I simple solution to purchasing an older boat, if your chartered lender
won't finance it, is to obtain a "line of credit".....most financial
institutions offer them.....some are secured and some are unsecured.
Naturally the 'secured' ones should have a lower interest rate.
There is no reason not to be able to purchase/finance an older
boat....with your 'line of credit' you can buy anything you want, the
lender quite frankly doesn't care how you spend it! And you can get
them whereby your minimum monthly payment is 'interest only'.
Bob Abbott
AZURA
C&C 32 - 84
Halifax, N.S.
On 2013/03/27 11:43 PM, Dennis C. wrote:
Following up on the recent thread on the current state of low boat prices....in
particular when financing an older boat is difficult.
Was at my club tonight talking with a friend who recently sold his older
trawler. Got a good price and sold it quickly. How did he do it in today's boat
market? Owner financing.
He holds a mortgage on the boat at 6%. He required the buyer to list him as
co-insured and has condition that loan defaults if he doesn't get certificate
of insurance every year.
He also required automatic monthly bank draft. Has other conditions to protect
himself.
He says owner financing allowed higher price and increased marketability.
Dennis C.
Touché 35-1 #83
Mandeville, LA
Sent from my iPhone
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