Boat Value Unusual Request

[BradNautique]

I have an unusual request. My bank that I am using to finance part of a 2004 SANTE I found tells me the value is only $25,000. This boat is in perfect shape with 320 hours. Does anyone have any idea on how I can get documentation on the true valuation of this boat? It seems like they are selling between 30-34k.

Thanks,

Brad

[gride]

Check nada guides for starters.

[GoBig]

It sounds like they are looking at the base value and not including tower, PP, ballast, racks, etc. Including this adds ~$4K. Also, does the sale include a trailer? If they are running NADA and not including the trailer, value would be low by another $2-3K. So $25K base + options and trailer would put you in that ballpark. But banks are being pretty conservative these days, especially with luxury items, so who knows...

[HS]

See if going with a personal loan (or a HELOC) vs a boat loan will overcome the obstacle...my guess is they're looking at their security (repo) in the event you default. This loan officer might have new guidelines to meet as a result of the lending meltdown.

[Nautiquehunter]

I went to NADA Boats I used a Rockford zip code and guessed at your options and got.
Low retail $26,350.00
Average retail $30,140.00
Tandem trailer is worth another $1880.00

[Texan1554]

Yup as said, generally you need to use Nada and then add on the extras to bring it up where you need it.

[swc5150]

Nada value of these boats is almost always considerably less than what they are selling for in the market place. I recently considered financing a boat with my local bank, and we went back and forth discussing the add-on's the boat was equipped with. It was quite a PITA, so I just did the smart thing and paid cash for it. Book values don't break down options, like which particular tower you have, or PP versus ZO, or cheap @ss cover versus Coversports, so convincing your bank of the real value is challenging. Futher, my banker, who I have a solid relationship with, basically told me that he had to go with the average of high and low Nada value, regardless of what they're really selling for. Now this is for a private party sale. It does seem that banks give a lot of leeway on a dealership sale.