NADA Value questions
 

I'm sure this question has been asked, but I wasn't able to find it thru a search.....
Is the NADA "value" the only source the banks use for boats? I've been doing some boat shopping, & for the most part. The boats I've been interested in, the "asking price" is in line with the NADA value, either right at it, or below. Ok, that is fine...but, I ran across a deal on a 96 32 Active Thunder, boat is extremely well maintained, & I feel the owner has a decent asking price on it, 65k. I'm sure he's willing to move a little with it, but I'll see if I decide to make him an offer. So, I go to NADA, & wow....the value is 20k under what he's asking. I'm sure going thru all the "add-ons", I can get the value up a few grand, but for the value to be off that far.
So is that the end of the line for boat values, & that is what the banks soley looks at? Short of me paying the difference out of my pocket, & then I'm faced with being horribly, upside down on a used boat (according to NADA). I just find it hard that all the other boats, witin that same price range & year, can be right on, how can this value be so low?
Is there a way around this dilema, in the world of boat financing?

BUC book for boat values. www.bucvalue.com. It lists more options and more information

I don't think NADA takes condition into enough consideration when it comes to boats. I ran into the same thing with the last boat I bought. NADA was like 5K under the twice reduced owners asking price (less than what other similar boats had sold for).

These aren't like cars where there are literally 10's of thousands of the same sales annually to compare to. Condition RULES.

As a dealer, we take many things into consideration. The NADA guide is one of them. However, it is just that, a guide. IT IS NOT A BIBLE. Dealers will take that into consideration along with use, time, maintenance, condition, and others. Add ons are similar to a car. We don't really give much for them. We can't get much back out of them and don't want to tie up the money.

Hope this helps some.

I appreciate the input on this....This is pretty much a new experience for me, when I bought my Donzi, I just got a small personal loan, & paid cash for the rest. This deal is a few more $$$, & I plan on getting a boat loan for it. So, I just go to boat loan company A B or C, tell them I want to apply for this boat, & I want to borrow X amount of dollars. Do they then, open either of these guides & see that I'm asking to borrow more than these guides say it's worth? Or, do they go by a good survey of the boat, & then take the condition into consideration? I know dealing with street rods, their values are based mainly on "street value", & you have to take a second out on your home to get that kind of money. I really want to avoid that situation, just incase I decided to sell the house, I don't have that hanging over me...LOL...anyway, I just thought it odd, that a quality boat like AT, the values would be so much different than other brands....things that make ya go, HMMMMMM....
Thanks again...

Here on the east coast when it comes time to trade your boat they will take NADA trade value MINUS 20% and start there. All these publications are guides not etched in stone. There are plenty of products cars, bikes boats etc...that sell for thousands more or thousands less then these books say...DEPENDS WHAT THE MARKET WILL BEAR

CONTACT DAVE P AT ESSEX CREDIT
732-899-7886 or 732-674-2946 only guy i deal with and is as much of a str8 shooter as they come...tell him Bernie told ya to call

The last time I financed a boat, I used Wells Fargo. They based the loan value off my credit score. Kinda strange, but that`s what they did.

Rick,

We have three different finance experts that we work with at Active Thunder; and each of them has many programs and options.

If you are not getting what you need, let me know.

DO NOT fill out a bunch of credit applications. No matter what anyone tells you, you don't want a bunch of credit checks on your scores. If you know your scores, most of the financial folks can give you roundabout numbers without a credit check.

I got a boat survey to justify to price on my last used boat to the credit union.