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.com: 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!
-d
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