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Old 25-08-2016, 05:04   #16
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Re: Financing a boat as an Expat/non resident in the US?

I didn't know that was an option, I can surely try
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Old 25-08-2016, 07:28   #17
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Re: Financing a boat as an Expat/non resident in the US?

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Look for a boat that will owner finance
I've done that twice... You'll need to convince someone but it's a buyers market
That's a good idea. If you're working for a "big" name company, an owner will have some confidence.
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Old 25-08-2016, 08:48   #18
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Re: Financing a boat as an Expat/non resident in the US?

I am one of these expats who moved to the US and bought a house right away.
Because you have no credit history banks will do an "international credit inquiry" in your home country instead.
The way this worked for me was that I had a conference call with my bank and we called three different companies in my home country and asked them for how long I had an account with them and whether I always payed my bills on time. In my case that was a cable company, utility company and health insurance company.
The bank charged me an extra fee for this international credit check (can't remember how much) but it satisfied their requirements of a 3-5 year credit history.
Thus, yes, it is very doable.
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Old 25-08-2016, 09:37   #19
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Re: Financing a boat as an Expat/non resident in the US?

Dirk get's it right.

The question not asked yet is "where are you coming from?"

What kind of visa are you entering on? Are you under contract with the employer or a regular employee. That your company is able to bring you in speaks to your unique talents.

As Dirk said if your credit at home is outstanding AND it is an English speaking world you should be able to find creditors to work with you.

Good luck and happy hunting.
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Old 25-08-2016, 09:45   #20
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Re: Financing a boat as an Expat/non resident in the US?

Thanks all for the answers!

PuttingDoctor:

I'm entering as an L-1B, I'm a regular employee not a contractor.

I'm relocating from Dublin, Ireland, where I lived for the last 2 years. Before that I spent 3 years in Copenhagen, Denmark, and before that I was in Italy, where I grew up. Italy would probably be the most problematic language wise.

And I imagine constantly moving around doesn't look good to creditors, but I guess I'll figure that out...

Again, thanks to all for the answers
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Old 25-08-2016, 09:55   #21
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Re: Financing a boat as an Expat/non resident in the US?

I am a US citizen and just bought a 40' steel hull boat, 1986 (custom Netherlands/Swiss design) in Martinique. Being much of our savings that could be used for the purchase (under $100K US) is in tax-differed accounts (at least 25% tax burden), we opted to finance a portion. Usual marine lenders in the US were not willing to consider (a) 30 year old boat, (b) steel hull, and (c) foreign location.

However, we encountered an online lender, Lightstream (owned by SunTrust Bank) that was unbelievably easy to work with for about 70% of our purchase (only because we had 30% in cash we could use, they likely would have done the whole amount). They lend for marine purchases, but actually do not want a lien on the boat. You need only use the funds for the stated purpose, and accept auto-debit for payments. We financed 6 years at 3.79% or thereabouts, within 24 hours of application we had a check. They had no requirements for a survey (though, we personally did and had one, i would not skimp on that for the amount involved) and did not have any requirement on insurance (which we do have, at about 2% of hull value annual premium, and also did require a survey).

The buyer of the boat I had in the US at the same time also ended up using Lightstream, to avoid requiring a survey and also because it was a 30 year old boat.

I can highly recommend Lightstream, so long as you have good credit (without security, they look pretty carefully).

If you are buying internationally and need international exchange or transfer, I can HIGHLY recommend also HIFX. I purchased in EUROs from US $ and found them modest cost (under 1% of amount purchased) and the best customer service (held my hand every step) I have ever experienced in any service. They are UK based, and I don't know about their licensing outside the US, but they are licensed I believe in all 50 states in the US. International transfer (to the point funds on deposit in the recipient account) was 4 business days or less from time they received US $ payment from me for Euros. My small bank quoted possibly 30 days (lots of US fraud and money-laundering checks) at likely 3-4% commissions.
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Old 25-08-2016, 10:12   #22
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Re: Financing a boat as an Expat/non resident in the US?

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Originally Posted by OceanoMare View Post
So, I'm about to move to the US (Seattle, WA), and I would love to buy a sailboat to use as a liveaboard (and sail it of course). I'm looking at a used 40 footer priced around 50.000$ USD, and I would like to finance the boat.

I feel like this is going to be challenging from many points of view (financing, insurance, find a slip) and I'm starting to look around now for the options I'll have.

