boat loan - quick question...

jpcraw · 11-07-2007, 10:47

...hopefully a quick question.

I am thinking of buying a cheaper boat to make mistakes on and learn systems inside and out before buying "the boat" to go cruise on in a couple of years. If I move aboard this boat and get a PO Box, is this going to make it impossible to get a loan when it comes time to get "the boat"? Will not having a home address kill my application?

Thanks

**knottybuoyz** · 11-07-2007, 10:49

Where do you live?

jpcraw · 11-07-2007, 11:01

Los Angeles, CA

schoonerdog · 11-07-2007, 11:21

Boat lenders typically look at a couple things:

Age of the boat (over 10 years the number of lenders falls off, over 30 years and you're going to have a problem).

Do you have 20% down payment?

Is your net worth at least equal to the value of the boat (preferably twice as much)?

Will you have another boat payment (definite no go)?

How long have you worked at your present job?

What do you earn and what are your other debts?

What is your overall credit score?

If you have a good credit rating, a descent enough of an income to afford the monthly payments without having significant other debts, no other boat payment, can put a good portion of a down payment, and have a net worth far above the value of the boat, you'll be able to get a great rate (mine is 4.99 percent). Home ownership really isn't much of a factor per se (I've never owned one!).

**knottybuoyz** · 11-07-2007, 11:25

Schoonerdog pretty much sums it up plus finding a livaboard mooring in CA might be a challenge to consider as well.

S/V Elusive · 11-07-2007, 12:12

Actually, if he is in LA, the Wilmington / LA harbor has the best possibilities. San Pedro, Long Beach are a long wait. Huntington & Marina del Rey ... HAHAHAAA ..

jpcraw · 11-07-2007, 16:14

so, no home address won't be a factor?
Thanks for all the help.
As far as slips go, it is all in who you know...
The S Cal marina situation is a mess, especially Marina del Rey.
I hear that Wilmington is pretty dirty and occupied with deadbeats, but never actually been myself so I can't verify.

toewsrus · 17-07-2007, 20:43

I just went through the process. They required proof of a residence - I gave them an electric bill and they were happy with that.

rebel heart · 17-07-2007, 23:08

$0.02:

At our marina, we have the marina's (street) address. We just have stuff with our name on it put into our slot; it's been working well for years. There's really no reason that a marina can't do that for it's residents; it costs them 10 minutes of mail sorting every day. Considering that we're spending over 1k a month on our slip, I basically expect it.

11-07-2007, 10:47	#1
jpcraw Registered User Join Date: Jun 2007 Posts: 35	boat loan - quick question... ...hopefully a quick question. I am thinking of buying a cheaper boat to make mistakes on and learn systems inside and out before buying "the boat" to go cruise on in a couple of years. If I move aboard this boat and get a PO Box, is this going to make it impossible to get a loan when it comes time to get "the boat"? Will not having a home address kill my application? Thanks

11-07-2007, 10:49	#2
knottybuoyz Moderator Moderator Join Date: Nov 2005 Location: Canada Boat: Bateau.com TW28 Modified Posts: 2,338	Where do you live? __________________ Yours Aye! Rick ~^~^~^^~^~^~^~^~^~^~^~~^~^~~^~^~^^~~^~^ "If it breaks, make it stronger." If it's not broke, try harder!" Author unknown.

11-07-2007, 11:21	#4
schoonerdog Registered User Join Date: May 2004 Location: annapolis Boat: st francis 44 mk II catamaran Posts: 926	Boat lenders typically look at a couple things: Age of the boat (over 10 years the number of lenders falls off, over 30 years and you're going to have a problem). Do you have 20% down payment? Is your net worth at least equal to the value of the boat (preferably twice as much)? Will you have another boat payment (definite no go)? How long have you worked at your present job? What do you earn and what are your other debts? What is your overall credit score? If you have a good credit rating, a descent enough of an income to afford the monthly payments without having significant other debts, no other boat payment, can put a good portion of a down payment, and have a net worth far above the value of the boat, you'll be able to get a great rate (mine is 4.99 percent). Home ownership really isn't much of a factor per se (I've never owned one!). __________________ http://www.zachaboard.blogspot.com

11-07-2007, 11:25	#5
knottybuoyz Moderator Moderator Join Date: Nov 2005 Location: Canada Boat: Bateau.com TW28 Modified Posts: 2,338	Schoonerdog pretty much sums it up plus finding a livaboard mooring in CA might be a challenge to consider as well. __________________ Yours Aye! Rick ~^~^~^^~^~^~^~^~^~^~^~~^~^~~^~^~^^~~^~^ "If it breaks, make it stronger." If it's not broke, try harder!" Author unknown.

17-07-2007, 20:43	#8
toewsrus Registered User Join Date: Dec 2006 Location: New Hampshire Boat: Voyage Norseman 430 Posts: 45	I just went through the process. They required proof of a residence - I gave them an electric bill and they were happy with that. __________________ Mike Toews 'r Us The slight variations in spelling and grammar have been added in order to enhance this post's individual character and beauty and in no way are to be considered flaws or defects. Let's Roll This is the Great Adventure

11-07-2007, 11:01	#3
jpcraw Registered User Join Date: Jun 2007 Posts: 35	Los Angeles, CA

11-07-2007, 12:12	#6
S/V Elusive Registered User Join Date: Apr 2006 Posts: 2,454	Actually, if he is in LA, the Wilmington / LA harbor has the best possibilities. San Pedro, Long Beach are a long wait. Huntington & Marina del Rey ... HAHAHAAA ..

11-07-2007, 16:14	#7
jpcraw Registered User Join Date: Jun 2007 Posts: 35	so, no home address won't be a factor? Thanks for all the help. As far as slips go, it is all in who you know... The S Cal marina situation is a mess, especially Marina del Rey. I hear that Wilmington is pretty dirty and occupied with deadbeats, but never actually been myself so I can't verify.

17-07-2007, 23:08	#9
rebel heart Registered User Join Date: Dec 2006 Location: San Diego Boat: Hans Christian 36 Posts: 947	$0.02: At our marina, we have the marina's (street) address. We just have stuff with our name on it put into our slot; it's been working well for years. There's really no reason that a marina can't do that for it's residents; it costs them 10 minutes of mail sorting every day. Considering that we're spending over 1k a month on our slip, I basically expect it. __________________ Keep the water on the outside, you on the inside, and the stick in the air. http://rebelheart.squarespace.com

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