my wife and i just recently bought a 1976 Formosa Ketch
, and financed through Key Bank (they have an entire division that specializes in marine financing
- so the terms aren't as bent in an unfair direction).
you could also try looking at various credit unions (BECU is a good example of one in the seattle
area - we talked to them quite a bit as well). my biggest advice - no matter what you do - find a bank/lender that has some experience in marine financing
; they will be more forgiving with the terms of the loan. and yes - 10% down (or much higher) was pretty standard when we were loan shopping
if you have a fairly big down payment, boatUS has very good rates... (BoatUS.com: BoatUS Home Page
we have state farm as our insurance
company for our cars - and when we bought the Formosa
, they insured that for us as well.
again, there's probably many other insurance
companies that have a marine division like state farm does. i'd ask your current
insurance provider what they cover.
with both - go around and get some quotes from a few, and then apply to your best shots.