Quote:
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.
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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.