What they don't tell you about boat loans. Our experience financing our boat.
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- Опубліковано 7 сер 2024
- How did we afford our boat? What loan(s) did we use and how did we qualify? We answer all of these things and more. The process has a ton of pitfalls and if you're not careful it can be an unpleasant surprise as your trying to buy your boat. We're sharing the most important of the things that we learned along the way here. We hope this helps people who are in the dreaming planning phase. This is the stuff we wish we had known two years ago. Let us know if you have any questions!
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It's crazy isn't it ? I had banks falling all over themselves trying to give me a 300,000 mortgage but when I tried to get 75k for a boat they laughed at me. I bought my boat for 4000 and used credit cards to refit her and within a month and a half I was sailing, keep the dream alive and never quit ! Cheers and Fairwinds !
Good to know! Thanks for the information.
Love hearing your tips and experience, Jesse Reed! Wishing you and the Matador Fair Winds!
It's because boats pretty much only depreciate in value, unlike a house.
Really....houses go up in value...boats go down...plain and simple. They need to protect their money against an asset that falls in value.
That's because the value of your house is always going up, so the loan is low risk for the bank. The boat, on the other hand, value starts to drop as soon as the trailer hits the ball on the back of your truck. It's all about the math when it comes to banks. Think about it, the math is the only thing the bank cares about.
I bought a home with 20% down, rented it out, then took out equity loans for the boat and truck to pull it, had the boat on a long term loan, paid off the truck first, then paid off the boat faster afterwards
This is the way to do it bro 👍, have an asset pay for the toys 🧸 ❤
Excellent video Ryan. I watched it long time ago but now I'm slowly getting to the point of starting some of these processes. Thank you for all the advice.
Thanks, Ryan! I have come back to this video about three times to be reminded of the things we need to be working on. In this last playback, I decided to take notes. :) We are in the research phase (and will be for the next few years), so we are taking all of this in and tucking it away for future use. Thanks for sharing so much with us!
Thanks for being so open and covering different angles and intrinsic details. Awesome!
Great info. That will be really helpful to a lot of people. Keep up the great work!!!
I really wish you guys the best, I've been watching your videos and you guys have helped me quite a bit in my search for a boat. best of luck!.
Thank you! This is exactly what I needed to hear.
It’s so cool to see young people living their dreams. All the best to you both.
More like achieving their desires. Having over $100k in debt, other than a house, is far from a dream. But we get what you meant.
This was so helpful. Thank you for sharing all of the details around boat loans and your personal experience.
Ryan, one of the best parts of your and Jessica's channel is the upfront honesty and frankness. Thanks. :) :) :) :)
Such a good video you guys. You really explained the things well that we are figuring out and learning as we plan for our next boat.
Great video! Your channel is unique and very informative. Thank you.
Answered my question within the first minute, love it. Cheers guys
One thing you can feel good about - no more rent on an apartment!
Excellent Information. Thank You Guys For All This info!!
Great explanation of the process. I’ll subscribe. Good luck with your adventures
Great info. Thanks for taking the time.
Great video! So thankful for the information.
Just what I needed to hear! Plan B in action. Thank you young Jedi, Be Blessed. Love you.
Thank you for being so transparent.
Thanks for the nice info bro.You guys are awesome!
Excellent information, even though my personal situation will be different from yours. Most people want to keep such things close to the vest if they do not know you well. That makes your story very valuable to anyone thinking about financing a boat.
Thanks, for all this information, it’s been very helpful.
This was extremely helpful. Thank you.
I did just like you. I called and checked on boat loans, plus the insurance quotes . All I wanted was some quotes to hash the numbers to see what size and type boat was feasible, while still being within my budget. I got such a runaround on the loan and insurance quotes that I gave up my dream. For now I will just consider chartering a boat. I must say I'm so glad you guys prevailed and achieved your dream boat. Thank you for sharing this information. Cheers Mates!!!
Thanks for the debt and loan insight. Much appreciated and loved the explanation and breakdown. 💯💯💯
great detail, really well explained, thanks
You did a great job in helping people understand the financial side of boating. Good luck.
Appreciate this video brother! Thank you 💪🏼
Loans aren't for everyone, but they did allow us to get out on the water sooner. Hope this helps those of you considering the same route! :)
How do you think this advice compares when talking about a 40,000 loan? Similar? Possibly a whole different ruleset?
