I was wondering, when you finance a used boat, does the financing package include the taxes and insurance like a home mortgage, or do you have to handle it separately on your own? If you have to do it on your own, I assume the finance company requires that they are listed as beneficiary of the insurance?
How are the taxes normally handled? How do you do a “title search” to make sure there are no leans on a boat? Have you ever took advantage of the mortgage interest deduction for a boat? What kind of paperwork does the IRS need to declare this? Jump in the thread.
Title inspiration thanks to The Style Council.