[Rhodes22-list] financing for Rhodes 22

[elle]

Marc,
   
  I want to clarify that even though you were asking about financing & I discussed how I pursued & received full valuation for my insurance, much of the process was the same.
   
  Without having the full valuation insurance, my ability to finance the amount I did would have been more difficult. 
   
  In fact, the surveyor's recommendation as far as replacement value, current value, etc., was @ 35% higher than what I paid for the boat.
   
  Seeing numbers like that makes the financing much easier.
   
  Keep us posted.
   
  elle
   
   
  elle <watermusic38 at yahoo.com> wrote:
  Marc,

This is not a problem. 

I recently completed the process for my 1992 recycled
Rhodes.

I initially contacted State Farm on the advice of
others on the list. They were willing to insure for
complete value but I thought the cost was too high.

So I called Boat/US. At first they were only willing
to insure for less than 1/3 of the cost of the boat; I
explained exactly what a 'recycled' boat was and how
it differed from a used boat.

So they required a 'condition & valuation' survey (had
to pay a guy to go to Edenton but it was well worth
it.) 

I have full coverage from B/US for about half of what
State Farm quoted. 

If you are interested in going this route, I would
advise using the surveyor I used; he was on Boat/US's
list & he really likes the R-22:

Mike Andrews of Andrews Marine Surveyors in Manteo,
NC. 252-473-3046

(There are several others on that list in the coastal
area who are not favorably predisposed to the R-22,
so don't waste your time with them.

elle


--- Marc Batson wrote:

> My wife and I just placed a deposit on a 1993 Rhodes
> 22. It will be a
> "recycled" boat, and we had a great time meeting
> Stan and touring his
> facility. Stan suggested that I post a message to
> see if anyone in the
> Maryland, Virginia, North Carolina region has had
> luck explaining to a
> lending company the nature of "recycled" as opposed
> to "used" in their
> consideration of a boat loan.
> 
> 
> 
> Marc
> 
> __________________________________________________
> Use Rhodes22-list at rhodes22.org, Help?
> www.rhodes22.org/list
> 


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