Mailport July 2012 Issue

Mailport: July 2012

Boat Financing

In regards to the reader letter on getting U.S. Coast Guard documentation for a potential new boat in the June 2012 issue, I just wanted to add that when purchasing a pre-owned boat (or getting one financed through a lender), you should always order an abstract of title through the National Vessel Documentation Center (800/799-8362), even if the boat is not currently U.S. Coast Guard documented.

The abstract provides ownership history and any outstanding liens or loans against the vessel. Those liens or loans should be satisfied prior to or at the time of purchase, and proper releases or satisfactions should be filed. This is a step that sometimes is overlooked but very important.


Peggy Bodenreider

National Marine Bankers

Association, Director

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