I am considering the purchase of a used Tiara and would appreciate any advice regarding financing the boat, insurance costs, slip fees, etc that come along with the purchase. A survey from a licensed professional will definitely be done and probably needed from the lending institution and insurance company.
It will probably be a boat in the '91-2000 year range, 3500-3700 Opens and I plan to finance it. Not sure how much I need down (20% or more depending on the year). I expect to have to boat for at least 5 years before moving up. However, at this size I think it would meet the needs of my wife and I forever.
Also, is it better to pay more for a boat that has been mostly updated?
Any experience you want to share would be appreciated.
02-28-2022, 03:03 PM (This post was last modified: 02-28-2022, 03:08 PM by neto.)
i am not sure as for financing but I have a 3500 98 and full cover insurance goes for around 2500-3500 a year... Liability only maybe $500 a year.. For that size boat, you should definitively get diesel, those years will probably be cat or Cummins... Mine has 6CTA's and they are great engines and easy to repair compared to others.. I spend on my boat probably about $800-$1000 a month for marina wet slip, parts, maintenance but not diesel.
Ditto much of what neto said. Our insurance is about $2k/yr on a ‘99 4000 and that includes the upgrade so they do not calculate further depreciation of the engines (and cover them if there’s a catastrophic failure).
I think 20% down is pretty standard for a boat.
And to your question about paying more for an upgraded boat…absolutely, 100%, for sure!! The first appearance will tell you a lot. If things are dirty, faded, or mildewey, that tells you how they care for the things you can see. How do you think they did with adjusting valves or timing? Get as much as you can in terms of maintenance records and if they don’t have them, be prepared to walk. At a minimum, they should have a logbook indicating what was done and when.
(02-28-2022, 03:50 PM)MC1600 Wrote: Ditto much of what neto said. Our insurance is about $2k/yr on a ‘99 4000 and that includes the upgrade so they do not calculate further depreciation of the engines (and cover them if there’s a catastrophic failure).
I think 20% down is pretty standard for a boat.
And to your question about paying more for an upgraded boat…absolutely, 100%, for sure!! The first appearance will tell you a lot. If things are dirty, faded, or mildewey, that tells you how they care for the things you can see. How do you think they did with adjusting valves or timing? Get as much as you can in terms of maintenance records and if they don’t have them, be prepared to walk. At a minimum, they should have a logbook indicating what was done and when.
I can't help you with the financing aspect but I will say that with a used boat condition is everything. Don't be fooled by a boat at a 'great' price that has a long list of deferred maintenance items. You want the boat that the guy has been pouring blood, sweat, and $$ into and is going to cry tears when you take it away, even if it is more expensive than other examples of the same model/year.
The following 1 user Likes hiccup's post:1 user Likes hiccup's post John1964 (03-01-2022)
I just recently went through this whole process and the financing was a PITA. I put 50% down have a credit score in the 800’s and have liquid assets. The biggest problem was not ever having a boat loan before and therefore not having similar loan experience. Age will also be a factor, it will be tough to finance anything over 20 years old, mine was 15 years old and had to do a little shopping to make it happen. Insurance for my 2005 Tiara 3800 is about $2,200 a year through Geico / Boat Us and maintenance is still TBD since I am still fixing her up from her last owner : having said all of that….1000% worth it to have my own boat and the memories that are to come with friends and family this summer. Good luck and PM me if you have any questions.
The following 1 user Likes Hemlock_SF's post:1 user Likes Hemlock_SF's post John1964 (03-03-2022)
To Hemlock’s point, you may have to find a place that specializes in boat loans. Here in Annapolis, I used Sterling Acceptance and yachts is about all they do, so they have programs tailored to the nuances of boat loans. I could definitely see traditional institutions taking issue with some situations.
The following 1 user Likes MC1600's post:1 user Likes MC1600's post John1964 (03-03-2022)
One thing to investigate is the insurance. How much experience do you have with boats? Going straight into a 35' boat they are going to ask about that. I have had to submit a "Boating Resume" for my last 3 boats.
There is a couple behind my boat that the insurance company will not allow them to drive their boat. They are required to hire a captain and he must run the boat while teaching them. He has to certify when they are capable of running it before they can go out aline
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having said all of that….1000% worth it to have my own boat and the memories that are to come with friends and family this summer. Good luck and PM me if you have any questions.
