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.
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Thread: Financing
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07-29-2019 10:08 AM #11Voluntarily Removed
- Join Date
- Jul 2014
- Posts
- 307
Re: Financing
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
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07-29-2019 10:23 AM #12Senior Member
- Join Date
- Apr 2005
- Posts
- 2,826
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.
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07-29-2019 10:36 AM #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
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Re: Financing
The same boat?
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07-29-2019 01:41 PM #15
Re: Financing
yes the same boat!!!
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07-29-2019 02:36 PM #16Senior Member
- Join Date
- Apr 2005
- Posts
- 2,771
Re: Financing
I tried playing banker several times in the past and got burned every time.... don't recommend it.
Walt
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Re: Financing
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.
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07-29-2019 04:59 PM #18Senior Member
- Join Date
- Oct 2007
- Posts
- 817
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
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Re: Financing
Randy Register - Kingston, TN
www.yachtrelocation.com
www.Safes4Guns.com
aka Freebird aka Sparky1
1965 41DC #93
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07-29-2019 09:39 PM #20Senior Member
- Join Date
- Oct 2007
- Posts
- 817
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