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Old 12-30-2019, 12:46 PM   #1
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Hello everyone,

I am Manu. Thank you ‘Trawler forum’! We spent the last 3 years reading the posts, visiting and looking for boats (still looking) in the Bay area. About budget, banks are ready to lend us money to buy a house, but not to buy a boat! Do you have any advice about lenders (I do not know if it is allowed on the forum)? Thanks.
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Old 12-30-2019, 12:52 PM   #2
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Welcome to the forum!

We feel you pain in regards to financing. We are in our lower 30's and this has been an issue.

The bank is willing to loan obscene money for a house, but won't budge on boat.

It all boils down to "comparable credit history". This means that you have had a loan before. The issue with this model is if they base the decision on comparable credit history, you can never get a loan. We were told time and time again that if this was pre 2008 this would be a non issue.

The way we got around this was to buy a smaller less expensive boat first, then 2 years later we bought our larger boat. The step in loan helped and putting down a larger down payment made everything work out.

Don't be discouraged, keep working towards your dream!
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Old 12-30-2019, 12:57 PM   #3
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“The bank is willing to loan obscene money for a house, but won't budge on boat” YES! They told us, buy a house and you will have a boat loan...Thanks AdmiralS
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Old 12-30-2019, 01:27 PM   #4
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Manubis, welcome to TF. I'm not sure I understand your comment about "buy a house and you will have a boat loan".


I would never recommend someone use their home as collateral for a boat loan. If you do that and bad things happen that cause major change in your lives, you could be forced to give you home back to the bank.


If the boat is used as collateral for a loan and those same bad things happen, the worst that can happen to you is you give the boat to the bank. That is not likely as tragic as giving up your house.
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Old 12-30-2019, 01:34 PM   #5
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Think about it. A boat moves and can "disappear". It almost continuously depreciates. It is soaking in saltwater and can get to the "disrepair" point rather quickly. AND finally...when the proverbial stuff hits someone's fan financially...they are going to ditch the boat and keep the house. Sooooo....those are some of the reasons marine financing is different from real estate.
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Old 12-30-2019, 01:57 PM   #6
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Thank you Guru and Baker. We heard these comments “boats move and can disappear...” but we still have hope to find a ‘good’ marine lender. I found interesting links on the forum typing ‘financial matters’ (I need to find the good words on the search link).
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Old 12-30-2019, 02:17 PM   #7
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Reach out to Trident Funding. They were excellent with us!

https://www.tridentfunding.com/
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Old 12-30-2019, 02:49 PM   #8
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Thank you Admiral!
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Old 12-30-2019, 03:15 PM   #9
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Welcome aboard. Try Cindy Lewis at Sterling. 410-903-6611. She was great when we bought our current boat.
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Old 12-30-2019, 03:21 PM   #10
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Try this young lady. She said she had 38 banks that she works with. When I told her all of my restrictions and terms, she then said she has two banks..and one really wasn't worthy. But she still managed to get it done with very little down.


Shana White
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OceanPoint Lending, A Division of BankNewport
JustRV Loans
Global Marine Insurance
Your ONLY source for Financing and Insurance
Office 757 266 4600
Cell-757-615-1221
Fax-1-866-929-7157
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Old 12-30-2019, 05:47 PM   #11
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Thank you Comodave and Baker.
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Old 12-30-2019, 05:59 PM   #12
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Let us know what works, if anything! Good luck.


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