soldier4402

HELOC and such can be good if you own most of your own or all of it. I am very against them if you own only half of your house or less because you are putting paying off your house off because of a boat, car, toys. etc.

Dave M

True, HELOC is not for everybody.

soldier4402

No they are not and they make sense for some. But some I think use them to buy things they really cant afford and thus are stuck under a house payment for longer. personally I think I would rather pay the house off being done with the biggest liability in my life and have that extra cash every month to pay for a boat or to just buy a boat outright.

Like you said it makes sense for some and some I meaning probably less than 50% of people that do it. I had a buddy that did it was 7 years out of paying off his home. Took the HELOC out and paid off cars, toys, outstanding loans etc. Added like 4-5 years to his house payment pretty much. BUT with the savings he had in interest and such his plan was to pay off the house in four years, which last time I talked to him he was on track to do it in 2 years or so. But if the bank owns more of your house than you do and you take one of these out to buy toys I seriously question your judgement, yes you have cheaper reates but really boat loans are no more than house loans now and car loans can be had for 2-3%

88bullet

iTrader: (1)

my credit union didnt care about nada value. all they wanted was an appraisal value. so i called jo at pantera and he faxed an appraisal letter to my bank. good to go on my boat loan. on another note i did put 20 percent down wether that helped or not im not sure. i figured at 4.9 % why not borrow the money and keep mine in the bank

soldier4402

Im sure your 20% down was the reason. Most banks are going to want to only loan you what market is and are not going to trust an appraisal unless its their own.

Sweet Nmocean

I will not pay over NADA, I look at this way if you do there is a sucker born every minute

soldier4402

I guess I am a sucker because My fountain booked at 18 and I bought for a little more than that. Next question how many fountains do you see for 18 or even 20??

JMS322

So you paid close to book. There will be exceptions, but for the most part, IMHO boats that are SELLING are selling for around book value. Like I said previously, there are alot of boats that are still for sale that we looked at 2 years ago when we were shopping. There is a particular T/S Cig that I liked a lot, but thought was over priced. The boat is currently priced $50k less than when I started looking at. It is now very close to NADA and I would guess that it should be selling soon now that the price is in line with the market. JMHO, but to think you can sell your boat or any boat for what you see other similar boats listed for is unrealistic. Just because someone thinks their boat is worth X, doesn't mean it will ever sell for that. When we had our old boat for sale the phone didn't start ringing till the price got close to NADA. I still contend that NADA is pretty close to what ACTUAL market is for any given boat.

soldier4402

Your totally right and I agree I just dont take NADA as gospel unless its on a car. Nada for my boat like I said was 18 that doesnt include a trailer which is worth 1500 bucks maybe 2 grand. And my boat from I have seen goes anywhere from 25-39k with average of about 26-30 which i paid in there. I think for somebody to sell or buy solely off NADA is a mistake you have to look at the market if you dont you could be losing money whether you are selling or buying. I just dont think NADA is accurate on older boats, maybe still within 20% or so. We sold a Four Winns a long time ago, boat booked for 1800 bucks, 20ft immacualte but it was older. First guy came out and wanted only NADA or KBB, I wouldnt budge, boats that age were going for 4-5k. Told that guy off ending up seling two days later for 3800. Was I off base, no market was demaning more than 1800 for a that boat.

Like I said you have take in Market and book. If you want to sell at Nada I can see but if refuse to buy only at NADA then I dont know. But the market isnt huge for boats right now. Chances are if a guy wont sell for NADA you can find another that is below.

My other problem with Nada is that your giving them the trailer for free. Goof luck selling a boat without a trailer. IM NOT saying dont use nada but I would see what others are selling and paying for. If you neighbor has the exact same boat for sale for x I wouldnt put yours out for x if you really want to sell. But if boats are selling for x I would sell for x and not y that NADA is saying either

Potomac Fever

NADA Guides has boat trailers listed. I have found most financial institutions in this area use these guides for lending.