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I've done a few aluminum boats and a number of fiberglass canoes. With the boats I used a drill with a wire wheel to remove the old paint. I then finished the bottom with a sanding using 150 grit til the surface was smooth to the touch.
I then used a paint sprayer to apply 4 light coats of BeautyTone rustcoat alkyd paint right over the sanded aluminum. The boat looked like it just came out of the factory and its still looking good 3 seasons later--no peeling or flaking and no fading.
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Thanks for everyone's responses. I will let you know how it turns out!
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You should use a primer that contains aluminum oxide as well. If you sand, clean and prime correctly, you will have a paint job that will last for years and years. Incorrectly done and you are wasting your time and $$. Do it right the first time. It is all in the prep work. If you can get your hands on a paint sprayer, that would be ideal. If not you can also "roll and tip", to get a streak free finish.
W.