Commercial boat Financing

[FlyingConnie]

I am buying a boat and looking for partial financing to charter fish with and possiible giant fish with. So I guess I'm pursueing nearcoastal trade, fisheries endoresements along with the recreational documentation. What lender/bank will do this?

 

[31jcptown]

Good luck with that Don't think you will get a loan for your intent.You might think more like a personal loan .

 

[Blacktide]

If you own a house and have any equity you might look into lines of credit or a refi

 

[MDI45]

flyingconnie,i would take the advice of the last two post...getting a loan for any type of commercial fishing is tuff

 

[Regina E]

You can get financing for charter or part time charter but I doubt you will find financing for commercial usage unless you use a round about funding ie: equity or personal loans.

 

[Helen L]

I went to my local bank and was approved. Intent was commercial fishing. Excellent credit and I met their financial requirements. Wasn't that much money for them. Not sure how much you're looking for, but a lot of times the community banks try to help members out.

 

[Regina E]

You can only change your endorsements with the banks approval as long they own a piece of the boat.

 

[steveinak]

I dealt with Farm Credit(New Jersey office) many years ago when i was buying my permit and boat in Alaska.

 

[RKrough]

The government has or used to have a couple of different low interest loan programs for fisherman. One was through NOAA and the other through the USDA. Many of the crabbers and gill netters where I grew up in Va used these programs to finance a re-power or new boats. Of course that was over 20 years ago so that may have changed.

 

[nick4634]

Here in NH theres a special program for fisherman that lets us take up to 150000 at something like 4.5 % but you have to show proof of at least 3 yrs of commercial fishing and I'm sure theres credit requirments and other stipulations