A financed boat abroad.

[kennykroot]

What's the deal with taking a financed boat out of the country? The first bank that I approached said they wouldn't allow it. The next said it WAS allowed and seemed surprised that I'd even asked.

I understand why a bank wouldn't be keen on the boat going anywhere it couldn't be re-possessed in a cost-effective manner. But this begs the question: How do they enforce this? How would they know that their boat has been taken out of U.S. waters? Or do they just put clauses in the loan contracts that provide sanctions painful enough to deter people from even trying to get away with it?

The ancillary question is what countries we're talking about. Are trips to Canada or Mexico treated differently?

I know this all depends on the lender in question but is there a standard deal on this?

[shadow]

I would have no idea since I am planning on purchasing my boat fully with my saved money. This brings up another question that I may have, and I don't mean to hijack your thread. But, how many people get loans to get their boat?? And what is actually needed to get a loan for one??

As stated in my other threads, I have researched many people and most of them either paid for their boat outright or it was shared with another couple, again fully paid up front. I actually don't know of anyone that leased or financed their boats..

Thanks for bringing this up.. Cheers

[kennykroot]

There's this little button labelled "Start a new thread". Seek and you shall find.

[shadow]

Hi Kenny, true, but I still have relevant questions concerning boat loans in regard to this post. I've heard that you needed something like 30% - 50% down? Is that true?? I've never even considered a loan unless it makes total sense.. Can you educate me on how your loan experience went and how you decided on which bank may be the best??

Thanks again for your help, cheers.