Home South General Fishing & The Outdoors

boat loans for fishing guides

I am looking for a lender who will do boat loans for guys who will be guiding from their boat. I don't need guys who can do recreational loans. I do that myself for a living. Looking specifically for a lender to work with fishing guides. Anyone got any useful suggestions? Thanks!
Catch 'em up!

Nick

Replies

  • Lucky7Team2Lucky7Team2 Posts: 6,794 Officer
    Out of curiosity what diff does it make if ur a guide or not?
  • nbseafrognbseafrog Posts: 521 Officer
    Good question. Lenders who do recreational boat loans only don't do commercial guys because the boat is used so much more. The perception (right or wrong) is that the boat will depreciate much more rapidly if the boat is used for guiding. Can't really sneak and guide with the boat because the bank gets a copy of the insurance binder which would show if the boat had commercial coverage. It would be pretty risky to not have the right insurance coverage and have a charter get hurt on your boat.
    Catch 'em up!

    Nick
  • Lucky7Team2Lucky7Team2 Posts: 6,794 Officer
    nbseafrog wrote: »
    Good question. Lenders who do recreational boat loans only don't do commercial guys because the boat is used so much more. The perception (right or wrong) is that the boat will depreciate much more rapidly if the boat is used for guiding. Can't really sneak and guide with the boat because the bank gets a copy of the insurance binder which would show if the boat had commercial coverage. It would be pretty risky to not have the right insurance coverage and have a charter get hurt on your boat.

    Thanks...Good luck...
  • lemaymiamilemaymiami Posts: 3,843 Captain
    NB just guessing here, but if I were a lender I'd be reluctant to lend money to a commercial user (the most probable lenders would be in places like the Keys, or other areas with a high concentration of work boats and folks trying to earn a living with them). If you do find such an outfit post up about it here, I'd be interested to know about it.

    And if anyone says you can make a good living as a guide.... just laugh!
    Tight Lines
    Bob LeMay
    (954) 435-5666
  • JettyparkJettypark Posts: 1,969 Captain
    yea but its a trick to get the wife to do an okay on the loan.. LOL.. can't tell you how many times i have heard that a guy was gonig to get a $$$$$$ boat and then paid it off by guiding during the week..
    and the wife went along with it... most of these guys cant tie a knot but since they caught a fish or two.. they are guide LOL..
    sorry for getting off track but i would agree if i was a banker i would rather give a loan to ta rec fishermen then a fisherman that was going to be out there all the time...
    aa13.gif"A ship without Marines is like a garment without buttons"
  • Egrets LandingEgrets Landing Posts: 949 Officer
    Where do taxi and truck drivers get debt for their rides?
    What about farmers for tractors and operators of heavy machinery?

    I am sure lots of people just get regular recreational loans and then sometime after go into the business.
    Same thing happens with Real Estate. It's debt for the homestead and then you move and it becomes a rental and investment real estate. Not much they can do about that.
  • IdlewildeIdlewilde Posts: 1,357 Officer
    What you are looking for does not exist. All lenders who loan on marine items, at lease the good ones (of which I was one - I think :) ) will (1) require more of a down payment for a working boat, (2) require a shorter term, and (3) may require additional (or seperate) collateral if the borrower does not have (a) good local reputation and equally important (b) a good credit history, and (4) require a copy of the applicant's CG license, state, county, and local business license (if applicable) prior to funding the loan.
  • Capt. Skip DanaCapt. Skip Dana Posts: 253 Officer
    You can check in the boats and harbours paper. There are a few commercial lenders in there, but I can tell you from experience there are easier ways to go about obtaining a loan, and commercially is harder.
Sign In or Register to comment.