Financing
Think about getting a loan? We will aggressively help you finance the purchase of your new or used boat. We can recommend several top-notch lenders we’ve worked with in the past who can get you the most competitive rates and terms available.
Boat loans are typically available with fixed or variable rates. For a fixed rate loan, you’ll usually pay 20% down (either in cash or trade) for a 20 year term with no pre-payment penalty. You’ll need a good credit score and documented income to show you can make the monthly payments.
Contact us anytime for getting more info on a competitive boat loan.
Here are some top benefits of financing your yacht with a marine finance specialist:
- Lower down payments – the down payment is based on the age, type and price of the boat you are buying, as well as your own credit profile. In today’s market, marine lenders offer financing with down payments typically in the 10%-20% range, but often there are programs available through various manufacturers that could allow you to qualify for less, or zero-down on new boat specials.
- Faster credit decisions – because you are working with professionals in the marine industry, those lenders understand boats and their buyers. You can apply for a loan this morning and be boating this afternoon.
- Longer financing terms – marine finance specialists recognize the value of a well-maintained boat, so terms generally will be more attractive than those offered by local banks and credit unions.
- Lower monthly payments – because marine lenders extend longer terms on boat loans than local banks and credit unions, your monthly payments are likely to be much lower than you have expected.
- More electronics and extras – marine lending specialists will allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your purchase.
By financing your boat purchase you can usually afford a newer, larger or more powerful boat, a better trailer and all the gear that it takes to make boating safer and more enjoyable!
Offshore Delivery
Looking to save money on sales tax? Consider an offshore delivery. What is an offshore delivery? Read on.
An offshore delivery is when a client chooses to take delivery of their boat in a location outside of California, in order to use the boat in a location outside of California. The biggest advantage of this decision is that the buyer does not have to pay sales tax (which is about 9% of the purchase price).
An offshore delivery is when a client chooses to take delivery of their boat in a location outside of California, in order to use the boat in a location outside of California. The biggest advantage of this decision is that the buyer does not have to pay sales tax (which is about 9% of the purchase price).
In order to take advantage of this break in sales tax, the buyer must follow very specific rules and not appear to intend to bring the boat back to California, or appear to be keeping it out of state specifically to avoid the sales tax.
Performing an Offshore Delivery
Here’s how it usually works. We will take your new boat three miles off the shore of Point Loma where you are in international waters. We will document this by taking pictures of the GPS location, the day’s newspaper to verify the date, a picture of you behind the helm, and photos of the exchange of final payment. We’ll then go back to shore and submit all required paperwork and get it notarized. You will then provision your vessel before you take it into Mexico shortly thereafter. You will be required to keep your vessel in Mexico for 6 months to 1 year, depending on your state of residence. Contact us to get recommendations of marinas to where you can keep your boat in Mexico.
We highly recommend using an attorney to insure you follow this tax code. Contact us for a list of attorneys who specialize in this type of transaction.
We highly recommend using an attorney to insure you follow this tax code. Contact us for a list of attorneys who specialize in this type of transaction.
Here are some Key Points of Offshore Delivery
- The Purchase contracts (new or brokerage) must state that the offshore delivery as a contingency.
- The purpose is not to avoid sales tax.
- You should not keep your current slips or anything that could be argued that you intend to return to California.
- California buyers must keep the boat out a minimum 365 days.
- The client must keep all records of usage out of the state to verify it has been used not stored. There is no specific usage amount required by the state; however we suggest you use it as much as possible.
- The owner can not use the boat or put equipment on it until he has taken delivery out of the state.
- California Attorney’s who are experts in this tax code and others relating to your boat purchase.
For more information please contact Ian Van Tuyl the yachts specialist. Please feel free to contact me at any time day or night and I look forward to hearing from you and hopefully earning your business.
1-(619)-507-4416
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