Catamaran Buying FAQs
Here is a list of the some frequent questions we get asked:
Q: Can we get a loan for a catamaran?
A: Yes absolutely, and just like a home purchase you have to qualify and take the steps with an application and credit check etc. Lenders usually require 20% down payment.
Q: What about insurance?
A: Our best answer is to strategize. They care about sailing experience and your history of boat ownership of similar sizes. They do want to know if you’ve ever owned a vessel of that size previously. If you have not then they may require you to get a sign off from the captain. This could take two days or it could take two weeks, timing is unknown as it depends upon your experience and ability to learn the boat. Basically the captain would spend time with you and your own boat teach you the boat. The insurance call that a Captain sign off. It’s required by insurance companies and I would say 3 out of 10 clients have to provide this to their insurer.
Q: Are there any other costs involved with the purchase?
A:Yes, you’ll have to pay for the survey and sea trial and Haul Out. Usually the cost is somewhere between $35-$45 a foot for the surveyor and $15-$25 a foot for the yard to haul the boat.
Q: What is the process of obtaining a surveyor?
A: This depends upon where the boat is. Generally speaking, there are a handful of surveyors in Fort Lauderdale that know catamarans. It’s very specialized in that those surveyors only focus on catamarans and therefore their knowledge base is much deeper than just any surveyor.
Q:What is the process involved when the catamaran is located abroad?
A: It depends on where the vessel is, how it is registered, who the owner is and where the closing will be. All this will come in to play with vessels that are located outside of the US.
Q: Where do we register the boat?
A: This depends on where you plan to cruise. How long will you be in the US annually and do you plan to cruise the Caribbean more often than not?
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