Boat Financing Tip No. 3: Marine Financing Vs. Home Equity Line
February 9, 2018
If you’re thinking of buying a boat through a home-equity line, you might want to reconsider. As the team at Sterling Associates—a leading marine lender—points out, interest paid on such a loan may not be deductible.
That’s because home mortgage interest deduction is limited to interest paid on home equity loans up to $100,000. By using a home equity loan, you may limit the amount of interest that’s deductible if the balance exceeds $100,000.
For more information on financing your boat or to get the latest rates, contact Sterling Associates, (508) 234-1550.