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Old 09-02-2015, 11:43   #1
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Marine Loans for Owned Vessels

Does anybody know of a lender that will finance a vessel that I own outright? All the banks I have contacted will only finance a boat with an existing lean.
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Old 09-02-2015, 12:08   #2
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Re: Marine Loans for Owned Vessels

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Originally Posted by FightinGravity View Post
Does anybody know of a lender that will finance a vessel that I own outright? All the banks I have contacted will only finance a boat with an existing lean.
How can one own outright something by taking someone else's money to buy it? Where is the protection for the lender? Now you might put up your house and get a line of credit, or a second mortgage. That might work for you.

With that said, one should never go into debt or borrow money to purchase a boat. Cause you will need all that money just to keep the boat in good condition, pay the insurance, and all the little $$ that comes with ownership of a big flotation device.
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Old 10-02-2015, 14:15   #3
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Re: Marine Loans for Owned Vessels

Are you looking for a loan with the boat as collateral? Or are you trying to sell your boat and help the purchaser with financing?


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Old 10-02-2015, 14:29   #4
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Re: Marine Loans for Owned Vessels

Have you tried the normal boat financing people?

BTW - your bank sounds like idiots
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Old 10-02-2015, 14:37   #5
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Re: Marine Loans for Owned Vessels

If your boat is federally documented, any bank can issue a "preferred ships mortgage" against it. Interested rates are also usually about 1% cheaper than a normal home loan.

You may need other things (survey, etc) to get the loan issued.

At least you now know what to ask for.
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