Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 14-09-2006, 18:13   #1
Registered User
 
Chuteman's Avatar

Join Date: Aug 2006
Location: Charleston, SC USA
Posts: 491
Financing Experiences & Suggestions

Been advised to line up financing before searching for a boat. Yacht loan brokers preferred vs going directly to a lender.
Wondering what your experiences have been, recommendations & any restrictions you may have run into for a boat that will sail in foreign waters vs home port (USA/CA.
__________________

__________________
Chuteman is offline   Reply With Quote
Old 14-09-2006, 20:50   #2
Senior Cruiser

Cruisers Forum Supporter

Join Date: Nov 2005
Location: Tasmania
Boat: VandeStadt IOR 40' - Insatiable
Posts: 2,317
Images: 91
I financed my yacht purchase by getting a re-valuation on my house and re-mortgaging...
__________________

__________________
Weyalan is offline   Reply With Quote
Old 14-09-2006, 21:31   #3
Senior Cruiser

Cruisers Forum Supporter

Join Date: Mar 2006
Location: Nevada City. CA
Boat: Sceptre 41
Posts: 3,745
Images: 9
Chuteman:

Keep your mouth closed. Don't say that you plan on leaving the country. You want to be Joe Stable. Banks like Joe Stable. Correct ratios. Steady job. Once you have the loan then you can leave the country.

Refinancing house is probably easier.
__________________
Fair Winds,

Charlie

Between us there was, as I have already said somewhere, the bond of the sea. Besides holding our hearts together through long periods of separation, it had the effect of making us tolerant of each other's yarns -- and even convictions. Heart of Darkness
Joseph Conrad
Charlie is offline   Reply With Quote
Old 14-09-2006, 22:55   #4
֍֎֍֎֍֎֍֎֍֎

Cruisers Forum Supporter

Join Date: Apr 2006
Posts: 13,056
Chuteman, you'll find each lender has different rules not just different rates, so it will pay to shop around. But if too many lenders do credit checks on you in a short time--that hurts your credit rating too! So, by all means ask them about their polciies and terms but don't ask for an actual pre-approval or credit check until you are gong to contract.

Contracts can be written as "subject to survey and finance approval" and brokers know that sometimes the financning won't happen, that's not unusual.

Among the differences, some lenders won't touch a boat more than 20 years old, or 30. Will require a survey, any survey, or a particular survey. Might have costs besides the obvious finance rate--ask if there are *any* other costs. Probably will require loss insurance, ask them how much of what kind. And they'll ask what or when you have owned a boat before, some won't do first-timers above a certain boat size/age/cost either.
__________________
hellosailor is offline   Reply With Quote
Old 15-09-2006, 08:14   #5
Registered User
 
markpj23's Avatar

Join Date: Nov 2005
Location: Black Hills, SD
Boat: Now Boatless
Posts: 1,148
Images: 47
Not affiliated at all... (disclaimer)

The folks at Excel Credit were a joy to deal with. No garbage fees - very straightforward. I highly recommend them.

__________________
Mark
markpj23 is offline   Reply With Quote
Old 15-09-2006, 08:22   #6
Registered User
 
Chuteman's Avatar

Join Date: Aug 2006
Location: Charleston, SC USA
Posts: 491
All Good

Gang:
Thanks for the ideas & advice..............will definitely help.

Hellosailor - good reminder about multiple credit checks as I've seen that happen before. Rules...........lenders love them along with fine print.

Thanks again to all...and will certainly accept more help.....
__________________
Chuteman is offline   Reply With Quote
Old 27-09-2006, 08:11   #7
Registered User

Join Date: Jul 2005
Location: Wherever HP takes us
Boat: 1974 Challenger 40 Ketch, Holding Pattern
Posts: 107
We did not want to go through financing and have to worry about making payments while cruising - especially considering the insurance requirements of some lenders.
So we had an estate sale, a house sale, a car sale. When we had nothing but the clothes on our backs and our cats, we bought HP and invested the rest wisely (hopefully wisely)
A bit unconventional but at 33 banks just laugh.
__________________
S/V Holding Pattern
Brian & Heather
Follow our adventure at www.yotblog.com/HoldingPattern
Holding Pattern is offline   Reply With Quote
Old 27-09-2006, 08:58   #8
Registered User
 
Chuteman's Avatar

Join Date: Aug 2006
Location: Charleston, SC USA
Posts: 491
A Trend

HP:
Thanks for your input. More than have a few people have followed your approach or used home equity financing.
The insurance challenge is definitely linked...........& potentially restrictive when tied to a bank.
What did You end up buying with all that cash You were able to gather up?
Invest wisely - would like to know how to do that too.
__________________
Chuteman is offline   Reply With Quote
Old 28-09-2006, 11:43   #9
Registered User

Join Date: Jul 2005
Location: Wherever HP takes us
Boat: 1974 Challenger 40 Ketch, Holding Pattern
Posts: 107
Financing, choice, etc.

We bought a 1974 Challenger. Staysail ketch rigged. V turned into watertight bulkhead/chain locker/sail locker/holding tank... highly custimized. She had returned from a circumnavigation, previous owners had owned/lived-aboard for 20 years - their only home - so lovingly maintained. She is exactly what we were looking for... right place, right time.
My wife is legally blind so cockpit rigged was a must, smaller sail area... so her considerations were highly taken in.
IMHO investors are like sailors - very specific opinions and they cover the entire gambit... maybe it is that risk tolerance...
__________________

__________________
S/V Holding Pattern
Brian & Heather
Follow our adventure at www.yotblog.com/HoldingPattern
Holding Pattern is offline   Reply With Quote
Reply

Tags
financing

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Financing Older Boats linuxchiq Off Topic Forum 14 08-08-2008 06:30
Suggestions on sailing smaller waters (lakes) Duckworth General Sailing Forum 7 13-09-2006 05:25
New Cruiser/Liveaboard Suggestions BlueWaterMD Liveaboard's Forum 3 28-06-2006 11:45
Open for Suggestions... Greg General Sailing Forum 30 24-11-2004 23:06
Doing Seychelles (15-24 Feb 2004) - Suggestions ? JApplegate Indian Ocean & Red Sea 0 03-09-2003 04:37



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 05:56.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.