When financing a used boat.........

[Nord]

What steps does one go through??
Jeremy, a new member here on the boards is going to buy a boat (used) and needs to know. I'd like to get educated on this topic as well!
As I said before, if there is anyone out there that finances, please contact me, I have a candidate for you...
Thanks
~NORD~

[mbrown2]

Get the 1-800 number for Key Bank and ask for the Marine department....
Have purchased three boats using them and they are an amazing outfit. After getting approved they turn you to a 3rd party closing outfit that hand holds the closing....getting all the docs to the buyer/seller, handling all registrations and payoff....once approved, it takes about a day to get the loan docs...they include their fed ex account so you can overnight it back....so now on day 3 they get the docs, and by day 4 or when you say I have performed a final inspection , they have the rest of the funds wired to the sellers account within another 24hrs.....and then you have a new boat to you...

[Nord]

Get the 1-800 number for Key Bank and ask for the Marine department....
Have purchased three boats using them and they are an amazing outfit. After getting approved they turn you to a 3rd party closing outfit that hand holds the closing....getting all the docs to the buyer/seller, handling all registrations and payoff....once approved, it takes about a day to get the loan docs...they include their fed ex account so you can overnight it back....so now on day 3 they get the docs, and by day 4 or when you say I have performed a final inspection , they have the rest of the funds wired to the sellers account within another 24hrs.....and then you have a new boat to you...
Do they send someone out to inspect the boat for value??

[mbrown2]

Do they send someone out to inspect the boat for value??
Nope...go off Nada...and I was normally putting a large amount down so loan to value was never an issue.

[Nord]

Thanks Brown!!! Good info.
I remember meeting a guy at one of the get togethers who is Boatloanguy or something here on the boards. But I can't find him. I thought I'd send the biz his way, however, I'm going to check out your key bank deal instead.
~NORD~

[Jordy]

I used Melissa at Essex. I did have a survey done by a 3rd party on my boat, which is just added piece of mind when buying a big ticket item. I had no problem paying the money to have someone who has a full time job looking over the boats and making sure everything is as it should be.

[ThongMagnet]

Finance your home not your boat.

[Nord]

nord, tell your bro (and you) just pay cash for it and quit your whinning :cry: financing just puts you behind the eight-ball and makes the banks (& loan co's.) richer ...... don't sell out to the "suits" ..... own your own s hit !!! :rollside: (d-no)
My boat is paid for and my truck is paid for Dean.. My house is financed though. Its the only thing I've ever financed actually.
Jeremy started a thread on here "first time boat buyer" and it sounds like he wants to finance one. Paying cash isn't an option for everyone.
Anyhow, I was just trying to get some info for him.
~NORD~

[redi4fun]

Thanks Brown!!! Good info.
I remember meeting a guy at one of the get togethers who is Boatloanguy or something here on the boards. But I can't find him. I thought I'd send the biz his way, however, I'm going to check out your key bank deal instead.
~NORD~
I think this is who you are looking for.
Let us know how your used boat loan experience goes. I know I am interested on people experience with the various routes out there.
http://www.***boat.com/forums/member.php?u=7962

[Cole Trickle]

My boat is paid for and my truck is paid for Dean.. My house is financed though. Its the only thing I've ever financed actually.
Jeremy started a thread on here "first time boat buyer" and it sounds like he wants to finance one. Paying cash isn't an option for everyone.
Anyhow, I was just trying to get some info for him.
~NORD~
Do a search for Mellissa at Essex she was very easy to talk to and had great rates.(I didn't go with her but I would have)
Also be advised that some brokers will charge you a fee for placing the loan.(Middleman)
I would go straigt to the source and save the point/$$ that the brokers get.
I say he buys your boat and you step up tp the 28XP!!! :crossx: