My late father had an opinion about bankers:"They will happily loan you money, to buy an umbrella, on a sunny day. Be sure they will want the money back on the next rainy day"

Great info and appreciate the cold hard truth of financing, not talked enough about on so many KZreadr sailing/cruising channels.

You are very well spoken! Excellent use of graphic overlay. We appreciate this information, I'm going to follow you! We are on our own journey towards a catamaran. Chartering a FP next month in the virgin islands - cant' wait!

Great perspective. Thank you!

Much appreciated for sharing your experience. I am slowly working my way through the catamaran purchasing process. I found USAA to have a straight forward process without quite the stipulations you have experienced. Sadly the Cat I wanted was damaged in Idalia, so back to shopping.

Thanks for sharing this very stressful process. All the info was very useful information for those of us thinking about buying a boat. Be safe, we wish you fair winds and following seas...

Thank you! Great advice!

I'm glad you mentioned insurance. My father purchased a blue water ketch. All cash for the reasons you mentioned. He had gotten as far as the USVIs when he was hit by a hurricane. The boat broke the mooring after two other boats locked together hit him. All three went to the beach. 😢. The insurance company refused to cover him because of location. The local insurance went bankrupt because of huge losses so even if he'd had supplemental policy that would have not paid either.

Good info and advice. I didn't buy a big boat. I got a 20 year loan on a cutwater 26, which is more of a family day boat to us. I was turned down on the first app, but then approved by M&T.

It has always been the case that, "Those who can get loans don't need loans. Those who need loans can't get them."

terrific video! thank you so much. you are so brave

Great info. Just sub'd and will be watching!

Good stuff.....thanks.

Funny you mentioned that they won't lend to live aboards, the same thing with RV's. Even though we owned our house in Oregon but having to take work in Nashville, it didn't make sense to buy a house in Nashville and elected to full time. We did need a bigger rig for full time but they wouldn't lend to us and we have a credit rating of over 800. The next RV, we were aware of that. USAA googled the address we were staying and called saying that we were staying at a campground and whether we were full timing, I said hell no, we were staying there while we looked for a house, the loan was approved 5 minutes later.

excellent video

Excellent advise

Great video.

According to IRC section 163(h) (4), a boat will be considered a qualified residence if it is one of the two residences chosen by the taxpayer for purposes of deductibility in the tax year. A qualified residence must have basic living accommodations including sleeping space (berth), a toilet (head), and cooking facilities (galley). If the boat is also chartered, the taxpayer will have to use the boat for personal purposes for either more than 14 days or 10% of the number of days during the year the boat was actually rented, to qualify for the interest deduction in accordance with IRC section 280A(d)(1).

Over here in The Netherlands, the mortgages on (Sail- and Motor-) boats ended beginning 2000's and loans for (Sail- and Motor-) boats are hardly approved. So, one need cash to buy a boat and man do we have marina's full of boats hardly moving out their berth...

Whelp! The credit business puts me out. I have no credit because I own everything I possess. House and cars and no loans. The debt ratio boondoggle is such a scam. Save and invest well!