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Old 05-17-2018, 09:54 PM   #1
Harborite88's Avatar
City: Tacoma, WA
Country: United States
Join Date: May 2018
Posts: 7
Lookin for a Live-Aboard and Friends

Hello, this is my first post on Trawler Forum, 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.

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Old 05-17-2018, 10:10 PM   #2
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City: Seattle, WA USA
Country: United States
Vessel Name: FORTITUDE
Vessel Model: Bluewater 40 Pilothouse
Join Date: Jul 2017
Posts: 360
Lookin for a Live-Aboard and Friends

Talk to Banner Bank, theyíre boat friendly. Financing will come down to a lot of factors but Iím no expert so Iíll leave that to your lender. They will likely want to see a large down payment especially on an older boat so be prepared for that.

Plenty of boats in the PNW in that range. As youíve stated youíre looking for an older trawler so just be ready for imperfections and some DIY projects.

You may also find more options in the 32í to 38í two cabin range. CHB, Marine Trader, etc.

If you can, head to Anacortes this weekend for the boat show just to walk through sizes, layouts and features.

Most trawlers around here are diesel. Iíd recommend sticking with that for safety, longevity and resale.

Tons more to consider. Educate yourself as much as you can and look at lots of boats.

We went through the same process last year but when the Ďrightí boat (size, condition, features, layout & price) popped up in Olympia we knew it was the right boat for us and made an offer.

Instagram: @mvfortitude
Facebook: Bluewater 40 Owners Group
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Old 05-17-2018, 10:27 PM   #3
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City: Au Gres, MI
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Vessel Model: President 41 DC
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Try Cindy Lewis at Sterling Associates. Google them. I donít have the phone number.
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Old 05-18-2018, 12:07 AM   #4
City: Between Oregon and Alaska
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Vessel Model: Wheeler Shipyard 83'
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If money is tight, many older fishing boats can make a good live aboard. Just recently there was a no longer licensed seiner for next to nothing. A lot of people have turned the fish hold into living space along with extending the deck house.

Another place to look is Canada with the exchange rate. These guys have a good web site and a lot of boats: Used Boats For Sale, Boats For Sale, Used Boats
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Old 05-18-2018, 12:36 AM   #5
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Do not let them know that you plan to live on the boat. That is a deal killer for most marine loans. Second look at boats that are less than 30 years old. I haven’t found a local bank that will do a boat older than 30 years.
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Old 05-18-2018, 05:41 AM   #6
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No advice but WELCOME ABOARD!
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Old 05-18-2018, 05:55 AM   #7
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"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."

The home loan is usually the lowest cost option.
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Old 05-18-2018, 09:36 AM   #8
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City: Vancouver, WA
Country: USA
Vessel Name: Matilda
Vessel Model: Ponderosa (CHB) 35' Sundeck
Join Date: Sep 2016
Posts: 76
That length of loan for an older used boat is going to be tough to find. Usually itís only a new boat that can get those terms. If youíre willing to shorten the length to 7 years, LightStream does unsecured used boat loans (you keep the title).

As for size/style/cost, agree that a CHB-class would probably fit well, a lot of space for the price. But of course DIY projects will be a part of it. My Ponderosa 35 Sundeck would make an excellent live-aboard.

Good luck!
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Old 05-18-2018, 12:12 PM   #9
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City: Tacoma, WA
Country: United States
Join Date: May 2018
Posts: 7
Thanks for all the replies!! I'm going to contact banner and sterling today and I've looked into light stream. I could do that if I found a boat I like in the $30k range. Reading some more older posts it sounds like the home equity loan isn't as big of a deal as I thought. It also makes me feel better that I'll be living on this thing so it's not just a toy I'm getting a loan for. I love DIY stuff but would want at least a partial conversion cuz I'd like to be able to stay on this thing sooner than later so if I found a partial conversion I'd definitely consider it.

Would you guys recommend going to a yacht broker? There are a ton of them in Tacoma/Seattle.

Thanks again for all the help!

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