We boat for 40k, got a loan for 36k. Since the boat was more than 10yr old they said we had to pay it off in 5yr. We put 10% down and had to pay for survey out of pocket. It was about 1k dollars. The only thing the bank cared about was that we had insurance. We're happy with the deal but if we were to do it again we would look at cheaper boats and fix them up a little bit since our boat needed some repairs right away. I would advise people to get boat with good bones and start over and do things the proper way right off the bat. Good luck.
Wow, thank-you! I definitely appreciate the advice! Did you have options, and/or shop around for different loans? Also, had you heard of the large line of credit concept that Ryan mentioned in the video?
We shopped around a little. All the banks said no to what we wanted. We tried two credit unions. One said yes, we had history with that one already so we were hoping to go with them anyways. We thought about the larger line of credit but we didn't have enough established credit and then the interest would have been to high. If your worried about credit, don't let that stop you. You can get many boats with good bones for around 5k to 10k.. A little sweat equity goes along way in this world. Plus just about everyone I talk to is willing to help or give advice.
Well, I have pretty good credit, so I'm not worry about it there, but I will be changing jobs soon here so that could harm my chances. We'll see. I do have a bank that we have a great relationship with. My family has used it and interacted with some of the folks there for 30 years. Hopefully that'll up our chances :) Thank-you for the advice though! We're looking to get a trawler which typically costs a bit more than 5-10k. We'l figure it out. We always do :P
Thanks much for the detail video - very much appreciated! 👍💯🙌
Great info, thanks for sharing! Looking forward toward your sailing trips, and any repairs and upgrades you did (will do). 👍👍👍👍 😊 ⛵⛵⛵⛵⛵⛵
Great video. Thanks for all the info.
Well done, patience and perseverance works.
That was very thorough. Thanks.
Learned a lot. Thanks.
Thanks for this. Very educational.
Thanks for the video, very helpful.
Thank you so much for sharing this information. I’m going to change my strategy based on your recommendations. You guys give the best, most useful info. Peace & fair winds
Glad it could help!
Great Info,not like just buying a house a lot more complicated,great video and info
Super helpful. Many thanks.
thank you for all the info.
Excellent video. Thank you!
That's a crazy story and thanks for sharing. fortunately for me I didn't have that hard of time. but it all boils down to who you're working with. I was able to get my boat 2024 for less than 3k down payment for 180 months on $59K loan. my DTI was around 46%. (boat included) the salesperson I was working with did a great job and made happen for me.
Excellent video and great information! Have you ever thought about doing seminar's on boat loans? Cheers!
Great video. Thank you
Good info. I would be interested on your options and plans on where to register the boat.
Great video!!!
Great video bro
My plan? Sell my home for what it’s worth ( $400k to $500k value easy) , buy a boat for $80k to $120k cash , and live frugally on the leftovers. At age 64, I think it will last till I draw the last breath. I’m addition I have a pension of about $18k a year. In addition, I’m also thinking of buying some water front land, and building my own dock with power and water. In my area, this can easily be done for less than $100k, thus saving ongoing marina fees, but only being a 15-20 minute ride to open water. Wish me well.
This video is extremely beneficial in that I am just going to keep saving to purchase the boat we want in cash, no matter if it takes another 3-5 years, etc. All your jumping through hoops for multiple loans just to purchase a toy is ridiculous and even tho I was thinking about getting a loan for my toy too, I no longer fine it worthwhile. You let emotions get the best of you and it took you down a path of multiple loans for one thing. Crazy
Thanks a ton for this
Great info thank u
Great video
Great information
Great information. Thanks for sharing. I have always found that the hassle of dealing with the banks/paperwork is so much that even your greatest excitements are darkened slightly by general fatigue of process. I could see that in Jessica's face in the previous video. It is normal.
I will offer up that you should consider paying off secured debt first, then unsecured debt. At some point I would also recommend piling the boat and other assets as well as some cash into an LLC with you and Jessica as owners. Or getting an umbrella insurance policy.
Looking forward to sailing videos. You two should hook up with Tula's Endless Summer and partner up some doing boat repairs together.
