Personal Financing
 

I am in the process of selling a boat. It is listed here and in the listing I am offering some financing. I am only selling it for 25k.. Just the hull... The guys lives 1200 miles away. He has been really nice. He seems really sincere. I am not sure what to do about the amount of the deposit? How much to charge for interest? He says he will have it paid off by the end of 09'

I want to help the person, I am a easy going person. I am the guys who trust most people for who they are.

I just wanted to get some feed back... I started reading all the beware threads and I am getting scared. I don't want to be the guy adding to that thread next year...

Thanks for your help

Get a 25K deposit. You'll be lucky to get 1 or 2 payments after you give him the hull. There is a reason he's got bad credit and the bank wont allow him on their property.

I wouldn't finance it for a friend or relative and certainly not a stranger that lives 1200 miles away. Tell him to get his own financing. If he can pay it off in a year tell him to give you a 5k non refunadable deposit to hold it for year.

Wow!! Thanks.. I REALLY appreciate the wisdom... by some great people..
I may try the ebay thing.. Everything everyone has said.... has been said by friends too....
The boat is a 1989 Baja. It is the Pure Adrenaline on the classifieds here.
The problem he had was the bank said the boat was only worth 20k with the motors... so he couldn't not get financing for a boat 20 years old with no motors...

Thanks I really appreciate the help.. :ernaehrung004: