Does Trident approve liveaboard financing?

[Mermaid]

Does anyone know if Trident approves boat loans for liveaboards? I came across other lenders that will not.

[GordMay]

Why not ask Trident, who advertize?
“Trident Funding is the largest independently owned boat lending company in the U.S....”
http://www.tridentfunding.com/

[Mermaid]

I am not advertising, this is a legitimate question - I do not work for them. Other companies will deny the app if it is for liveaboard and I was wondering is anynone knew how they handled it before filling out the app. I was also told that mentioning LA was loan origination death. Just thought I could find some help from people who had similar experiences here or knew if they would consider an app for a liveaboard.

If this post is not suited for the forum, please feel free to delete it, I didn't mean to post anything innapropriate.

Thanks.

[Tampabayfireman]

I financed my boat thru my local credit union. In fact, because it was going to be a liveaboard, it made the loan easier, as they were not as worried bout other expenses.

YMMV....

[GordMay]

I wasn’t suggesting that Mermaid’s question was “advertizing”, nor in any way “illegitimate”.
I was suggesting that the definitive source as to what a company will (or will not) do, is that company.
In this case, I believe Trident makes it easy to determine their policy.

[scotte]

Well you could always make the decision to liveaboard after you get the loan...

[AnchorageGuy]

As a former broker I can tell you that for all of the years I was in the business and handled financing we never had anyone apply for a loan as a liveaboard. But quickly after the purchase the buyers were so attracted to the lifestyle they quickly became live-aboards. We have NEVER seen a boat repossessed because the owner became a live-aboard.

[Mermaid]

Thanks for your time and info. FYI - I found out that if you apply for the loan as a liveaboard, the interest is usually higher and there would be less lending companies that will do it. Hope this helps the next person with the same question. Make it a great day!

[Chantyabc]

Originally Posted by Mermaid

Thanks for your time and info. FYI - I found out that if you apply for the loan as a liveaboard, the interest is usually higher and there would be less lending companies that will do it. Hope this helps the next person with the same question. Make it a great day!

This is correct. I am a loan officer and we very rarely get applications for customers as a liveaboard. However there are many things that the lenders look at that will tell them whether their customer is planning to live on the boat or not. The rate will be higher but only by .25% if you do apply as a livaboard. It is actually just as easy as financing your boat for pleasure.

Thanks
Chanty

[gettinthere]

I financed through Trident. They search out different sources depending on your circumstances such as age of boat, amount of downpayment, size of boat, value of boat. I discussed livaboard in the future and was told they are interested in current situation. Some of the sources they use might have balked if livaboard was immediate.
Insurance is a bigger issue for livaboards.