Great video. Good eye opener. The misses and I plan to explore sailing and if we like it would purchase a cat. I'll personally and purposely be taking a loan against the cat and leaving my capital in higher earning vehicles. Appreciate the insights and will start taking with financiers much earlier that I would have, given your video!
Really good information on this video. Thank you for putting it together. Curious what back gave you the line of credit.
Excellent video
Good information to show how the process works. Makes me wonder...a few more months of saving and debt free. The debtor is always a servant to the lender.
Thanks for the information, but it’s crazy to be that much in debt with property that depreciates and requires more money to maintain. I wish you guys much success and look forward to how things pan out.
great job explaining boat loans.
Damn. Saved 100k over two years? You should do a budgeting video!
Benjamin Wiles , Ryan should run for POTUS with skills like that!
So....to get a loan for a yacht, you have to prove that you dont need the loan.
all of this loans and credit building information is great and you should do all of that stuff to help build your credit and understand the process right up to the part where u take a loan for a boat. thats where you should stop and just buy something that's within the cash on hand that u have.
Wow! Didn’t know this but it sounds like these parameters should be for ALL loans. Might help our economy some.
Being a full time RV er i new some of the process .
Thank you so much for sharing. With regards to purchasing a home to show credit worthiness, there are many fees that go with buying and especially selling a home to the tune of thousands of dollars. For instance if you use a real estate agent when you sell a home you will pay 6% of the home's sale price as a commission to the agent. Typically when buying a home the seller pays some of the buyers closing costs but not all and not the real estates buyer's agent's fee of 3% commission on the sale price of the home. The only way to get around these fees is to buy For Sale By Owner homes only which really isn't that feasible or at the very least is quite limiting. Then there are other fees, such as tax stamps, surveyor fees, real estate lawyer's closing costs, mortgage fees, etc., etc.
For that reason I would consider a car purchase before a home purchase. Again, this is only if you're using the purchase simply to prove credit worthiness.
Cheers!
Thanks!
Ryan, great video and thanks. Just wanted to add my recent process (last month). I'm in the Army and currently deployed to the Middle East. I saw a boat on Yachtworld (20 year old catamaran) and was going to look into purchasing it for when I return. I called USAA, asked for a $150,000 pre-approval letter (as I did for my previous house..... brokers LIKE when buyer have them :) ). They asked me a few questions and asked for some of my financials. Within, thirty minutes I had the approval letter in my inbox. They were GREAT to work with.
Thanks for sharing. Good to hear another real work account! Sounds a fair bit less complicated too.
We also used usaa and were approved within minutes. We were only required to close in USVI instead of BVI where the boat was located.
Wow! Lots of good info! Thanks! This video makes me squeamish. I've owned two houses and a lake cabin, had school loans larger than my mortgage, along with small debt like vehicles and such, and I'm probably close to your age. After reading some Suze Orman books, I realized, I desperately wanted to be out of debt! Unfortunately the quickest way to end the rat race is usually to win it. We are fortunate to have two very well paying jobs, and plan to buy a nice cat for cash when the time is right, but for now, I can't afford a boat and I know I can't afford a boat, and being nearly out of debt, the last thing I'd do is a loan. The issue these days is entitlement. We want what we want now, and few are willing to put in the long term effort. When I'm on that cat of mine,,, I'm going to answer to no one! It will take me longer to achieve that, but I have a lake cabin and day sailor in the meantime, so I should survive. First world problems, right? I guess each to their own. We all have to pick a path and no two are alike. But my general rule of thumb is,,, if it's difficult to get a loan, there's a very good reason! Your operation reminds me of arms on houses before the bubble. And you have an interest only LOC for 75k! 😲 A boat is a depreciating vehicle, not an appreciating investment like a home. You better pay it down faster than it depreciates or plan to live on it for a while. I think it's going to come down to how much income you have. If you have enough income to make this happen, you are fortunate. For those who don't, start small, pay cash and work your way up. Debt is the opposite of freedom...
