Buying a boat in the Caribbean

[formfirst]

I've been looking at possibly buying a boat either in Puerto Rico or in the Virgin Islands. I spend much of my time there and the last time I shipped a boat from Florida, it was one of the biggest pains/expenses ever (shipping/customs).

1. Does anyone have experience with buying at either location?
2. Is there any possilibity of financing the purchase, or is everything cash only?

[Rubikoop]

Originally Posted by formfirst

I've been looking at possibly buying a boat either in Puerto Rico or in the Virgin Islands. I spend much of my time there and the last time I shipped a boat from Florida, it was one of the biggest pains/expenses ever (shipping/customs).

1. Does anyone have experience with buying at either location?
   
2. Is there any possilibity of financing the purchase, or is everything cash only?
   

Welcome to the forum.

*I've bought a couple of boats in St Thomas.
*Anything is possible. Because of the obvious mobility of the asset, most sellers aren't interested in financing. What budget range are you looking at?


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[formfirst]

Thank you. I've been looking in the range of 90-115k for a diesel cruiser. Higher range because of the engines obviously. I figured buying in a US territory would at least allow for some type of financing to take place.

In St. Thomas, what was the process for you? Obviously, it seems cash buy, but did you Title the boat there?

[Jsta_Rebel]

Originally Posted by formfirst

Thank you. I've been looking in the range of 90-115k for a diesel cruiser. Higher range because of the engines obviously. I figured buying in a US territory would at least allow for some type of financing to take place.

In St. Thomas, what was the process for you? Obviously, it seems cash buy, but did you Title the boat there?

Process in St. Thomas is simple. Buy the boat, get a notarized bill of sale with the seller at Red Hook Mail service. Take that and current registration to DPNR upstairs at the airport, and register your new boat. You fill out the paperwork in one office, go to another to pay your taxes and registration if not current, but it should be considering that registration year is June. Then you'll be done. Very simple.

[Rubikoop]

Originally Posted by formfirst

Thank you. I've been looking in the range of 90-115k for a diesel cruiser. Higher range because of the engines obviously. I figured buying in a US territory would at least allow for some type of financing to take place.

In St. Thomas, what was the process for you? Obviously, it seems cash buy, but did you Title the boat there?

Rebel described the process exactly. I didn't finance either of my boats. My current boat is registered here and eventually I will get USCG documentation for it. It was documented by seller.


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[formfirst]

Thank you both for the advice here, all seems pretty straightforward. If I opted for buying the boat in the mainland U.S. and shipping to the USVI's, I assume that I would only be paying for shipping and no import taxes, would that be correct also?

[Jsta_Rebel]

Shipping how? Dock wise, or like on a container ship as in small boat?. Dock wise (big boat) no issues, small boat shipped here like a car, you have customs duties to pay.

[captainjay]

If you live stateside, must be resident of the 48, and meet their criteria Suntrust Lightstream loan might work for you. They don't place a lien on the boat and don't care where it is titled. Max 100K, very good credit and debt ratio.

https://www.lightstream.com/boat-financing