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roryclaire101 · 12-03-2018, 14:17

Hi there, my wife and I are new to this forum

and we have many many questions...we have been trying to find a bank in Canada that will finance a catamaran for us. Our dream is to sail and charter around the world.
Are there any Canadians that can point us in the right direction (finance wise)?

Thanks

Rory

DayDream · 13-03-2018, 08:43

You'll probably have more luck getting help from others if you post in a different forum. Not as many people visit the classified section...

SVTatia · 13-03-2018, 16:43

Assuming you have a CG Captain's license (a must for chartering), here 2 questions to consider:

Would you be able to sail away from Canada on a mortgaged boat?
Would you be able to get insurance to charter around the world?

A negative to any of the above and the plan is doomed - buying the boat outright is a better strategy.

Just a thought.

**Jim Cate** · 13-03-2018, 17:04

If you are considering operating a paid charter boat in other countries around the world, you will find that there are local rules and restrictions that functionally preclude that activity. Beyond that, local entrepreneurs will take a very dim view of illegal competition; some of the means of expressing their displeasure will be quite unpleasant for you.

And no legitimate bank would lend money to fund an illegal activity.

I fear that there is a very rainy forecast for this parade!

Jim

Mike OReilly · 13-03-2018, 17:19

I don’t really understand the question. Buying a boat is like buying any other big-ticket item. Banks are happy to lend to a credit-worthy person up to the level they deem you qualify for. Although my boats have always been cheaper than yours likely will be, I’ve had no problem securing consumer loans, while using the asset (the boats) as collateral.

After that, just go sailing.

As for chartering, there are both large and small charter companies that will manage your boat as part of their charter fleet. Some of these are more global in reach, so you may be able to move your boat around their various bases. Best to talk to them about it.

It goes without saying (hopefully

) that one should not break local laws to offer under-the-table charter services.