boat finance vs NADA
 

What are people seeing on loans for a 25-30k boat that is only worth 19-23k on NADA Guides?? 90% of boats are not worth according to the NADA what there asking for them and banks are sticklers for loaning more than what the NADA says? I am looking to buy something in the next couple 3 months and banks are pain in the asses!

Just because the sellers are dreamers doesn't make NADA wrong on what the boat is worth.

I'm in your area. I went with US Bank. They will loan 90% of NADA.

+1 A lot of seller also base the sale price on what they owe. If a boat was purchased 6 years ago when the market was high, and they took a 15-20 year loan they are upside down.

Secondly a new seller that is not upside down will list his boat based on what others are asking, not NADA.

Find 15-20 boats that you like and shoot fair offers to all of them based on what you are willing to pay or what you think it is worth. Sadly this has to be the first step today so no one is wasting time. You will find the guys that have room to move quickly.

I have been shopping for a new go-fast since last fall. 90% of the boats that were listed when I started are STILL listed. The "deals" that I found we sold faster than I could re-act.

If you are financing make sure you have that in place first, a bank should give you a pre-approval with guidelines up front. I lost a boat that I wanted because my credit union wanted serial numbers for engine, drives, and copy of boat title. The owner sold to a cash buyer cause it was easier.

Not easy selling a boat right now, and not easy buying one either. Cash buyers seem to have a huge advantage. I bought a cruiser and am saving my $$ to pay cash on a $70-80k go fast this spring

You are right but I have found that NADA is pretty low and NADA doesnt include a trailer which can add 2-4k. Boats are hard to judge as there is not as many of them out. A better guide of what they are worth is to shop 5-10 of them and then average the cost, but banks dont do that.

For instance I was looking at upgrading to 98 Fever and I have a 91 I was told my 91 was worth tops 18 and their 98 was worth 35. We are still in negoiations at this point so I mean we will do the standard shuffle. Anyways 18k for my fountain I dont think so and almost double the price for a 7 year newer boat? I think banks and dealers use NADA to their advantage to loan and get boats for less, because less face it boats are not a good investment for a bank.

your looking at anywheres from 75-90%. IMVHO if you cant put down some money for a toy you should have it.

I'm going to agree with Von Bongo here. We sold one last summer and bought a new to us boat a year ago. We shopped for 2 years. Our old boat sold for NADA, was as clean as they come and the trailer was basically thrown in on the deal. I was realistic when we put it up for sale and knew in order to move it that it would have to be priced at NADA or it wouldn't sell. We looked at a lot of boats and made some offers, most were priced above NADA and are still for sale today, 2 years later. That has got to tell you something. We bought our current ride below NADA, with the trailer thrown in. It takes aggressive marketing and pricing to move a boat in today's market. There are a few exceptions out there, there always will be, but for the most part I found NADA to be pretty close to what boats are actually going for. Sorry, but it is the reality of the market.

I think you are right in the fact that NADA is spot on for cars and trucks and usually within 10-15% on most boats, except older ones.

Like I said my boat according to NADA is worth 18, its a 91 fountain fever 29. Well go look about and see if you can tell if there is one 29 Fever or any fever for that fact that is a 90 or better that is selling for under 20k. You get one every once in a while but it doesnt have engines, needs a lot of work or is like a 1987 or something. If I put my boat up for sale I would have no problem getting 25k out of Easy. If I were to go by the 18k figure I would be better off selling the engines, drives, trailer, and hull seperate.

To me NADA even with cars is more of a guide than a rule. I have sold everything I have ever put up for sale. But I think your better off looking at NADA then looking at auto trader or other classifides and seeing what your market is asking for. Now if you are double of what NADA says then you are wrong. There are guys out there have nice 1989 boats and have done this and this and that but think they can get what a 1999 is asking just because it has new stuff in it.

We all know some options will greatly effect the value of a given boat. NADA doesn't always know about some of these options or reflect the value correctly. NADA can be extremely close to real value or waaayy off. All depends on what you're looking at. Plus some banks don't care about options.

Two years ago this month I bought an extremely clean '99 29 Outlaw. Only 190 hours. I thought I cut an excellent deal at $35.5k. The bank would only loan $26k on it. I sold it last July for $43.5K.

Like mentioned above....as a seller, have a good marketing strategy and a good product. As a buyer needing a loan, I'd have some cash to go along with a good credit score to land a nice boat.

Exactly, particularly with custom boats.

If I must take a loan on anything, I prefer to use home equity. Lower rates, definitly tax deductable, clean title on boat, less hassles.