Does anyone know why the bank would want to register our boat as a documented vessel?
It's a 7 year old 27' Wooldridge pilot house (bought from Sportdrifter). (It is right at 7 gross tonnage so it is in the grey area, under 5 tonnage=no need, over 10 tonnage=mandatory)
From what I gather, it costs $450 extra at closing on the loan.
Is there any advantages or disadvantages to doing so, both for the bank and myself as the owner?
Are other pleasurecraft boats that you guys run registered federally as a documented vassel?
Am I required to do this or is it my choice? Bank really wants it documented....there must be a reason and I'm pretty sure it not cause they are looking out for my best intrest, just a gut feeling.