Purchasing a boat for use in the SailTime Fractional Sailing or SailTime Power Owner-Member program is an intelligent and practical choice for many boat owners. There are many advantages to this type of boat ownership allowing benefits from both a practical use and a business standpoint.

Newcoast Financial Services has established relationships with lenders that will finance boats placed in service with SailTime locations throughout North America. Working together, we can help you to establish a lending program designed to suit your needs.

•	Fixed 15 and 20-year terms
•	24-month variable program
•	36-month variable program

There are additional considerations when purchasing a boat for this type of program. Please be sure to read these carefully:

• The banks will require a 20% down payment. Unlike a real estate mortgage there is no flexibility for less down. The banks consider 20% a fair amount for an equity position based on minimizing their risk and future depreciation.
  
  
• Will your down payment reduce your “liquid” position in your savings and investment portfolio? Typically the banks will want to see 6-12 months of living expenses in reserve, and this would include calculations for the vessel payment.
  
  
• Do you have good credit history and have you borrowed substantial or comparable amounts of money in the past for a home or business mortgage? Although there are second home tax benefits, the banks will want to see a good lending and payment history, and that you have borrowed large amounts of money in the past.
  
  
• Have you considered the depreciation on the vessel, and will you be keeping the vessel after it leaves the SailTime program? Unlike a home, boats are a depreciating asset. Generally a well-managed boat will hold its value, however market fluctuations for new and used boats will determine the residual value.
  

It is always a good idea to get your financing in place or pre-approved prior to making a decision to purchase. This is a very easy process, and will give you peace of mind when choosing the boat for your needs. There is no cost for approval involved, and we can easily supply the application forms to get the process started. We will need a completed loan application, a financial statement, and income tax information/verification.