mmareno

But how do you get financing for a boat that is worth 20k by NADA when its got 45k in motors in it?

I got over 100k in reciepts in it but the book value says it is worth 20k How do you get 45k in financing?

DollaBill

Welcome to high performance financing LOL. Thats why the older and/or custom boats are harder to sell than a new(er) one even if its 150K vs. 50K

WildWarrior

As it was not with a boat but on a a condo project my company was completing . I personally financed one homeowner because they couldn't get financing.
I wish I hadn't done it now, the customers are already 3 months behind since August of 2008. I cant say people hadn't told me so!

Its a hard time to find people willing to give up their hard earned $ and the Banksters are all running scared as well.

It will turn around eventually it always does.
Good luck!

sleek1

My last boat had an asking price of $20K it was a 26' Sleekcraft with a 502. Credit union booked it at $12K (no way I could buy one for $12K). I had a marine appraisel done on the boat that showed it appraised for $26K and the credit union cut me a check/loan. Maybe you could go that route.

tommymonza

Agree on a price and take a non-refundable deposit of $2000 down and a balance due in May or when the buyer says he can pay and than he can pick it up .Stay in touch, tell him to keep you informed of any changes and go from there.

I have bought boats this way and sold this way.Long as your not a Azz like the Donger things will work out.

He sounds like he wants the boat and understands your uncertainess about the loan.So you keeping the boat till it is paid for does not sound like a problem.

Plus a sale in May is better than no sale.

DaveP

Have a NAMS or SAMS Surveyor survey the COMPLETE boat. If it is in great shape, it should appraise for $45k or better.

It is then my job to get the bank to lend based on the survey and not the NADA value.

mmareno

Ok What is a "Nams or Sams" and how do I get in touch with them.

I would be willing to do that. It might help with the sale of it..

Doesn't any one have a1967 - 1970 camaro Z28 they want to trade me for it?? Or an older Street rod complete..

Title for Title. Done... I am rolling and they are Floating!!

Thanks again everyone.. This may still not be over for me yet!!

DaveP

Complete Boats = Boat WITH motors, running and fully operational

SAMS = www.marinesurvey.org
NAMS = www.nams-cms.org (website is down for some reason?)

mmareno

Thanks so much.. In 24 hours I have gotten so much info..



Thanks Everyone!!

HotPursuit

Just to let you and Scott know in Louisiana any boat over 10 yrs old is considered tax excempt. I now Scott personally he is not the type of person looking to get over on someone. Lets face it in the used boat world someone has to trust someone. You made the offer and he took you up on it,thats smart business in my book.6K deposit on a 20k boat is a great deal,10-20% probably would have made the deal fly.
I have purchased boats from owners and builders,most bad apples float to the top.
I think holding the title and registration does mean you still own the boat and you have 6K to hold.Sell the boat and protect yourself in the bill of sale,you seem like a nice guy and Scott will come through.