Used boat purchasing

[Jalmeter]

I have been looking at some used Nautiques, mainly the 210. I have made offers on 2. One being a 2004 210 team w the Zr6 motor, the second being a 2004 210 team with the excalibur. I would be financing the boat. I have had approval through US Bank. When speaking to the US Bank loan officer, they are valuing the boats well below the NADA guidelines. They are looking at the NADA, and then offering to loan what they feel would be "trade-in" value. Which in this case was about 4k less than asking price. The Zr6 asking price was 32.5k and the other was 28.5k.I realize they want to protect their interest incase of a loan default. With that being said, it does not seem wise to me, to pay more for a boat than what a bank would be willing to loan. To clarify, this is not a debt to income problem, or not being able to be approved for higher amounts of money. I know a boat is a fun toy, not an investment. The reason we were looking for a used boat is, we have an 18 month old son. We are not sure how much we will use the boat over the next couple years, and don't want a really expensive garage ornament.

What are your experiences in buying used boats?
Is 2004, just too old to finance?
Are used boats only worth what the buyer is willing to pay?
Considering buying newer.

Any advice would be greatly taken

Jimmy

[Chexi]

I have been looking at some used Nautiques, mainly the 210. I have made offers on 2. One being a 2004 210 team w the Zr6 motor, the second being a 2004 210 team with the excalibur. I would be financing the boat. I have had approval through US Bank. When speaking to the US Bank loan officer, they are valuing the boats well below the NADA guidelines. They are looking at the NADA, and then offering to loan what they feel would be "trade-in" value. Which in this case was about 4k less than asking price. The Zr6 asking price was 32.5k and the other was 28.5k.I realize they want to protect their interest incase of a loan default. With that being said, it does not seem wise to me, to pay more for a boat than what a bank would be willing to loan. To clarify, this is not a debt to income problem, or not being able to be approved for higher amounts of money. I know a boat is a fun toy, not an investment. The reason we were looking for a used boat is, we have an 18 month old son. We are not sure how much we will use the boat over the next couple years, and don't want a really expensive garage ornament.

What are your experiences in buying used boats?
Is 2004, just too old to finance?
Are used boats only worth what the buyer is willing to pay?
Considering buying newer.

Any advice would be greatly taken

Jimmy

My experience is that nada is always low on nautiques. Probably boats in general. I don't know where they get their values, but ex except for the rare killer deal, it is almost impossible to find a used nautique at the nada value unless it is a salty.

[Brichter14]

Dont go to US bank. Go to a credit union.

Heres what happened with me.

1997 nautique super sport. 16 years old at the time.

NADA was like 12k. I got the loan for 18500 for the boat PLUS 1200 for taxes.

The lady at the credit union offered me rates from 2 years to 10 years. On a 16 year old boat!


they love giving me money.

Buy the boat!





ps i am paying 4.15% interest for 8 years (i pay double and sometimes triple the principle each month) longer loan just allows more flexability imo. Total interest paid was neglegible.

Im only 26 btw so it isnt an old man with money thing either.

[Jalmeter]

What credit union? Just a local one?


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[Neverenough]

Most likely the bank is not looking at all options on value. The best way is to find a good dealer and they handle it for you. It cost more sometimes but you get them to work the deal. Buxton here in Texas ships boats every where. You can search them on the forum. Very good folks and great to deal with.

[agouge888]

I started out the same as u...I was looking at all of the online boat credit companies until a friend suggested a local credit union. I talked to the lady there and she got me hooked up on a deal on my new boat. Interest rate was less and they usually offer deals in the Spring for cars, boats, and RV loans at a great rate. I'd talk to the local place.

good luck,

Andy

I have been looking at some used Nautiques, mainly the 210. I have made offers on 2. One being a 2004 210 team w the Zr6 motor, the second being a 2004 210 team with the excalibur. I would be financing the boat. I have had approval through US Bank. When speaking to the US Bank loan officer, they are valuing the boats well below the NADA guidelines. They are looking at the NADA, and then offering to loan what they feel would be "trade-in" value. Which in this case was about 4k less than asking price. The Zr6 asking price was 32.5k and the other was 28.5k.I realize they want to protect their interest incase of a loan default. With that being said, it does not seem wise to me, to pay more for a boat than what a bank would be willing to loan. To clarify, this is not a debt to income problem, or not being able to be approved for higher amounts of money. I know a boat is a fun toy, not an investment. The reason we were looking for a used boat is, we have an 18 month old son. We are not sure how much we will use the boat over the next couple years, and don't want a really expensive garage ornament.

What are your experiences in buying used boats?
Is 2004, just too old to finance?
Are used boats only worth what the buyer is willing to pay?
Considering buying newer.

Any advice would be greatly taken

Jimmy

[Brichter14]

Ooo your in edwardsville. Land of lincoln credit union.

[Brichter14]

I am sure any CU in your area can help. But there is a LLCU in vandalia. Just up the road a bit.

[pe4me]

I did a CU loan last year with a lady who knew my history. No problem 4.75/7years.
I also had twin 18 month olds as well. That didn't go so well, but mama likes the conveniences of home. I would have been out more with one and more willingness to hang out at the beach...but that will change.
Good luck

[lucky7t]

Actually car loans are similar. Trade is referred to as "left book"

[thedude]

If both boats are in good shape, once the weather warms up...they will be sold. I'd say each is worth the asking price in good condition, but why not try to negotiate a bit? Its my experience that most banks will loan up to 80% of the "value" (which they determine) of a used boat. A new boat is a different story. I do not have experience with a credit union. Based on what you said, your lender is in line with what I have experienced.

[beach]

I got 2% for 6 years on a 2003 Super Air. The credit union would have loaned up to 100% NADA. Some banks will only loan up to 80% NADA or purchase price(whichever is lower). The trick is to find a bank or credit union that treats boat loans the same as car loans. This is only if you're ok with 5 or 6 year max loan length.

[Jalmeter]

Thanks for all the posts. Both boats were in great condition. The only hang up with the 28.5k one, is the fact that it had a new motor put in @400hrs. Now the boat has 450hrs on it. I was told it was installed by a nautique dealer, but not sure there is paperwork to prove so. It was not meant to be. The right one will pop up. I believe I will be giving Scott Credit Union a try, looks like they deal with boats and also have good rates. I also plan To call N3 boatworks in Indiana. Just a short trip over them.