Funding the Dream
A look at the state of boat financing four years after the U.S. financial crisis.
In the June 2001 issue, Practical Sailor looked at financing boats and recommended that prospective boat buyers stick with the pros. We recently set out to see what had changed in boat financing since the 2008 U.S. financial crisis. After interviewing industry experts and related organizations on the state of the marine lending and boating industries, we assumed a boat-buyers role and sought financing help from marine loan specialists, large banks, and small lenders. We looked at cash versus financing, borrowing against your home, finance products, rates on boat loans, collateral on the loans, insurance issues, pre-approvals, repossession, and borrower qualifications.