Buying a boat out of town ????s
 

We're planning our family vacation around 3 or 4 different cities to look at boats. How do I go about getting financing when I don't know how much I am going to spend or even what I'm going to buy. I don't really want to drive 9 hours home and 9 hours back to pick up the boat. I know this could be in a different forum, but I've been following this forum for about a year now and appreciate all the advice I've picked up from you guys.

Thanks
Matt

Go to your bank and talk to them. Getting financing on any boat right now is not easy. See what their willing to finance.

Get pre-approved and see if the bank, credit union or lending agcy will give you a blank check. If you find a boat, and you want to buy call the institution and they'll activate (honor and make the check valid) right there on the spot over the phone. I did this when buying my truck. I know USAA will do this. If not this route, most banks will validate a personal ck over the phone. If not, cash is king but I'd also be packing my .40 just in case. Good luck. My baja is for sale if your interested, let me know.

I agree on pre approval. Also make sure whatever your looking at unless it's new with warranty you have it survey'd and motors looked over by a qualified person of your choosing. A good deal could turn into a money pit really fast.

We shouldn't have a problem w/ financing. I guess that's basically what I was wondering, if you could get preapproved like a mortgage. How difficult is it to find a surveyor?

Fixed it for you:lolhit:


Draw up a contract with a deposit pending survey and to hold boat for 10 days,while some stuff is moving this spring its not like anyone is running out of boats

Do you have a line of credit on your house? If so, use a check from that account. Good luck and have fun shopping! Need help spending money? Give me a call, I'm good at it:drink:

Credit unions will probably be your best bet in this type of situation. That said, just about any lender is going to want a particular boat to base a pre-approval on because they are taking loan to value into consideration more than ever. You may not be able to do just a blank check type loan in this day and age.

If it were me, I would enlist some volunteers that might be able to take a look at the boats that are furthest away from you to at least give you an idea if they are worth your time. Boats can look great in pictures and descriptions and end up being a hunk of junk in person. I had a friend look at a boat in Louisianna for me and I am grateful for that since it turned out to be a waste of my time and an 8 hour drive would probably have resulted in someone getting their azz beat. My definition of a 10 and his were miles apart.

In the end, buying a boat is not a quick process. Once you find a boat, hire a surveyor, get it surveyed, and get the financing...days or weeks can pass so I would not plan on this being a one trip shopping spree. I drove to Nashville twice when I purchased my boat.

I would not skip any steps in the name of saving a few hours driving. A survey to me is not an option but a necessity.

I could not agree more with the info you are getting from this thread.
I bought a boat late last year eight hours away from home. After finally getting financed and insurance. Definitely get insurance before taking it anywhere. Bought the boat from a dealer, asked all the right questions before leaving to pick it up and was still disappointed.
My "perfect condition" or "9 out of 10" is not always the same as someone else. Renegotiated the price on site so I bought the boat, but still put some serious money into it when I got home.
Take your time, you could get burned no matter how experienced a boater or buyer you are.
Good luck

Go to your lender and find out how much your good for with how much down. If you've had a good relationship over the years you can sign papers before you leave with no numbers and date. I did this last year when the wife and I went out of country for over a month. When you get back you can re-due the paperwork right or if not used just rip it up.
If your bank is national then any branch close to the boat can handle the paperwork, after you make the loan over the phone at your home branch.