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Old 07-18-2016, 09:58 AM   #1
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PNW import, or not...? Banks are tough!

Why do some banks finance a boat from across the border, but others don't? Is it the process? Is it the paperwork? Or, just policy?
If one wants to buy a boat from Canada and bring it to WA, how is it done? Has anyone did it successfully? If yes, how did you convince your bank to go for it?
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Old 07-18-2016, 11:13 AM   #2
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If you have a credit union, try that. I bought a Canadian boat but didn't finance. When doing electronic transfers (deposit & final) CU offered financing.
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Old 07-18-2016, 11:59 AM   #3
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We bought our boat in Vancouver, B.C. in 2009 and brought it back to Anacortes. At that time, Peoples Bank in Seattle did a lot of boat financing and were very easy to deal with. I don't know if that is still the case, but I would check with them. I don't remember all of the details, but I don't remember bringing a boat in from Canada being a problem for them.
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Old 07-18-2016, 12:05 PM   #4
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Yes, I talked to People's and I was told it should not be a problem to process a loan like that. The only issue with them, they want 35% downpayment for a boat older than 30 years. I am still searching for other options.





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We bought our boat in Vancouver, B.C. in 2009 and brought it back to Anacortes. At that time, Peoples Bank in Seattle did a
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Old 07-18-2016, 12:14 PM   #5
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Might put up another asset for collateral for a equity loan or bridge loan. The bank usually use a marine title company which can handle the import. Key bank, people bank, B of A have boat loans. There are also special finance companies that offer boat loans. If you import there is duty, excise tax and sales tax that has to be paid at time of import. So what might look like a good deal may not be.
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Old 07-18-2016, 12:28 PM   #6
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Yes, I talked to People's and I was told it should not be a problem to process a loan like that. The only issue with them, they want 35% downpayment for a boat older than 30 years. I am still searching for other options.
FWIW, if you can't afford to put 30% down on an older boat, then you may want to rethink your budget. The bank has solid reasons for not wanting to lend over 70% of value on an older boat.
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Old 07-18-2016, 12:35 PM   #7
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No, I don't have 30-35%, plus I don't really want to put that much down, if some institutions are willing to finance with better terms. Or, I just wait few more years.....
( maybe I am cheap, maybe I am just low income, but my dreams are still big)
Lol.



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FWIW, if you can't afford to put 30% down on an older boat, then you may want to rethink your budget. The bank has solid reasons for not wanting to lend over 70% of value on an older boat.
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Old 07-18-2016, 12:48 PM   #8
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We bought the Eagle with no out of pocket cost money. The owner and bank was willing to work with us. If you buy a older boat make sure you have the the skill and funds.
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Old 07-18-2016, 02:41 PM   #9
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Perhaps a smaller less expensive boat would be more likely to lead you to happiness. And w a lot less threat. Stuff happens.
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Old 07-18-2016, 02:54 PM   #10
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Less expensive sounds good. Smaller? Not so much. lol/big dreams....
What size do you recommend?





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Perhaps a smaller less expensive boat would be more likely to lead you to happiness. And w a lot less threat. Stuff happens.
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Old 07-18-2016, 05:46 PM   #11
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As you can see I like 30'. My last boat was 25 (Albin) and she was a bit small but for the right boat I'd go back and bang my body a bit more. Love those little Albins.

But for real I'm a fan of 32-34' boats. However many are too wide to suit my taste. Fairly shallow draft is a plus and good visability shines as well. For example the 32 Nordic Tug is a keeper but the American Tug is too big for my taste but the AT may even be a better boat .... and even a better boat BECAUSE of it's additional mass. Everyone's taste is different. Aesthetically I really like a long and narrow lobster type w a little rocker. Never seen one w rocker but that's what I'd like. A true semi-planing hull at it's best at about 12 knots.
As you can see I'm good at dream'in (even for non-existant things) but re what I said earlier I think there's a saying that goes .. Buy the smallest boat you can ??? Perhaps someone else will remember.

This is what happens when you ask me most anything boat.
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Old 07-18-2016, 08:37 PM   #12
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Duty, excise, sales taxes? All three, from Canada?
I was told I only have to pay sales tax, if the boat if brought down here. Some owners are willing to sail it across the border, where all the paperwork can be handled.
What am I missing?




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If you import there is duty, excise tax and sales tax that has to be paid at time of import. So what might look like a good deal may not be.
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Old 07-18-2016, 08:57 PM   #13
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I do like traditional, salty, seaworthy designed boats. Always did. Plus, your fuel consumption is excellent!
However, I plan to go to another continent few years from now, so I need a size, which can be comfortable enough for the long journey.
This is why the price/financing is so difficult for me, as I am not in the wealthy category.



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As you can see I like 30'. My last boat was 25 (Albin) and she was a bit small but for the right boat I'd go back and bang my body a bit more. Love those little Albins.
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Old 07-18-2016, 09:42 PM   #14
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I do like traditional, salty, seaworthy designed boats. Always did. Plus, your fuel consumption is excellent!
However, I plan to go to another continent few years from now, so I need a size, which can be comfortable enough for the long journey.
This is why the price/financing is so difficult for me, as I am not in the wealthy category.
Did you try alaska usa credit union?
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Old 07-18-2016, 09:56 PM   #15
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Not yet. I am still waiting on Key Bank. I was pre-approved with them already, but there is no final answer on CAN titled vessel. If they back down, I will try your suggestion. Thanks.



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Did you try alaska usa credit union?
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Old 07-18-2016, 10:14 PM   #16
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Duty, excise, sales taxes? All three, from Canada?
I was told I only have to pay sales tax, if the boat if brought down here. Some owners are willing to sail it across the border, where all the paperwork can be handled.
What am I missing?
Regardless, the required documents have to be filed with US customs and required sales tax,excise and duty if applicable has to be paid. In theory no duty may be owed because of NAFTA, north america free trade agreement, but there are custom and brokerage fees. Might want to talk to custom broker to make sure the proper documents and forms are filed.
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Old 07-18-2016, 11:29 PM   #17
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Unhappy

Maybe I should just give the CA idea....


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Regardless, the required documents have to be filed
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Old 07-19-2016, 12:17 AM   #18
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Maybe I should just give the CA idea....
What is the CA buying attraction? A particular boat, boats generally cheaper, better range.....?
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Old 07-19-2016, 01:11 AM   #19
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Duty, excise, sales taxes? All three, from Canada? What am I missing?
Depends where the boat was built.
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Old 07-19-2016, 08:18 AM   #20
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I don't have a solid answer, but I think all three you have mentioned.
The selection around here in Seattle is mostly for the lakes. More North, I see boats for colder, rougher terrain. It seems the focus is more on reliability and sturdiness, rather then ' ice-maker, bar chairs, individual A/C, etc. '
I am sure there are good ones around Seattle waters, too, I just cannot afford them. Limits, limits, limits.... lol


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What is the CA buying attraction? A particular boat, boats generally cheaper, better range.....?
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