Do you want to secure financing for your vessel? Does the idea of getting a mortgage on a boat appeal to you, but you aren’t sure what all that entails? Financing can make owning a vessel that much easier. Whether you’re using the vessel for recreation or commercially, not having to pay for the entire vessel all at once can make ownership so much more palatable for your life. However, to ensure that it’s possible to secure financing, there are steps you need to take. As ever, you can find all of the necessary USCG forms at our site.
Initial USCG Forms
If you’re looking for financing for your vessel, when you come to our site, you might go right to the “Preferred Ship’s Mortgage.” After all, it says “mortgage” right there. However, that’s almost invariably going to be step two. The first step is to get your vessel registered. Indeed, no matter what you’re planning on using your vessel for, just about any bank or lender is going to want you to register your vessel first. As with all of the other forms, you can find this at our site. We’ve specifically designed it so that, if you have all of the information in front of you, you can fill out this form and send it to us in just a few minutes.
Preferred Ship’s Mortgage
Once you’ve completed your registration and sent it in, now it’s time to get this form. Indeed, you can’t apply for it until you’ve been given a Certificate of Registration for the vessel. Or, alternatively, the application for that Certification is on file with the NVDC. If either of those conditions has been met, then you can complete this form. To make things easier on vessel owners, we’ve mobile-optimized our entire site. That means you can fill this form (and any others) out from wherever you might be.
When You Satisfy the Mortgage
There’s nothing like paying off your boat. Depending on what your mortgage was, it may have been a long time coming until it’s entirely paid off. However, once you do, then it’s time to file for the “Satisfaction / Release of Mortgage / Lien” form at our site. That way, should you ever choose to sell the vessel, future potential owners will be able to see that your vessel has been paid off.
Beginning Your Boat Ownership Journey
By that same token, when you go to purchase a vessel, you don’t want one with outstanding mortgages and liens that others put on it. You want to be able to buy a vessel that’s, well, going to be your vessel. That way, you can get a mortgage on it if you so desire. To know the full truth about a vessel’s history, we always encourage potential vessel owners to check out the Abstract of Title or, if the vessel(s) are in certain overseas countries, the Foreign Vessel Title Search Request / Transcript of Registry. You can check out our site for more or call (866) 981-8783.