So, has anybody here experience with getting a loan for a boat as an expat/non resident? My understanding is that I'll have no credit history and a very low credit score when I'll arrive there, so I'll get rejected everywhere.
Good luck! Not meaning to be crass but you have a snowballs chance in hell on financing. Oh, what if you are coming as the CEO of a major corp. no problem.

Secure a job, rent an apartment and establish credit.
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Old 25-08-2016, 10:20   #23
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Re: Financing a boat as an Expat/non resident in the US?

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Secure a job, rent an apartment and establish credit.
I didn't write that in the opening topic but obviously I do have a job, my company is moving me there, and I have a month to find an apartment to rent since the first month is covered by the company in the relocation offer
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Old 25-08-2016, 10:28   #24
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Re: Financing a boat as an Expat/non resident in the US?

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I didn't write that in the opening topic but obviously I do have a job, my company is moving me there, and I have a month to find an apartment to rent since the first month is covered by the company in the relocation offer
I don't believe just having a job will allow you to float any money. Best of luck.
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Old 25-08-2016, 10:37   #25
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Re: Financing a boat as an Expat/non resident in the US?

That's what I'm trying to figure out. Thanks
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Old 25-08-2016, 10:42   #26
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Re: Financing a boat as an Expat/non resident in the US?

How much can you afford right now without a loan? (You don't actually need to answer that to us!)

You may wish to consider a less expensive boat for your immediate needs. According to an earlier post of yours, you have one month to shop before the company stops paying for an apartment. Consider buying a boat with cash and then saving until you can afford the boat you really want or can get a loan.

Essentially you just need one that floats, is reasonably dry, and has a modicum of room for your essential things. With storage facilities, you can keep the rest of your things there until you get the bigger boat.

A 27 to 30 foot boat will be a LOT less than the 40' you were considering. Use it until you have saved what you need, then either sell her, strip her for parts and/or sell/scrap her.

Another option is to rent a room until you get settled, find a boat, get a loan, find an RV (sorry, I meant a caravan!), etc. No matter what route you choose, I wish you the best of luck.
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Old 25-08-2016, 10:43   #27
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Re: Financing a boat as an Expat/non resident in the US?

Best of luck. Get established then worry about a boat.
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Old 25-08-2016, 11:23   #28
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Re: Financing a boat as an Expat/non resident in the US?

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Originally Posted by ArmyDaveNY View Post
How much can you afford right now without a loan? (You don't actually need to answer that to us!)

You may wish to consider a less expensive boat for your immediate needs. According to an earlier post of yours, you have one month to shop before the company stops paying for an apartment. Consider buying a boat with cash and then saving until you can afford the boat you really want or can get a loan.

Essentially you just need one that floats, is reasonably dry, and has a modicum of room for your essential things. With storage facilities, you can keep the rest of your things there until you get the bigger boat.

A 27 to 30 foot boat will be a LOT less than the 40' you were considering. Use it until you have saved what you need, then either sell her, strip her for parts and/or sell/scrap her.

Another option is to rent a room until you get settled, find a boat, get a loan, find an RV (sorry, I meant a caravan!), etc. No matter what route you choose, I wish you the best of luck.
A smaller boat could be an option, I'm worried it won't sell that fast though, and I don't feel like stripping or scrapping a perfectly functioning lil boat that (by that time) has served me well...

Thanks for the suggestions
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Old 25-08-2016, 11:56   #29
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Re: Financing a boat as an Expat/non resident in the US?

"...I'm worried it won't sell that fast though..."
If it is cheap enough, it may not be an issue! Here in the northeast of the U.S., prices plummet in the late fall and late spring. If you can get one for just a few thousand, you can always leave it with someone and ask them to forward any money you get from a sale (sail?!) when it is time for you to move on.

If it is cheap enough, who really cares what happens to it. You can strip it for the fittings, leave it on a hook until it does sell, or even donate it to a club and take a tax deduction. You always have the option of draining any pollutants and creating an artificial reef!
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Old 25-08-2016, 13:25   #30
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Re: Financing a boat as an Expat/non resident in the US?

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Originally Posted by OceanoMare View Post
I didn't write that in the opening topic but obviously I do have a job, my company is moving me there, and I have a month to find an apartment to rent since the first month is covered by the company in the relocation offer
Only you know about your employment situation. One month sounds kind of meager on a relo rent package.
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