This may a real stupid question
01-26-2013, 10:18 AM
#11
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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.
01-26-2013, 10:23 AM
#12
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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.
01-27-2013, 08:56 AM
#13
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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.
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.
01-27-2013, 11:33 AM
#14
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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.
01-27-2013, 12:56 PM
#17
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Be carefull, there are a couple shady "take over payments" boat places out there. Google blue water partnerships or something like that (and who knows what they are calling themselves this week). they claim to set you up with a boat 0owner and be the middle man in a take over payments arrangement. supposedly you get the boat, make the payment to them and they pay the bank (they tell the seller that they will make the payments even if the buyer screws up). Only problem is you make payments to them, and they pocket the money.
Scams:
http://www.boattrader.com/dealers/Bl...splay-listings
http://www.ez2buyllc.com/
Scams:
http://www.boattrader.com/dealers/Bl...splay-listings
http://www.ez2buyllc.com/
01-27-2013, 03:18 PM
#19
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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.
