I’ve spent the better part of a week on the
phone and
internet looking for
boat financing.
The majority problem is
financing a 20 year old
boat. Many institutions won’t go this old.
Then some have a limit of 50k or less others start at 50k or more.
Credit rating and down payment is not the issue, it’s the loan co. rules.
The boat I’m looking at is 120k and in great shape. It’s not the boat type either.
Then
live aboard becomes the issue.
Then in a few cases ability to meet
income vs debt rate. But if I
live aboard this is a not and issue as I have no debt and it will cost less than my apt does.
Most that will do the loan require a
survey.
Essex credit is a possibility but they have a horrible rating as far as customer
service. I did get a very quick quote so I’ll call and test the waters.
————
Then
insurance came up. All
marinas in my area require 500k liability
insurance. I checked at least 9 co, and my own car insurance State Farm was by far the best. All I have to do is give the boat
serial number.
I found one marina that has a slip ready to move into and another that will have one in the spring. Both are nice and close to the freeway for my travels.
So has anyone got financing co info?
Also I could use insurance info.
Thanks
Byron