Like Tree0Likes

Personal Financing

Reply
Old 12-10-2008, 10:09 PM
  #1
Registered
Thread Starter
 
Join Date: Sep 2008
Location: Newark, DE
My Boats: 2002 38'Ocean Express Catamaran
Posts: 967
Default 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
mmareno is offline  
Reply With Quote
Old 12-10-2008, 10:21 PM
  #2
Registered
 
Join Date: Jul 2008
Location: Omaha
Posts: 123
Default

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.
isellpower is offline  
Reply With Quote
Old 12-11-2008, 12:01 AM
  #3
Charter Member # 55
Charter Member
 
Griff's Avatar
 
Join Date: Oct 2000
Location: Omaha
My Boats: .......32............. ...............Active Thunder....
Posts: 15,754
Default

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.
Griff is offline  
Reply With Quote
Old 12-11-2008, 12:16 PM
  #4
Registered
Thread Starter
 
Join Date: Sep 2008
Location: Newark, DE
My Boats: 2002 38'Ocean Express Catamaran
Posts: 967
Default

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..
mmareno is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
mama tryed
Northern Illinois Offshore Club
8
06-19-2007 05:59 AM
Magicfloat
General Boating Discussion
7
08-06-2005 07:39 AM
packinair
General Boating Discussion
52
12-16-2003 06:51 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 06:33 AM.


Copyright 2011 OffShoreOnly. All rights reserved.