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Marine Mortgage Question

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Dann Porter

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Mar 26, 2002, 1:02:45 PM3/26/02
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We are considering moving up from our Ontario 32 sloop to a size
suitable for liveaboard (currently exploring a 48' ketch as one option).

Does anyone in this NG have any experience or information to offer
regarding lending institutions in Canada (we are in Vancouver) that
handle and understand marine mortgages better than a regular bank does?
In previous dealings with banks they seem to treat a boat purchase no
differently than a car loan or personal loan.

Any info greatly appreciated.

Dann

Kent Hunter-Duvar

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Mar 27, 2002, 6:41:23 PM3/27/02
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Not to sound obtuse, but other than the dollar value, how is a boat purchase
significantly different than a car loan? Even a mortgage is little different,
except for the $$ value. More expense to make sure you have clear title and you
can't run off to the Carribean with your house (if you could, I'd probably be
gone by now) and not many houses sink. I suppose a mortgage has a longer overall
amortization period with renewal's required along the way. My impression of
mortgages are as a way to maximize the income for a group (lawyers, banks, title
searchers), not as a preferred method for the customer.

Kent

Pat Drummond

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Mar 28, 2002, 1:39:24 PM3/28/02
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(opinion not info..)
Lending to buy a car is actually safer for a bank than to lend for a
boat purchase. A normal (licensed) boat has no central paper trail
to check ownership or liens. You could buy a boat then find out it
was stolen and there's not much way to protect yourself. Registered
boats are documented with Transport Canada (they even list
registerered boat owners' private information on their Web site).
Still, a friend of mine had registered a new boat and had a problem
with ownership when the builder when under. Read the info about
licensing v.s. registration on www.ncf.ca/boating/license.html)
Let the buyer beware.


Dann Porter wrote:


--
Pat Drummond PDQwebdesign.ca
Boating in Canada http://www.ncf.ca/boating

pierre Mitham

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Apr 8, 2002, 8:29:19 AM4/8/02
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Dann,

Banks in Canada don't write up marine Mortgages anymore. I coldn't find a
Bank in Canada that would do one when We bought our boat. We ended up using
a Personnal Loan to Buy your 34 foot Grampian. By the way, the Ontario 32
makes a greate liveaboard, why do you want to ber a 48' boat?

Pierre.

"Dann Porter" <da...@usa.net> wrote in message
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Dann Porter

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Apr 8, 2002, 10:49:08 AM4/8/02
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Pierre,

Thanks for the reply. I hadn't been able to find anything online about Marine Mortgages at Canadian banks and now I know why. :-(

Yes, the Ontario 32 is a fine boat and would work well as a liveaboard, but our longer term plans also include doing some chartering and the market niche we have in mind calls for a larger, more traditional looking vessel.

Dann
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