Buyer & Seller Information

So, you've found the boat of your dreams! Now, you probably need to get it financed. Financing a boat is different from financing a house or even a car. Boats are usually more expensive than cars, but have almost the same mobility. Lenders unfamiliar with financing boats often are reluctant to get involved. Certain types of boats, such as wood boats, houseboats, or boats older than 15 years can also have their own challenges when it comes to financing.

Another thing to think about when you purchase a boat is the possibility that your boat payments may be tax deductible. The boat typically needs to have a head, a galley and a sleeping berth to be considered a "second home". You do not need to be a permanent liveaboard, but you would need to spend at least 14 nights a year on board your boat. Check with your tax professional to see if you qualify for this tax break.