Can a Cruising Sailboat Be Used as Collateral ?

[Gone2long]

Wondering if a bank or other reputable owner would consider a cruising sailboat as collateral for some type of loan?

Any comments would be greatly appreciated.

Regards to all,

G2L

[edsailing]

Sure, you can get a marine mortgage, usually only a fairly low percentage of value and repayable over a short term, say 10 years.

[Gone2long]

Originally Posted by edsailing

Sure, you can get a marine mortgage, usually only a fairly low percentage of value and repayable over a short term, say 10 years.

Thanks Ed,

The boat in question is in Singapore. I don't yet own it, but one of my considerations in purchasing it is whether or not I could borrow on it. Any idea how things work in Singapore?

Thanks for your help,

G2L

[edsailing]

Google 'marine mortgage'?

[Gone2long]

Originally Posted by edsailing

Google 'marine mortgage'?

Yeah, but such inquiries tend to net US-centered responses and lots of advertisements. Got some other lines in the water however, and perhaps I could refine the suggested search to includie "Singapore".

Will give it a shot.

Regards again,

G2L