Originally Posted by FightinGravity
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
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.