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Catalina/Capri 25/250 Sailor's Forums

General Sailing Forum

SAILBOAT FINANCING

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pwhallon
Admiral

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USA
694 Posts

Initially Posted - 02/14/2008 : 10:22:15

Hi Yaw'l

,

I've got to do it. Must sail.

That 1990 on Texas Sailing has me buzzing.

Where is the best boat finacing to be found these days?

Thanks,

PW

Edited by - pwhallon on 02/14/2008 10:23:10

OLarryR
Master Marine Consultant

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USA
3467 Posts

Response Posted - 02/14/2008 : 11:19:57

A home equity loan may be at a better rate. You may want to check.

Edited by - on

stampeder
Master Marine Consultant

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1608 Posts

Response Posted - 02/14/2008 : 11:28:34

You can get some kind of home equity loan, rates are about as low as they are going to get.
Or you can get a 'recreational' loan, which is generally amortized over 10-20 years and all you're really doing is paying the interest. This is very popular with boaters and RVers.
Most of the larger banks will have recreational loans.

BTW - there are some very hungry lenders out there right now. If you have good credit, you can strike a very good bargain. Lenders are desperate to offset their sub-prime losses with average to good loans.

Edited by - on

Frank Hopper
Past Commodore

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Pitcairn Island
6776 Posts

Response Posted - 02/14/2008 : 12:44:20

The second mortgage is a great idea, you deduct the interest and get a reasonable rate. Boats as old as ours do not qualify for real boat financing. I think ten years is the typical oldest age they will loan on. If you are going to Denver to look at the #6000 maybe you should swing by Wichita and look at #5943, even if just to get some tips on the late model. Honestly though, at that price I would buy an ODay 272.

Edited by - Frank Hopper on 02/14/2008 12:45:18

cat1951
Admiral

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USA
636 Posts

Response Posted - 02/14/2008 : 13:02:23

Yep... 10 years is all we could find when we wanted to finance our 1985 C25. We took out a home equity loan for the tax reasons. Even with the interest a little higher, at least there was a tax advantage.

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Champipple
Master Marine Consultant

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USA
6855 Posts

Response Posted - 02/14/2008 : 13:08:49

I don't know how it all works but a home mortgage might be plausible if you have a head and galley on board.

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dlucier
Master Marine Consultant

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Virgin Islands (United Kingdom)
7583 Posts

Response Posted - 02/14/2008 : 13:11:31

Paul,

Are you in Florida or Georgia?

If you're still in Florida, here's a cheap one...

[url="http://www.yachtworld.com/core/listing/boatFullDetails.jsp?boat_id=1835952&ybw=&units=Feet&currency=USD&access=Public&listing_id=18384&url="]89' C25 [/url]

If you're in Georgia, with ever lowering water levels, this might be a better choice...[url="http://www.kidbean.com/1110901.html"]Sailboat[/url]

Edited by - on

pwhallon
Admiral

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USA
694 Posts

Response Posted - 02/14/2008 : 14:30:45

Don

,

I think I'll go for option #2.

That 89 for 7500 asking looks pretty nice.

My favorite C-25 is the 1988. I guess they only built a couple hundred of them so the're very hard to find. On the 89 & 90 they moved the switch panel to a spot under the companionway. I HATE that! 1988 has more wood below and has some of the 1989 changes. I think it's the best of both worlds. Meaning: pre wing keel and Later wing keel.

My previous boats had a head and galley and qualified as a second home and I got the write off.

I haven't been able to get warm and fuzzy with the O'Day 272. I know they are good boats.

Trailerability is important.

I'll check around for a "recreational" loan. I've never heard of that.

2nd Mortgage: Admiral and I have a policy of not using 2nd mortgages unless it is for a home improvement. Good idea though.

Thanks for the ideas.

PW

Edited by - on

John Russell
Master Marine Consultant

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USA
3444 Posts

Response Posted - 02/14/2008 : 16:08:54

I used USAA and am happy with the loan. You can deduct the loan interest independent of the 2nd mortgage option. The details of that are found elsewhere on the site. It qualifies if you can cook, sleep and poop on board and you call it a second home. That's the only requirement.

Edited by - on

Champipple
Master Marine Consultant

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USA
6855 Posts

Response Posted - 02/15/2008 : 07:29:53

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by pwhallon

I'll check around for a "recreational" loan. I've never heard of that.

2nd Mortgage: Admiral and I have a policy of not using 2nd mortgages unless it is for a home improvement. Good idea though.

Thanks for the ideas.

PW
<hr height="1" noshade id="quote"></blockquote id="quote">

Sun trust down there has Rec loans as does National City. Closest NC branch is going to be in Florida somewhere. Sun Trust is probably going to be on your street corner. A guy up here just got a Recreational loan for a Yamaha 36.

When I mentioned mortgage, I meant new mortgage, not a second to take the equity out of your current. If it qualifies as a second home it should qualify for 15 or 30 year financing

Edited by - Champipple on 02/15/2008 07:31:05

delliottg
Former Mainsheet C250 Tech Editor

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USA
4479 Posts

Response Posted - 02/15/2008 : 10:17:20

We have a home equity line of credit (HELOC) through USAA as well. We get to deduct the interest at tax time and use the loan any way we sit fit for up to 20 years. We actually paid cash for the boat and used the HELOC to buy the truck to tow it with. As others have said, you should also be able to do a 2nd home mortgage, all that's required is a place to cook, a place to poop, & a place to sleep from my understanding. That means pretty much any old shack with an outhouse, wood stove and a place to roll out your sleeping bag qualifies, certainly our boats are beyond that.

Oops, should have read John's post all the way through, got to the USAA part & stopped reading so I could chime in: <blockquote id="quote">quote:<hr height="1" noshade id="quote"> It qualifies if you can cook, sleep and poop on board and you call it a second home. That's the only requirement.<hr height="1" noshade id="quote"></blockquote id="quote">

Edited by - delliottg on 02/15/2008 10:19:47

pwhallon
Admiral

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USA
694 Posts

Response Posted - 02/15/2008 : 12:23:47

Great information guys.

Thanks,

Paul

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