Reply
 
Thread Tools Search this Thread Display Modes
 
Old 12-30-2019, 11:46 AM   #1
Member
 
City: Bay Area
Join Date: Dec 2019
Posts: 5
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.
Manubis is offline   Reply With Quote
Old 12-30-2019, 11:52 AM   #2
Senior Member
 
AdmiralS's Avatar
 
City: Stony Point, NY
Vessel Name: VARKA
Vessel Model: Helmsman Trawlers 43 PH
Join Date: Aug 2018
Posts: 250
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!
AdmiralS is offline   Reply With Quote
Old 12-30-2019, 11:57 AM   #3
Member
 
City: Bay Area
Join Date: Dec 2019
Posts: 5
“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
Manubis is offline   Reply With Quote
Old 12-30-2019, 12:27 PM   #4
GFC
Guru
 
City: Tri Cities, WA
Join Date: Nov 2012
Posts: 4,406
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.
__________________
Mike and Tina
1981 Boston Whaler 13'
GFC is offline   Reply With Quote
Old 12-30-2019, 12:34 PM   #5
TF Site Team/Forum Founder
 
Baker's Avatar
 
City: League City, Tx
Vessel Name: Floatsome & Jetsome
Vessel Model: Meridian 411
Join Date: Oct 2007
Posts: 7,332
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.
__________________
Prairie 29...Perkins 4236...Sold
Mainship Pilot 30...Yanmar 4LHA-STP...Sold
Carver 356...T-Cummins 330B...Sold
Meridian 411...T-Cummins 450C
Baker is offline   Reply With Quote
Old 12-30-2019, 12:57 PM   #6
Member
 
City: Bay Area
Join Date: Dec 2019
Posts: 5
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).
Manubis is offline   Reply With Quote
Old 12-30-2019, 01:17 PM   #7
Senior Member
 
AdmiralS's Avatar
 
City: Stony Point, NY
Vessel Name: VARKA
Vessel Model: Helmsman Trawlers 43 PH
Join Date: Aug 2018
Posts: 250
Reach out to Trident Funding. They were excellent with us!

https://www.tridentfunding.com/
AdmiralS is offline   Reply With Quote
Old 12-30-2019, 01:49 PM   #8
Member
 
City: Bay Area
Join Date: Dec 2019
Posts: 5
Thank you Admiral!
Manubis is offline   Reply With Quote
Old 12-30-2019, 02:15 PM   #9
Moderator Emeritus
 
Comodave's Avatar
 
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,187
Welcome aboard. Try Cindy Lewis at Sterling. 410-903-6611. She was great when we bought our current boat.
__________________
Boat Nut:
If you are one there is no explanation necessary.
If you aren’t one, there is no explanation possible.
Comodave is offline   Reply With Quote
Old 12-30-2019, 02:21 PM   #10
TF Site Team/Forum Founder
 
Baker's Avatar
 
City: League City, Tx
Vessel Name: Floatsome & Jetsome
Vessel Model: Meridian 411
Join Date: Oct 2007
Posts: 7,332
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
Sales Manager
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
__________________
Prairie 29...Perkins 4236...Sold
Mainship Pilot 30...Yanmar 4LHA-STP...Sold
Carver 356...T-Cummins 330B...Sold
Meridian 411...T-Cummins 450C
Baker is offline   Reply With Quote
Old 12-30-2019, 04:47 PM   #11
Member
 
City: Bay Area
Join Date: Dec 2019
Posts: 5
Thank you Comodave and Baker.
Manubis is offline   Reply With Quote
Old 12-30-2019, 04:59 PM   #12
Guru
 
City: Solomons, MD
Vessel Name: Branwen
Vessel Model: Hatteras 48 LRC
Join Date: Feb 2015
Posts: 645
Let us know what works, if anything! Good luck.


Greg.
GregBrannon is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Trawler Port Captains
Port Captains are TF volunteers who can serve as local guides or assist with local arrangements and information. Search below to locate Port Captains near your destination. To learn more about this program read here: TF Port Captain Program





All times are GMT -5. The time now is 04:52 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012