Hi all: this is Michel Benarrosh from sailonline.com.
This is probably one of the 2 or 3 oldest topics in the charter forums.
I will try to post more on this as i do every 2 or 3 years when the topic surfaces -again.

However, I MUST say something hugely important - probably my rule #1 in the process of purchasing - or not - a charter boat.
Whatever you do, DO NOT CONTRACT A MORTGAGE THAT IS MORE THAN 10 YEARS (12 is already a stretch). As a matter of fact, in France where the banking system is much more controlled, you cannot get a marine mortgage that has more than a 7-year term.
Here, some charter companies suggest 15 or even 20 year-mortgage. That, IMHO, is equivalent to financial assassination, for the sole purpose of making a sale to an unsuspecting buyer.
Here is why: Say you purchase a boat with the intention of keeping the boat for 10 or 15 years. You contract a 15-year mortgage. It SEEMS to make sense so far.
Now, say after 4 years, a totally unexpected event (health, financial ... whatever) occurs in your life. Because of that event, you are FORCED to sell the boat.
That is when all hell breaks loose: because of the way the boat resale market works (trust me on this), you are absolutely GUARANTEED that the REAL market value of your boat (not some wishful thinking value the original salesman made you believe) will be so much upside down with mortgage payoff amount, that you will find yourself in a terrible predicament. With no way out if you don't have the cash in hand to cover the difference MORTGAGE PAYOFF - BOAT SALE PROCEEDS

I have seen this happen too many times to even count in my marine business (brokerage, consulting, new boat sales etc...) and the outcome is very, very ugly for these families.

A boat is never EVER a reason to face a financial crisis. A boat purchase has to be a happy event, done with a full understanding of all components. So like in any other large purchase, be financially wise and use your common sense. And I promise you it will be the platform to a great lifestyle.

Cheers to all!