Jump to content


Photo

Any one finance a boat from a private sale


  • Please log in to reply
16 replies to this topic

#1 fishingfanatic172

fishingfanatic172

    Earthworm

  • Members
  • 2 posts

Posted 24 August 2016 - 06:55 PM

Looking into getting into a pro quality boat. Found on kijiji will need financing for sure any one know private lenders or anything. Never looked at spending this much on boat before not sure where to start. My bank said they could do loan but only for 5 years. Was looking for 15 year type marine loan.
  • 0

#2 Paul1913

Paul1913

    Perch

  • Active Members
  • 592 posts

Posted 24 August 2016 - 06:56 PM

How about a line of credit. Not sure how much you are looking to borrow ....
  • 0

#3 Giuga10

Giuga10

    Crappie

  • Active Members
  • 404 posts

Posted 24 August 2016 - 06:57 PM

If you can't afford it don't buy it.


  • 1

#4 Joel52

Joel52

    Crappie

  • Active Members
  • 437 posts

Posted 24 August 2016 - 07:49 PM

No one will give you 15 years on a boat. Too risky. Problem with the line of credit is you need something or someone to back it with. The boat won't work so you'll need a co-signor. Your parents or a rich friend/relative might work there.


  • 0

#5 fishfreek

fishfreek

    Perch

  • Active Members
  • 887 posts

Posted 24 August 2016 - 07:50 PM

For a 15 year loan I would look at getting a new one from a dealership.


  • 0

#6 fishingfanatic172

fishingfanatic172

    Earthworm

  • Members
  • 2 posts

Posted 24 August 2016 - 10:14 PM

Most marine loans can be from 15 to 20 years. That's how so many people can afford the bigger yachts the value
either gets purchased with home equity or purchased with a 20 year marine loan. Just wanted to see if anyone had been able to get a marine loan and have purchased the boat from a private seller.
  • 0

#7 DILLIGAF?!

DILLIGAF?!

    Rainbow Trout

  • Active Members
  • 2,706 posts

Posted 25 August 2016 - 07:21 AM

It all depends on why you want one.
If it's for luxury, take note that most people who get yachts have $$$ kicking around house.
For sports / tournaments...there is a possible revenue from sponsors & winnings so this serves as somewhat of an investment.
Most anglers would wish to have a boat....just like me.

Go for it if you don't have any other outstanding loans.

Edited by DILLIGAF?!, 25 August 2016 - 09:33 AM.

  • 0

#8 Hucho Hucho

Hucho Hucho

    Crappie

  • Active Members
  • 494 posts

Posted 25 August 2016 - 08:03 AM

Yes do not buy if you can not afford it. Don't forget you have to insure boa,t store it, winterize it, and maintenance is not cheap. Boat owner celebrates twice.

first time when they buy it and second time when they sell it. :) 


  • 1

#9 Guest_tossing iron_*

Guest_tossing iron_*
  • Guests

Posted 25 August 2016 - 08:48 AM

BOAT
Break
Out
Another
Thousand dollars
  • 0

#10 fisherman2280

fisherman2280

    Sunfish

  • Members
  • 156 posts

Posted 25 August 2016 - 10:49 AM

I can't imagine not having a boat anymore.

 

She may only be a tin beast but I never have to paddle.


  • 0

#11 Joel52

Joel52

    Crappie

  • Active Members
  • 437 posts

Posted 25 August 2016 - 12:07 PM

"Most marine loans can be from 15 to 20 years. That's how so many people can afford the bigger yachts the value
either gets purchased with home equity or purchased with a 20 year marine loan."

Good luck with that, I doubt you'll get that length of term. How old is the boat ad what's the value?


  • 0

#12 DILLIGAF?!

DILLIGAF?!

    Rainbow Trout

  • Active Members
  • 2,706 posts

Posted 25 August 2016 - 09:16 PM

Honestly, unless you have a home equity or a collateral to back your loan. I don't know how you can get approved on a loan that has luxury / hobby attached to it. Most lenders always consider anything including situations where borrowers can afford to default a loan and walk away.


  • 0

#13 alwayscatching

alwayscatching

    Smallmouth Bass

  • Moderators
  • 1,008 posts

Posted 26 August 2016 - 06:56 AM

"Most marine loans can be from 15 to 20 years. That's how so many people can afford the bigger yachts the value
either gets purchased with home equity or purchased with a 20 year marine loan."

Good luck with that, I doubt you'll get that length of term. How old is the boat ad what's the value?

 

That term is easily found. Bass Pro has that term as well as other big dealerships across Ontario. I would advise if you want a boat and willing to go that far for a term, buy brand new. New wont break.


  • 0

#14 Joel52

Joel52

    Crappie

  • Active Members
  • 437 posts

Posted 26 August 2016 - 06:59 AM

That term is easily found. Bass Pro has that term as well as other big dealerships across Ontario. I would advise if you want a boat and willing to go that far for a term, buy brand new. New wont break.

Never on a used boat private sale, not a chance. Unless the seller is willing to finance? Doesn't sound like that's possible here. I agree with you on the "new" - you also have a warranty that comes with new.


  • 1

#15 fishfreek

fishfreek

    Perch

  • Active Members
  • 887 posts

Posted 27 August 2016 - 09:08 PM

As long as you get the motor , body and trailer checked by a professional don't fool your self , there is a lot of deals out there. Same as cars. I always buy my cars used ( for the wife new) , so when I find something I like I go straight to my mechanic for his opinion.


  • 0

#16 MuskieBait

MuskieBait

    Perch

  • Active Members
  • 567 posts

Posted 27 August 2016 - 09:14 PM

New boat - Break Out Another Thousand

Used boat - Break Out Another Ten thousand

If you can't afford to pay for the boat now, with cash, you can't afford to fix that boat in the next few years...never mind paying for your yearly payments to finance it...


  • 0

#17 Kleiner

Kleiner

    Sunfish

  • Active Members
  • 266 posts

Posted 27 August 2016 - 09:30 PM

Ouch, I'd hate to see the interest you pay in 15-20. Like many others have said, if you can't afford it don't buy it, start with something smaller if you really want a boat that bad. Then upgrade down the road when your financial situation changes.
  • 0