If you don't mind me asking, what sort of jobs do you have? Were they hard to get? Did they require education? Just looking to compare me and my wife's options. Thank-you :)
I'm an airline captain for a reputable airline, my wife is a pricipal at a level 4 special education school. They both required 6-8 years of education each, and were not easy to obtain. Looking back I realize I was somewhat judgemental, and it was not my intention to compare in any way, as we are all on different paths. It's amazing if you have the ability to live aboard such an amazing boat at this point in your life. Do you have kids? It's even better if you don't! In our case, we have two daughters (7 & 8) whom we intend to raise the good old fashioned American way with bikes and dogs in a neighborhood in the community I grew up in. Regardless of the benefits, I would not choose to raise my kids on a boat despite the fact that I easily could tomorrow. Of course, I'm paying heavenly on student loans, as is my wife (both from modest families which couldn't afford our education costs). I don't think it's a bad plan to do what your doing, I just happen to be in a position where I'm desperately paying down debt so that I can get to my boat with no strings attached. That being said, I'll be much older and probably less physically able than if I were to live aboard today. For us, our #1 priority is raising our daughters well, and the boat idea is secondary. So we too have strings attached, which are the ages of our children. Our master plan won't come to fruition until about 2030, at which point we will have ultimate financial stability, but I will also be 48 years old, which will serve it's share of issues I'm sure. In the meantime we sail our little Serenity (view our channel if you like), and are studying materials and taking courses to increase our knowledge, skills, and ability to charter between now and then. There's no perfect answer of course, no perfect path, and plenty of days I wish I had never signed on those loans and just sold smokes at a 7-11! Fortunately it looks as though the gamble will pay off, and we honestly are so excited to live aboard! Just not yet. What kind of jobs do you have? Will you be working from the boat? Will you need regular internet service? Will you be slipped near a major metro or off to who knows where? I'm fascinated by your path, and I'm sure you have a plan as well that will lead you towards your goals. Again, sorry if I came across harsh. Just concerned is all. That's a TON of money! Keep in touch! Maybe we can come visit you and become friends! We can fly to wherever you are for free... 😉
Edit : Just realized that I thought I was replying to the video poster. So that was written with that intention. I'm not going to re-write though, as I think it was written well and with good intention, so take away from it what applies to you and disregard the rest. ~ Josh
I gathered you had mistook me for them! All good though! Thank-you for all that advice though! I definitely can understand why you'd want to wait for your kids to grow up. I personally struggle with whether or not a child should grow up aboard. While they will definitely have a different childhood than a lot of other kids, it might not be bad for them if done correctly. The important thing is that they get time with other kids in my opinion. I know that I personally would have loved to be raised aboard, but I know hindsight is 20/20. As far as the financial thing goes, I believe everyone's financial woes are relative to one another. I believe that a large majority of families have a similar ratio of income to spending ratio. If you make more, you buy more. While this isn't the case with every person, it's something to consider. My wife and I are looking into getting an older Trawler in the 30-40k range. We are considering living on a mooring for a bit so we'll have wifi. Eventually we'd like to be in a slip but we'll see how it goes. Either way, you're right, everyone's path is different. Some people have plenty of money to do it, but don't enjoy it enough, and then some people just barely make enough to get a boat but, but love it so much that it doesn't matter to them, they'd be willing to do anything. I subscribed to your channel with my other youtube account so we'll keep track of your progress. I wish you the best of luck in your journey! Hopefully we have some luck in ours as well! :)
Agreed, in the end we all do what we have to do to achieve our dreams. As a closet Buddhist, I also struggle with the fact that the idea that the difference between "wanting happiness" and "happiness" is "wanting". I consider myself pretty happy, but I do want a sweet cat! Yeah, I love the idea of raising kids alternatively, but I still can't bring myself to trade it with the American Dream. I guess it depends on your own childhood. If it was good, you want to give it to your kids! If not,,, alternatives are a good option. I think we will definitely begin with a slip somewhere when we live aboard. I'll probably continue to commute to Atlanta for as long as I can take it, and my wife will retire early. I have a feeling though that once kids are on their feet I will have a hard time with the idea of going to work ever again. Part of our research includes affordable, quality long term slips. After I'm done working we'll go where the wind blows us (or tack). 😏
Sounds good! I definitely like the idea of a cat but for now we'll be sticking with something more affordable for us! For us it's mostly about figuring out a way where we can live up in New England during the summer and down south (Florida?) in the winter. We're not EXACTLY sure how we're going to do that financially but we can at least start living aboard up north. I find that I'm happiest when I feel like I'm getting things done. I think that goes for most people. With a boat, there's a LOT to get done. It really never stops, and so I know I'd enjoy working on it. Another big lure for me is that it sorta shrinks your world into a very finite thing, seeing as you live in a small space. Sure, you can bring your house anywhere but in the end, a majority of your "world" is your home. I like the idea of a smaller, simpler home, but not so limiting (like a tiny house) that I'll get bored of it. Also, chances are, if you meet other live aboards, they have had a similar path as you, and thus, you instantly feel a kinship with them. I'm looking for this kinship.
