My Yacht Sales

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Frequently Asked Questions

Yacht Loan FAQ's

Yacht loans, boat loans

How long does it take to get approved? Typically 48 hours

What do I need to apply?  Two years complete tax returns, a pay stub and verification of liquid assets. Credit decisions typically take 48 hours 

How long is loan approval good for?  30-60 days (this includes pre-approvals), AND extensions can obtain an extension in most cases. 

How do I get pre-approval loan? We send a purchase and sale agreement to the bank to show the size, type, year, and price of the boat you want. And once we find the boat you want we will update the purchase agreement and send that to the bank. 


We can help with the entire process

Yacht Surveys

Yacht Survey, Yacht Haul out, Boat survey

What is a Hull Survey?  Comprehensive inspection, and is strongly advised when purchasing a new or used vessel. This covers the condition, overall operation, structural integrity, electrical systems, the propulsion system, the fuel system, other machinery, navigation equipment, miscellaneous on-board systems, cosmetic appearance, electronics, and overall maintenance, oil analysis, as well as an out-of-water inspection and a sea trial. 

Do I need a survey? Surveys are strongly recommended and required if you will be financing the boat or getting insurance.


 We can help with the entire process  

Yacht Financing

Yacht Financing, How do I get boat financing?

How much down payment is required? -   

Most boat loans will require a twenty percent down payment. We do offer other programs requiring only a ten to fifteen percent down payment depending on the loan amount.

How will the closing on the boat be handled?

All documents will be sent E-sign and you will over night originals back or you can drop them off in person. You can be anywhere in the world while we close on your new boat. 

Can I refinance my current boat?  Yes we can refinance the current balance of an existing boat loan as long as it is above $25,000.00. 


 We can help with the entire process 

Coast Guard Documentation

Certificate of documentation, coast guard doc

What is Coast Guard Documentation?  A documented vessel is one that is registered by the Federal Government through the U. S. Coast Guard, rather than titled and numbered by a state. Pleasure vessels of 5 net tons and over (26 feet in length and up) may be documented, and commercial vessels 5 net tons and over must be documented. It allows the bank to file a mortgage on your vessel giving the bank a more secure lien on a federal level. It also benefits the consumer by providing a more secure form of ownership and allowing travel into more US and International Waters . Documented vessels also have a filed history of all past ownership. 

Donating your vessel

Donate my yacht, donate my boat, how do i donate my boat, why would you donate a boat,

Why would I want to donate my boat? If you have had or expect to have a great cashflow year with your US business it may make sense to consider donating your boat. 

How does a boat donation work? Your boat will get appraised by a  certified marine surveyor to give you a itemized and overall appraisal value for the  itemized charitable tax deduction on your federal tax return. 

Is Boat donation a good idea? Depending on if you need a tax write off, if you want to cut monthly expenses and repairs, and its an excellent means of philanthropic giving then yes. 

We can help with the entire process

What is boat maintenance?

Boat maintenance, boat repair

Things to consider on a monthly and annual basis for maintenance. 


Monthly:

Bottom cleaning 

Washdowns 2-4x

Cleaning sea-strainers 2x +

System check (checking all the systems of the vessel to ensure everything is operating correctly)

Exercising seacocks.


Annual:

Waxing of the vessel 2-3x+

Oil changes

AC descale

Bottom painting

Other minor repairs fiberglass, woodwork, underwater gear, etc.