Boat Slip Financing

birchhaven · 07-01-2010, 02:16 PM

I asked a friend about the marina I thought was doing the perpetual lease, I was wrong or sort of right, it turns out if you buy some land it comes with the perpetual right to lease a slip at a locked in rate. So I guess it is kinda what I thought it was, but you still have to shell out some cash, +-150k for the land and then you get to lease the slip for as long as you own the land. So I guess it depend on your mental state, you get a slip and land for a little more money. I guess it beats buying land and then buying a slip on top of it.

laketrout · 07-04-2010, 11:12 AM

I agree with others that renting a slip for the year might be financially wise. That said is buying a boat money smart? Many know the answer to that question, Not really. There are many good deals out there right now on docks and properties and yes some are still over priced whilst others are at a great discount. If you have the money go for it and buy it. As for financing a dock you can do a home equity and or a loan at one of the local banks who will be more than glad to provide you with a loan if you have OK credit.
It is not whats right but whats right for you.

07-01-2010, 02:16 PM	#1
birchhaven Senior Member Join Date: Mar 2009 Posts: 132 Thanks: 14 Thanked 54 Times in 30 Posts	I was wrong I asked a friend about the marina I thought was doing the perpetual lease, I was wrong or sort of right, it turns out if you buy some land it comes with the perpetual right to lease a slip at a locked in rate. So I guess it is kinda what I thought it was, but you still have to shell out some cash, +-150k for the land and then you get to lease the slip for as long as you own the land. So I guess it depend on your mental state, you get a slip and land for a little more money. I guess it beats buying land and then buying a slip on top of it.

07-04-2010, 11:12 AM	#2
laketrout Senior Member Join Date: Aug 2008 Location: Long Bay/ Paugus bay Posts: 115 Thanks: 128 Thanked 13 Times in 9 Posts	I agree with others that renting a slip for the year might be financially wise. That said is buying a boat money smart? Many know the answer to that question, Not really. There are many good deals out there right now on docks and properties and yes some are still over priced whilst others are at a great discount. If you have the money go for it and buy it. As for financing a dock you can do a home equity and or a loan at one of the local banks who will be more than glad to provide you with a loan if you have OK credit. It is not whats right but whats right for you.