Originally Posted by Pau Hana
Huh? Never heard of this- I'm a full time liveaboard here in Seattle, and we financed our boat. I insure hundreds of liveaboards and thousands of renters that financed their boats- boats from 11' to 80+' feet.
Do you have any basis for your opinion?
In all my years (since 1978) as a broker I have never seen a lender finance a boat to anybody who didn't own a home before they bought a boat- UNLESS they purchased CD's from the bank in the amounts way more than they lent. At which point the borrower said "so your going to pay me 4% on my money, but charge me 9% to borrow against it?", at which point they said "screw that I'll just pay cash", and did. Even back when they were giving money away like drunken sailors, the lenders wanted to see a land address with equity. They want some way to find you and not have their asset sail across the International borders with no recourse.