The only problem with personal line of credit, is the bank can call them at any time, and you have to pay it all back (which happened during the financial crisis 2007, banks called everyone's lines of credit). Or you have to negotiate converting it to an installment loans.
Very informative video. I have a few questions on the purchase numbers:
What was the list price?
What was your initial offer price?
Did you use any of the items from the survey to negotiate the offer price lower?
In NL the last ship mortgage broker stopped a few years ago. No loans for a ship period. If buyers can not get to money you can figure out what happend to the prices. You can get a lot of boat for almost no money.
Another reason to save and pay cash.
Ditto
Thanks Ryan...now go sailing already. Fair winds!
I got through my credit union. No money down. Easy payments.
What credit union? And what are the details?
Great info . Good detail. When you get behind the wheel of a boat you pay cash for for it just seems to make you happier. If you live in a snow belt 6 months out of the year you can't use it but those payments are still coming every month. I bought ours with a bad engine. I changed the engine and seeked out used seats. Maybe I will name the boat It's ours not the banks. Or maybe just Paid in Full
😆 lol
Paying cash is definitely best
All you needed to do was take out a secured loan on the 100k most banks lend on 100% (some to 95%) you had already in the bank, plus the 75K personal line of credit and you would have been done.
What were they secured with? The boat? Isn’t that what a boat Loan is?
@@maxwellalexander530 He is saying some banks will allow your cash/liquid deposits to secure a loan. In this case they mentioned having 100K in the bank, if their bank allowed it they could have taken out a secured loan against their deposits at a lower rate than other types of loans.
Of course, many banks don't offer this because cash can be moved/spent. The last one I saw required that you maintained at least 50% of the original secured amount in the bank. So 100K loan on 100K of deposits...you really only have $150K because the bank requires you to keep a $50K balance or the terms of the loan change (increased rates).
I had a good experience with Essex. I’m in South Carolina but worked with one of their California reps. Wound up placing the loan with Bank of the West.
Cool, thanks for sharing. Yeah, might have had the same rep as us in that case. At very least the CA reps are nicer and more responsive.
Just found this video -- dreaming!
Love the video watch a good information but can find a bank that those personal lines of credit can you name any banks or Credit unions that you found that do personalize of credit
Thank you for the info! What resource(s) would you recommend to find boats for sale (websites, forums, etc.)?
I tried a year ago to get a loan for a 60' Gibson houseboat in florida and was told by every broker I spoke with that nobody will give anybody a loan for a liveaboard boat of any kind any longer.
Thanks for doing this. It's really helpful. What's really annoying about all of this? I'm learning most of this stuff for the first time from a guy who finally was able to get a boat loan. From people who do these loans, especially banks, it's all chitchat, vague answers to questions but no complete information, outside of "deposit the amount of the loan in a savings account at less than 1/2% interest." The tip about a Personal Line of Credit is amazing.
I suspect that it must be so easy to lie on loan applications the way they try to minimize this is to not tell you everything. I've got enough investment assets to pay for any boat I want, but I've only just been able to get an unsecured credit card (that of course I pay off in full every month.) Most of the teachers I used to work with made significantly more money than me - but they were smothered in debt. They had mortgages and then ran up consumer debt and now they were stuck. Yet I'll bet any one of those people could bury themselves even deeper much more easily than someone like me could get a boat loan.
It's an annoying ridiculous game that'll probably mean I just pay cash for my boat. That's what I had to do for the last two cars I bought. When I went for a car loan for a used Prius 5 years ago I was told a loan was impossible. The three credit rating agencies hadn't given me a credit score - they'd assigned me a bankruptcy prediction score! And it was a high number. "They expect you're likely to file for bankruptcy protection within a year." That loan officer wasn't even supposed to tell me any of this. At that point I had zero debt, no past bad debts, a good job and more liquidity than 95% of Americans and a willing co-signer for my loan.
