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Discussion in 'YachtForums Yacht Club' started by Harborite88, May 17, 2018.

  1. Harborite88

    Harborite88 New Member

    Joined:
    May 17, 2018
    Messages:
    1
    Location:
    Tacoma, WA
    Hello, this is my first post on Yacht Forums, I'm brand new here and want to start off by saying hello. I'm from Grays Harbor County, WA and have been around boats my entire life and have owned various PWC's and runabouts, nothing special. I have had the pleasure of operating a few yachts and houseboats from 37' to 60' on some big lakes and through the Puget Sound.

    For the last year I have lived in Tacoma, WA and am a firefighter for the Tacoma Fire Department. There are a few people I work with that live or have lived on boats in the various Puget Sound marinas and their experiences have inspired me want to do the same. Also rent in Tacoma for a decent, basic, 1 bedroom is around $1500/ month. Now I know living on a boat is no way to save money, but it is way cooler, and when your renting an apartment your money just evaporates into thin air. With a boat at least you own something, and it may be depreciating and be in need of constant costly maintenance, but it's still yours and it's a boat.

    So now for what I want. Looking for a 40' ish, fiberglass, motor yacht, aft double or tri cabin, with sundeck and two helms (one inside/one out), I like quality, but utility quality, I like things built like tanks and for me not every square inch of the cabin has to be covered in fine stained wood, think floating Millennium Falcon (sorry for the Star Wars reference). One boat I was looking at that I really liked was a 1972 Maritime Ind. Conrcorde 41'. As far as Gas or Diesel I don't really have a preference I use to work on both professionally and plan on only cruising the Puget Sound a couple times a week, mostly short trips, in the spring, summer, fall. Then just running engines regularly for maintenance during the winter.

    For the price, I want to finance this, I know it's a bad investment, interest kills, it's a depreciating asset, blah blah blah. I don't care, I just want to find a place that'll give me a loan for an old boat (nearly 50 at the oldest) over a long period of time, like 180 months (15 years). I would like to keep the price around $40k but I can go up to around $60k with that loan time frame at 8%. I have around an 800 FICO score and have never had problem getting loans with a great rate (my car is at 1.9%) and paying them off. I have around $10k in credit card debt with around $60k in credit card credit. I do own a house with around $50k in equity, owe $105k with a value of $155k, it is currently a rental and no I'm not selling it. Don't want to borrow against it though if I don't have to. $5k left in student loans and about $25k left and about 5 years in a credit union auto loan. I know regardless of what I say there will be people that want to give me endless advice about lowering expectations, saving for a few years, not financing a boat (bad investment). Thank you for your info and opinion, I didn't ask, but thanks anyways.

    The questions I have are. Do you know of a financial institution that would give a straight loan that meets my requirements? Or do I have to get creative. What brands of yachts do you prefer that meet my requirements? What other information can I give that'll steer me in towards the heading I want to take?

    Thank you Ladies and Gentlemen for your advice and experience. Sorry for the long post, looking back at it now I'll be surprised if anyone reads the whole thing and responds. So really, thank you if you do, you are appreciated.
  2. JWY

    JWY Senior Member

    Joined:
    Feb 22, 2004
    Messages:
    1,020
    Location:
    Ft. Lauderdale
    I have a finance guy who will lend on older boats if they are from an excellent manufacturer. I recently had a client who was interested in financing a 1975 Hatteras for $350,000. The lender said that the client's qualifications had to be excellent; additionally, the interest rate is an additional 2 points. I can't address your specific price range.
  3. ranger42c

    ranger42c Member

    Joined:
    Aug 20, 2013
    Messages:
    306
    Location:
    South River, Chesapeake Bay
    Essex finance and Sterling Acceptance both specialize in boat loans, and there may be others similar. Don't know about whether they impose age requirements on the vessels... Our credit union offers boat loans, although they seemed to be focused on small runabouts and bass boats and so forth.

    You didn't ask, but I'd suggest you pay off your credit card debt first... partly because you'll likely need to work those cards to death buying parts and so forth once you have a boat... and partly because it wouldn't hurt to be able to show no credit card debt on your loan application anyway. (Might be useful to do the same with the student debt -- I think student loans didn't exist in my day :) -- but I'm not familiar with how that works and your specific terms would be best for guidance on that...)

    Thanks for the work you do.

    -Chris

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