Boat Loan Final Steps

The loan for my j70 sailboat is approved. The loan that I am getting is way more than what I wanted. The issue being that since I am getting a construction loan, the loan has to be over $50,000.

I needed to provide the obvious documents such as driver’s license, signed the invoice, HIN (Hull Identification Number) and the Trailer’s VIN number. I also needed a second form of ID. I ended using my college staff ID.

I had to plan where to keep the boat. The loan company needed an address of where it would be stored.

While buying the boat, you would think that there would be a reasonable order. You buy the boat first, then get the accessories later. What is holding me up is that I need to buy the Honda BF2.3 outboard motor.

The reason is that the motor is listed on the loan. No serial number, no loan. Simple as that.

I think, all that is left to do, for the loan, is purchase the auxiliary outboard motor, provide the insurance binder and then pay the closing fees.