If I have so much money why do I want a boat loan? I'm invested in Tesla. I'm very confident that my Tesla stock will average at least 35% year-over-year for the next several years. (This year I expect to see +100%. Last year's +48% was more than double what I'd predicted for 2021 - so I'm not some wide-eyed kid living in his mom's basement with a Robinhood account). Paying (say) $240k for a boat instead of $40k down payment and getting a $200k loan would (likely) cost me, by the end of this year another $200k in lost opportunity. And over the next five years I'm confident $200k in Tesla stock will be worth well over $1 million. So a $200k boat loan means I can sail now, and still have that million bucks over the next five years. (This might seem a bit overly optimistic, but I've been doing this for 14 years - and all I'm really doing is following Warren Buffett's example - applied to tech. He followed me by 8 years into investing in Apple.) As a DIY, Go to problem solver guy, I had an epiphany - Why not apply my problem solving mojo to money? What's weird is being a successful investor has been a lot easier than learning all the skills needed to keep a sailboat functioning. Sorry for the rant.
Great info but I'm also curious, how much was the boat being advertised for?
thank you
There's people with previous 50k+ loans outside of a house. There's car loans that are more than 50k
Ryan - what bank gave you the $75k personal line of credit. You did not mention it being "secured" so you've got me curious.. Thanks for any info.
Good video and information. I wish you all the best. I am concerned though that interest payments will crush your dreams. Really hope I'm wrong.
I would be more concerned that they are not (yet) paying down principle, yet they seem like a smart and resourceful couple. I would typically get a loan to pay back at a certain rate and then generally increase this as long as my incoming money allows - to pay off quicker and ultimately save money.
Good contribution for the wanna bees. Most have no idea.
You've helped a lot of dreamers....and doers.
Hey there great video with info about the finances of getting a boat. My scenario is different. I just retired after 35 yrs with same company. In reference with the brokers ,how do they handle person who don’t have a paycheck every month. I do have a 401 k and a pension plus own a house and living there for16 yrs to present. I do not have credit card debts and only a auto loan which I’ll pay off probably the end of this year. I have over 500,000 in cash not counting my home. Is it better to pay cash for the boat but not taking in account the insurance,fuel,maintenance ,docking fees,slip rentals etc per month that require $$$ or will they give a loan with equity I have on hand?
Thank you for your informative videos. I’m sure your helping a lot of folks out there wanting to get a boat with the info you provide and doing most of the leg work for them.
Okay here I am and there is ZERO links to the two finance companies you mentioned. So......
a few questions, maybe I missed in the video or in the comments
-- if your boat is your home and you have a "boat loan" - could you deduct the boat loan interest for State or Federal income tax?
-- I know you have touched on this before - but was there a requirement to be a "certified" boat captain to obtain the load? I have heard you may not need to be captain, if you keep the boat docked (while learning/earning the captains license).
-- also, what are the insurance requirements to obtain the loan? to stay in the marina? I have hear insurance can cost around 2% of the boat "value" ... I would figure that into any boat mortgage costs.
-- I do love your detailed videos on the "not so fun side" of boating/sailing!
- not sure about the take stuff. Interesting question that I'll have to do more research on as tax season approaches.
- There was no captains requirements with regard to getting the loan. We don't have a captains license (yet) but if you feel like your experience may be view as being "insufficient" by the bank, then make that part of your story that you tell them. Tell them how you're planning on getting training from instructors before you take the boat out yourself. Tell them how you plan on doing small day or weekend sails to get familiar with the boat.
- Insurance for us was just right at 2% of the value of the boat for the year. I theory it'll go down in a year or two as we build experience. Though we got some quotes that were literally 3 times that amount, so shop around. Ultimately we went with Progressive, because the actually had better boat insurance that some of the dedicated marine insurance companies.
Hope that helps!
Goodonyah guys.
how far back do they count the pervious installment loan?
Hello. Thanks for the vid. These terms that apply to getting the loan/mortgague. How much you regarding? Because im only after a 50k boat??
What bank did you use for the personal line of credit?
Very informative. Where does your income come from now?