the financing. Insurance companies are not keen on taking the risk of a new sailor on a large boat. If you break it, smack into a dock, hit someone else, don't tie it to the dock properly, etc, they have to pay. They want to see that you've passed formal accredited training, have experience and no claims. While you can own a boat without insurance, you can't finance one without it.

If this is something you really think you want to do, I would spend the time and money to take a liveaboard or bareboat cruising course with your wife, instead of the captained charter. It is full time, so you won't be able to fish or scuba, but you would get a little snorkeling in. You usually have class at breakfast aboard, then have practical lessons all day and a written test at night. It isn't hard, but its intense and everyone I've known that has done it has become a reasonably good fair weather sailor in a week. Better, you will have an accredited certificate and know what you are doing.

If you can slurge, do the course over week one and then bareboat charter with just the two of you for week two. Other than the cost, the only downside I can see is that the two of you decide you don't like it. However, that would be the case with your captained charter as well.
Oh I agree completely. We will do this with a captain to get her feet wet on the open water. I've routinely fished 50-80 miles offshore but only power so I need to learn to sail and continue to learn the sea. If she thinks she like the sea then we'll take courses together.

I'm still in the acquiring knowledge about buying a boat but before I do I'll learn to be a newbie day sailor before purchasing it and certainly before captaining it anywhere particularly around docks and the public.

I'm looking to keep the boat at anchor in the Caribbean and SE US.
01-30-2013 06:48 AM
Minnewaska
Re: Financing

Where do you plan to keep the boat?

If you are a US citizen, its going to be harder to flag it in another country, unless you set up a trust and pay attorneys for the rest of your life.

The charter companies commonly sell their inventory, but I would highly caution a new sailor from doing that. Those boats take a beating and you will pay for that in maintenance. If you're experienced, you can find a good deal.... maybe. They might, on the other hand, tip you off on where you can obtain financing down there.

Your problem is going to be insurance, even if you can find the financing. Insurance companies are not keen on taking the risk of a new sailor on a large boat. If you break it, smack into a dock, hit someone else, don't tie it to the dock properly, etc, they have to pay. They want to see that you've passed formal accredited training, have experience and no claims. While you can own a boat without insurance, you can't finance one without it.

If this is something you really think you want to do, I would spend the time and money to take a liveaboard or bareboat cruising course with your wife, instead of the captained charter. It is full time, so you won't be able to fish or scuba, but you would get a little snorkeling in. You usually have class at breakfast aboard, then have practical lessons all day and a written test at night. It isn't hard, but its intense and everyone I've known that has done it has become a reasonably good fair weather sailor in a week. Better, you will have an accredited certificate and know what you are doing.

If you can slurge, do the course over week one and then bareboat charter with just the two of you for week two. Other than the cost, the only downside I can see is that the two of you decide you don't like it. However, that would be the case with your captained charter as well.
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