Most of these guys are blowing smoke - I’ve taken a cruising boat with a loan
offshore before...bank didn’t care where it was, just that it had
insurance. The Insurers cared where it was! Primarily to stay away from hurricanes. Expect
insurance premiums to cost about 1.5% of insured value to minimum of $500.
Bank loans are based upon your financial history,
single digit interest rates for a working man right now = good time to do this. Ask three banks for a boat loan, you’ll find your rate
PDQ.
How much you spend = how much do you have. Very very much true for most. Can you get away on almost nothing (over & above those boat payments). Yep, but boat will be wearing down around you, so the smallest, simplest boat you (& yours?) can be comfortable on only helps.
Things to stay away from if you want to minimize costs:
marinas, restaurants,
water makers, gensets, freezers, autopilots.
Things to do - eat local provisions, cooked by you. Only turn the
motor on when you must.....plan on long slow passages through the doldrums. Invest in
solar to the degree you can.....then live within that
electrical ability (‘cause otherwise you’re turning on that engine). Use a
windvane.
If you’re planning to
work from the boat on passage.....better figure out the
electrical load for the computer, video screen(s) &
iridium too....what’s trivial at home can add up
offshore......and while I used & appreciated an IridiumGO, it sure was not fast.