These are a few of the questions that our clients ask; if you have more, please e-mail Lighthouse Financing from the Contact page.
What type of boats do you finance?
We finance all types of power and sailboats for personal use regardless of the size. We will assist you whether you are purchasing a boat from an individual, a dealer or refinancing your own boat. We are able to finance boats for live-aboards, wooden boats, classic, older vessels, and charters.
What are your current interest rates?
Boats differ; so do our interest rates. Our rates are based on the model year of the boat and the dollar amount financed. Lighthouse Marine's rates and terms are the most competitive and comprehensive in the industry.
Back to Top
Where can't you finance?
Lighthouse Marine is pleased to say that our lending banks lend in all 48 contiguous states of the US. We cannot, however, finance boats owned by non-US citizens.
Does a boat qualify as a residence for purposes of deducting interest expenses on a residence under Internal Revenue Code 163?
Under Internal Revenue code 163(h)(2), a taxpayer may deduct qualified interest on a qualified residence owned by the taxpayer. Under Internal Revenue Code section 163(h)(4), a boat will be considered a qualified residence if it is one of the two residences chosen by the taxpayer and the boat provides basic living accommodations such as sleeping space (berth) under permanent cover, a toilet (head) and cooking facilities (galley). If the boat is chartered, the taxpayer will have to use the boat for personal purposes for either more than 14 days or 10% of the number of days during the year the boat was actually in charter, in accordance with Internal Revenue Code section 280A(d)(1).*
Do I need a Form 1098 to claim the interest deduction?
Form 1098 is not necessary in order to receive the qualified interest deduction. In accordance with IRS instructions for Schedule A, form 1040, if the taxpayer does not receive a Form 1098, deductible mortgage interest should be reported on line 11 instead of line 10 on schedule A.
*Please consult with a tax advisor about your own personal taxes
Lighthouse Financing
1-800-380-2437 - Tel: 281-326-7100 - Fax: 281-326-7114
2511 NASA Parkway, Suite 201 Seabrook, TX 77586
E-mail: marine@lighthousefinancing.net
E-mail: aircraft@lighthousefinancing.net