used boat loan question

[caddyflyby]

Hello Everybody. This is my first post, but I've been reading the forums here at Classic Parker for a while now and I think its a great and informative site!

I'm looking at a used parker and I was wondering if anyone can inform me of the process of getting a loan for a used boat? I can easily put down 25% (even up to 40% if I want) and the monthly payments are not a problem. This would be my first boat and I'm interested in the process of getting the loan. I've been told that the bank will want to come check the boat first? I wanted to know how hard/lengthy of a process getting the loan will be. The loan would be for about 20-25k.

I appreciate any help!
Thanks,
Scott

 

[ryanc2]

My boat loan didn't require anything from me other than description - year, make, model, and price. They mailed the check directly to the seller and I returned with the title(s) for registration and then gave to my bank on the lien.

This was a purchase from a private seller, not a dealer.

 

[hotrod]

I recently found a boat I wanted to purchase on boat trader.. I used the Get a loan now button and went thru a long drawn out procedure with this loan company. sheez.. they want my first born!!! I called the dealer and told them this was taking sometime.. they told me they could get me a loan.. I filled out the ap over the phone. 10 minutes later I was approved..

All i had to show was my DL when I picked up the boat.

Shop around.. and if your buying from a dealer.. let them try an secure the loan. they deal with these banks every day and work to make sure it goes through.

 

[caddyflyby]

Thanks for the info guys. This would be a purchase from a private seller so I would most likely opt to apply for a loan through my bank.

 

[CaptainJim]

I got my loan through my wife's credit union. We were pre-approved in less than 10 minutes.


All they wanted was the year, make and model, vin, etc. If you want to re-do the electronics, or need to add a trailer into it, let them know, they can factor that into the loan.


When I bought my boat, i financed a new trailer into the loan. My loan had to have 4 dispersements (4 checks!!!)

1 check to the broker (brokers fee, gets paid out of the sellers share)
1 check to yamaha financial (lien held on the boat for financing of motor)
1 check to the owner
1 check to the trailer dealer

it really all was really easy, next time i buy a boat i may finance some new electronics into the sale.

 

[jimpat65]

I am having an issue with my Credit Union and thought maybe someone would have an idea. I am looking at buying the Parker 2000 2100 DV CC for 25K that I posted about on here already and the credit union said they will finance me for 25K, but it depends on the collateral as established by the NADA guide. They look at the boat and motor and that is it and then only give 90% of that. They estimated the worth at 22.5K and will finance me to 20K so I have to come up with the other 5 plus the sales tax of about $1900. I have most of that but would rather not spend my safety cash if you know what I mean.

Any ideas? Other places that are good with boat loans for people with plenty of income and great credit?

THanks,
Jim

 

[CaptainJim]

I am having an issue with my Credit Union and thought maybe someone would have an idea. I am looking at buying the Parker 2000 2100 DV CC for 25K that I posted about on here already and the credit union said they will finance me for 25K, but it depends on the collateral as established by the NADA guide. They look at the boat and motor and that is it and then only give 90% of that. They estimated the worth at 22.5K and will finance me to 20K so I have to come up with the other 5 plus the sales tax of about $1900. I have most of that but would rather not spend my safety cash if you know what I mean.

Any ideas? Other places that are good with boat loans for people with plenty of income and great credit?

THanks,
Jim

This could become leverage to lower the price of that boat imo. 25k seems like a lot for an 8 year old center console.

 

[Fishinfortuna]

Try Seacost Marine. If you need the name of the guy I dealt with drop me a PM, he was great!