Paying Off Boat While Cruising

Due to our professions, we both have wonderful retirement plans through state and county governments. However, we do NOT have enough cash to pay off the boat— not even close— before we leave. So, the question is: Do people go cruising while still making payments on their boat? Do any lenders allow this? We don’t want to ask our lender just yet because we don’t want to set off any alarms. Does anyone know of any lender that does allow you to take you boat out of the country? We have direct deposit of our paychecks each month, and the payment can be taken directly from the account.

Hi There: Most folks have their boats paid off before they go cruising. However, we’ve had a few friends who continued to pay their mortgages from cash flow while they were away. The major impact this usually has, other than the payment itself, is the lender will require you to carry insurance–which can be expensive, depending on the cruising area. If you have the cash flow from your retirement incomes to handle the mortgage and insurance, I can’t see why any lender would have any comment to make–especially if the payments are handled automatically. Go for it! Steve

Posted by Steve Dashew  (November 30, 1999)

Comments are closed.