aquaforce

NADA is largely where the banks will be by financial values and the amounts they will cover. Then there is the "does not qualify" category for institutions that will not even loan at certain ages and size regardless of what NADA says. These differences vary with institution but that does not mean the industry valuation is limited by financial institution limitations. Even with nada as a standard for money the boats equipment has a large impact on valuation price. If a CU will only cover 80% the rest is on the borrower but someone with cash does not have that as a limitation. The market valuation is somewhat aware of this also and shoots for the cash price, sale and fast transaction. When a borrower is limited by the bank coverage sometimes the buy power is limited but the value of the craft does not change due to that.

There are cases where nada is spot on and then like any valuation system they can miss the boat, pun intended, but the banks are going to use nada for financial standards and decisions. Buy on cash and it is a non issue, buy with a bank/cu and you have to dance to their tune.

formula1

^^^^ So true^^^^^ However, even if you pay cash, then insure the boat, the insurance companies are all going to use a "book value" for total loss situations etc. So, even if you wanted to blow your cash on an "over priced" boat (according to an NADA evaluation, for ex) and have a major loss in a storm (or whatever), you loose. So, it's nice having some evaluation tools to assist in your purchase. It's just ashame the market and evaluator tools aren't closer to market reality.

aquaforce

Sometimes a survey helps to establish credibility to better conditions and values since a third party verifies a craft. The boat industry does seem awfully wide ranged on values which makes it hard to qualify values. nada is not the best but widely used. Since the economy crash and "Key Bank" pulled out of the marine world it seems the wide range of values has become even wider since traditional banks don't know this market and are basically afraid of it.

formula1

[QUOTE=aquaforce;4514521]Sometimes a survey helps to establish credibility to better conditions and values since a third party verifies a craft. The boat industry does seem awfully wide ranged on values which makes it hard to qualify values. nada is not the best but widely used. Since the economy crash and "Key Bank" pulled out of the marine world it seems the wide range of values has become even wider since traditional banks don't know this market and are basically afraid of it.[/QUOTE]

LOL, that's right! Part of getting a marine loan should ask years of experience etc. I was looking around for some financing on a Formula and the banks are like "ummm, that's a high performance boat if it goes over 60mph!" So? It's probably the slowest of the "high performance" boats. What if I have had 25 years of experience behind the wheel of one w/o an incident? Wouldn't that make my purchase less risky than a first time buyer of a Nor-tech?

jwws9999

After lots of research, and talking to banks, I've narrowed my choice to a Baja 272 or a 29 outlaw. Model years 98 to 01. I'll be offering Nada value adjusted for condition, but the boats where people and dealers are asking 30 percent over the Nada is just wrong. For example a 29 with 454 mags books out at 30 k (even that's a little high), yet I see them at 40k and up all the time. The bottom line is that it's an 18 year old boat. Keep you guys posted

1989mach1

Key back didn't pull out that I am aware of. I used them 5 years ago. 0 down 15 year 60k 12 year old boat. My brother used them last summer on an 01 boat.

formula1

Key Bank now only does boat loans in certain states. Check their website using this link to see if they lend in your state: https://www.key.com/personal/vehicle...t-rv-loans.jsp

formula1

I totally feel ya!!!!! I've pretty much given up on my search for a go-fast CC in favor of a go-fast boat after seeing a 1988 313 Chris Craft CC (nice boat BTW) asking $80k!!

Katanna

iTrader: (1)

Financing also depends on the dealer. We sell over 2000 boats per year and have a considerable amount of buying power as opposed to a dealer that sells less than a hundred.
Nada is not as accurate as ABOS in most cases but the dealer is going to use the one that helps get you financed on the sale end, and the other for your trade figure (lower). Don't worry about the asking price. It's just the starting place to negotiate. Find the boat, negotiate a price, shoot me a PM and I will let you know if it is in the ballpark from the dealer side.

jwws9999

thank you very much