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From: Victoria Mason (no email)
Date: Tue Oct 31 2000 - 17:59:03 EST
A similar financing question was posed recently (more specifically about
liveaboard financing). As I shared with Ross Fleming at that time, I am
totally sold on credit unions! When I went looking for a boat loan, I found
that the credit union I already belonged to had the most lenient and
generous terms in my area (Seattle). I bought a big (60'), old (1951),
wooden powerboat as a liveaboard. They didn't care! Because my vessel was CG
documented, my CU gave me a preferred boat mortgage. I got a 7.75% variable
rate on a 20-year loan with a 12-year balloon term. I did have to have it
hauled and surveyed, moorage & insurance verified, etc., which seemed usual
and reasonable.
~ Victoria
-----Original Message-----
From: A Grain of Sand [mailto:]
Sent: Tuesday, October 31, 2000 2:02 PM
To:
Subject: Re: lv-ab: Boat financing?
Tom O'Meara said:
>Just as an aside... do you qualify for membership in a Credit
>Union? Nowadays almost EVERYONE does, one way or another. A Credit Union
>is sometimes more flexible (not always, but sometimes) when it comes to
>loans for tangible personal property.
>
>It would be worth a try at any rate.
I second Tom's suggestion. My credit union (takes only $25 deposit to join)
offers 8% - 8.5% rate and requires no survey nor CG documentation, only a
state registration. The drawback may be the duration which is limited to 60
months.
-Robert
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