Most banks or finance companys will not let you take over payment. I have a 803 credit score and I tried to take over two different boat loans in summer 2010. They both said no to the owner. So I went to credit union and borrow the money in fifteen minutes and went back and paid off his loan for the boat. Payment now shorter term and lower monthly payment.

Most likely they said no because of the age of the boat if its the 91 cig.. Most banks won't loan older then 10 years old of a boat ... Credit unions are much more forgiving... It's not always about the credit score...

Find the right boat (for you) with the right seller. A boat without a note on it, so older most likely, is how you do this.

I bought a $450k house on zero interest owner finance, so I'm pretty sure you can find a boat owner who will do the same in this market. The key to deals like this is having a contract drawn up by your attorney, reviewed by their attorney, and a short term payment plan - as in 36 months or less.

You probably won't get title until its paid, but if your contract is written correctly you have possession of the boat and an equity stake relevant to the cash you have invested to date.

Look for the win - win in the deal, meaning you should be looking to protect the seller from you as much as you are looking to protect yourself in the deal. That's how these deals get done, when everyone is comfortable that its almost impossible to get screwed.

There are a lot of boats for sale out there that aren't moving. I don't think this is a difficult thing to do if you are willing to be a bit flexible. I think quite a few boat owners who are looking to sell and don't have a note on their ride would consider all selling options.

If I was a seller in this situation I would be looking for an additional insured clause, and the buyer to be in my home State.

My credit was bruised in a divorce, i did what was said above. I took my 35k and paid for a nice older boat rather than using that money as a down payment. Im happier with my 85mph paid for boat than i would be with a newer boat with a note on it. It makes the winter less painfull too.

If you can't pay cash for a boat you can't afford it.

Simple as 1,2,3............

That is simply not true.

A friend of mine did this with his boat. A year later he has no engines or drives and missing some interior. The "buyer" gout off with some misdemeanors I was told. Oh, and the boat was reported stolen buy the buyer so my friend had to wait several months to get it back. Real shady deal that I told him to not get into. He was hurting for a buyer though as he was over his head on his fountain financially.

Not true for everyone...

Yep, love having mine outright, no payments to make on top of all the other things to do every winter, I average 3-5000a winter in mantainence and updates... it's easier without a payment on the boat...

I've been thinking about this.......how can an ex-wife "destroy" someone else's credit?