Seeking Information On Financing of a Circumnavigation

Created by doina. Last modified on 2007-07-10 08:22:04
Topic: Global Yachting Services

After an exhaustive search on the web, I have found very little information regarding financing a new yacht for a circumnavigation.

As I began planning my own voyage, one prerequisite for my journey is a larger and newer blue water capable vessel.

Being unfamiliar with boat loans (my current boat is smallish and old and was purchased outright), the thought occurred to me that it may be difficult to get a lender to agree to finance a yacht only to have their collateral end up half a world away. I have asked local lenders (I'm in the Annapolis area), and none have been able to offer much information.

I have saved a considerable amount of money to finance my dream journey, but certainly not enough to buy a new yacht outright and properly provision her (all the while keeping a nest egg for operation and emergency costs).

Are there no boat lenders that lend under these terms? Am I the only sailor with this predicament?

Any info would be greatly appreciated.

Anthony Hodson

info@noonsite.com