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Old 29-08-2014, 17:08   #31
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Re: Allowance During Boat Purchase

This isn't exactly the original question, but when I purchased my boat there were many things discovered on survey. Rather than debate about how much it would cost to fix them, or delay purchase until they were resolved, we negotiated that the broker would hold back 10% of the sale proceeds in escrow and reimburse me for repairs. The lender didn't care one way or the other -- they just wanted to see that I put in my down payment. The insurance company only cared that I warranted that the safety issues from the survey were addressed.
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Old 31-08-2014, 17:12   #32
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Re: Allowance During Boat Purchase

Quote:
Originally Posted by Certeza View Post
I've heard of everything from 5-20years for yachts, d... So the lender is essentially granting extended loan terms for a vessel that is far more likely to be upside down. ...
I paid cash and got a pretty nice discount. Definitely didn't want my boat upside down or under water
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