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Old 21-01-2008, 20:24   #1
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Join Date: Jan 2008
Location: austin, texas
Posts: 8
suggestion for financing/insuring a mid 70's yacht

Hi, can anyone suggest a finance/insurance company that would finance and insure a yacht in the mid 1970's range. i am looking at maybe buying a used 1975 or thereabouts Nautor Swan which is arguably one of the finest yachts made in the world. i am getting some initial turndowns by finance companies. i understand i would have to put down 10-20% for any boat.
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Old 21-01-2008, 23:14   #2
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Join Date: Jun 2007
Location: Seattle, WA
Boat: 41' Formosa Ketch
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my wife and i just recently bought a 1976 Formosa Ketch, and financed through Key Bank (they have an entire division that specializes in marine financing - so the terms aren't as bent in an unfair direction).

you could also try looking at various credit unions (BECU is a good example of one in the seattle area - we talked to them quite a bit as well). my biggest advice - no matter what you do - find a bank/lender that has some experience in marine financing; they will be more forgiving with the terms of the loan. and yes - 10% down (or much higher) was pretty standard when we were loan shopping.

if you have a fairly big down payment, boatUS has very good rates... ( BoatUS Home Page i believe)

we have state farm as our insurance company for our cars - and when we bought the Formosa, they insured that for us as well.

again, there's probably many other insurance companies that have a marine division like state farm does. i'd ask your current insurance provider what they cover.

with both - go around and get some quotes from a few, and then apply to your best shots.

good luck!
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