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?

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.

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.
Lyle

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.

Norwester said:

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
Lyle

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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.

utazo89 said:

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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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.

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.

dhays said:

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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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.

Perhaps a smaller less expensive boat would be more likely to lead you to happiness. And w a lot less threat. Stuff happens.

Less expensive sounds good. Smaller? Not so much. lol/big dreams....
What size do you recommend?

Nomad Willy said:

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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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.

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?

Phil Fill said:

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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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.

Nomad Willy said:

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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utazo89 said:

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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Did you try alaska usa credit union?

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.

bligh said:

Did you try alaska usa credit union?

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utazo89 said:

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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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.

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

Phil Fill said:

Regardless, the required documents have to be filed

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utazo89 said:

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

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

utazo89 said:

Duty, excise, sales taxes? All three, from Canada? What am I missing?

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Depends where the boat was built.

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

BruceK said:

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

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utazo89; said:

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.

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If you believe there is that big a difference between Seattle and Vancouver, then you are not seeing what you are looking at.

Large numbers of WA boats, particularly in the Bellingham, Anacortes areas are built and rigged the same as those a few miles north. A year ago "affordability" was a considerable factor but Canadian prices have caught up to the US and all the Canadian bargains are already wearing red white and blue.

If you were one of my sons, I'd be telling him to slow down but he wouldn't listen.

Either.

utazo89 said:

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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Most of the boats you see in Washington are designed to be used in the inland coastal waters of the Salish Sea. They almost never will see big water outside of the Straits of Juan de Fuca and Georgia. And for those, they pick weather windows. As near as I can tell it is the same in BC.

utazo89 said:

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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Dont forget to shop in California as well. There are lots of good boats for sale, and many of them are fresh water boats.

I am, I am, .... lol

You sent me to Mr. Pascoe's web site and now I am more discouraged than ever! The things I am reading there, not very promising. So, I am learning. I am slowing down. I am thinking things over.

No more 60' for 60K dream....

Hawgwash said:

I'd be telling him to slow down but he wouldn't listen.

Either.

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Affordable debt to acquire long-term necessities works for me, but not for toys/hobbies unless one has income-producing assets one doesn't want to dispose of at the time.

There are not many blue water boats in the 50 to 75 ft range, so you have to know understand what a blue water boat. The best is walk thru boat yards as what is below the water line is equally more important. So just looking at the super structure does not tell the the whole story. There are far more blue water sail boats than motor boats. However what makes a blue water is the same basic of a sail boat, so you have to search them out.

You did not mean marinas, but boat yards where the boats are fixed, etc.?
Will they let me in, just to walk around?
I think I understand your point about the blue water boats.

Phil Fill said:

There are not many blue water boats in the 50 to 75 ft range, so you have to know understand what a blue water boat. The best is walk thru boat yards as what is below the water line is equally more important.

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You are correct, but the delivery makes it lot more expensive to buy from California, or other states.

bligh said:

Dont forget to shop in California as well. There are lots of good boats for sale, and many of them are fresh water boats.

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