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Old 15 May 2011, 17:15   #1
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Country: USA
Town: Chesapeake Bay
Boat name: Rib It
Make: ASIS/Ballistic
Length: 6m +
Engine: Yamaha 150
Join Date: May 2011
Posts: 2
financing a RIB

I am in the process of purchasing my first RIB, a Ballistic Open 6.5 m. Long story, but it is a 2007, just taken out of crate this year, never used. Bare boat with a single console. It is going to cost a few $$ to outfit and I would like to get a loan for about half the purchase price, so I can have some extra to get non-essential stuff after it is in the water. Boat is in the Norfolk area. Boat finance institutions seem perplexed about what manner of beast a RIB is, some saying flat out that they don't finance inflatables. They don't seem informed about how seaworthy and sturdy these craft are. Does this reflect the poor lending climate, or the fact that RIBs are relatively rare in the US. I've wanted one for years and will go through with the purchase even if I have to dip into my paltry retirement fund. Enjoy it while I can :-)

Anyone out there have any similar experience or suggestions.
Glad I found this group.
M
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Old 16 May 2011, 01:47   #2
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Country: USA
Town: Oakland CA
Length: 3m +
Join Date: Feb 2005
Posts: 6,653
Try BoatUS. They seem to at least accept RIB's. Mine's insured through their underwriters, but didn't finance it, so don't know about that.

You might hit up the finance companies with a quote for insurance in-hand; might make them a little less uneasy.

Luck, and Congrats;

jky
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