There should be a bracket on the motor to step that cable away from it some, and allow it to rotate so the hole and bolt is vertical, and the bolt can pivot as the engine swings left and right. I bet there are 2 holes in the front of that engine where the cable is bolted.
Most of the time the cable is mounted more toward the center of the boat and a steering link goes from the cable back to the bracket on the engine. Adding these parts will move your cable to the port side and eliminate the binding caused by the tight bend and missing pivot point. These parts being missing probably account for the excess cable and the "hoop" having to be pushed in to your cable.
Most of the time the cable is mounted more toward the center of the boat and a steering link goes from the cable back to the bracket on the engine. Adding these parts will move your cable to the port side and eliminate the binding caused by the tight bend and missing pivot point. These parts being missing probably account for the excess cable and the "hoop" having to be pushed in to your cable.