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Thread: Financing

  1. #11
    Join Date
    Jul 2014
    Posts
    307

    Re: Financing

    Quote Originally Posted by lbkjj View Post
    Have you considered seller financing to get the deal done? With a large enough down payment, it may be a reasonable
    financial investment if you don't need the cash. No one knows the underlying worth of the boat collateral better
    than you do.


    I had a friend who did that and he had to take the boat back when the people walked away after a couple of years because they got tired of making the payments. I'd think long and hard about getting involved in that situation you don't know if they'd do the maintenance and what you'd get back.
    Regards;
    Byron
    “In this world, you must be oh so smart, or oh so pleasant. Well, for years I was smart. I recommend pleasant.”
    ― Elwood P. Dowd

  2. #12

    Re: Financing

    I would not consider owner financing on a boat. Even with 50% down and 7% Interest.

    It's not like holding paper on real estate.

  3. #13

    Re: Financing

    I owner financed a boat three times , I was lucky as the boat stayed local and both times I took a large down payment. Both times the guy who had bought the boat showed up at my doorstep and handed the keys over without any legal action, neither asked for any money back. The marina typically makes the boat have at least liability coverage , but for hull value I guess you make that a part of the finance contract just like a bank would.......I lucked out and got a lot more for the boat than if I would have just sold it outright.......Pat

  4. #14

    Re: Financing

    The same boat?

  5. #15

    Re: Financing

    yes the same boat!!!

  6. #16

    Re: Financing

    I tried playing banker several times in the past and got burned every time.... don't recommend it.

    Walt

  7. #17

    Re: Financing

    Quote Originally Posted by dottieshusband View Post
    That is an interesting idea.. the "but" is, with many very expensive systems, a buyer might be inclined to walk away. Lose and engine, or generator, and 30k could be out the window. Repo and relocation cost, it would have to be a very substantial down payment. Verifying that the buyer is maintaining adequate insurance would also be a concern. In theory, owner financing is very appealing in this environment of low interest rates, the reality of it could be a minefield.
    Did something along those line when I bought a Duplex in Florida. PO held a small second to make it happen. There's always a cash out refi on a home, and other loan options as well.

    Of course an owner holding all or part of a loan on an older boat, would show they believe there will not be any major issues.

  8. #18

    Re: Financing

    Thanks for all the feedback and suggestions. I have considered owner financing. I did that when I sold our 43 and it worked out fine. The buyers were (are) great people. It's not a really good choice at my age, however.
    Bill Root, USCG 100 Ton Master, Near Coastal
    MV BUFFALO GAL
    1988 54' MY

  9. #19

    Re: Financing

    Quote Originally Posted by Bill Root View Post
    Thanks for all the feedback and suggestions. I have considered owner financing. I did that when I sold our 43 and it worked out fine. The buyers were (are) great people. It's not a really good choice at my age, however.
    I remember that deal.

    You moving up, down, or out?
    Randy Register - Kingston, TN
    www.yachtrelocation.com
    www.Safes4Guns.com
    aka Freebird aka Sparky1
    1965 41DC #93

  10. #20

    Re: Financing

    I know you do remember, Randy. I'm moving down and sideways. I do antique boat restoration as a retirement gig. I'm going to concentrate on that. Yachting on TUCANDU and BUFFALO GAL has been great, but it's time to simplify my life. Maybe an occasional delivery to keep some salt between my toes.
    Bill Root, USCG 100 Ton Master, Near Coastal
    MV BUFFALO GAL
    1988 54' MY

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