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GoVols
09-15-2015, 10:10 AM
I have a guy that wants to buy my boat, but doesn't have the required 20% down payment needed to get the loan. He tried a marine loan broker and his local bank with no success. He told me he was hoping to finance nearly 100% of the price and use his liquid cash to move the boat to his own lake, which would probably run $5K.

Are there any other options this guy might have in order to get financed with little down?

BananaTom
09-15-2015, 11:43 AM
If the survey comes in higher than the asking / selling price by 20 percent.

easttnboater
09-15-2015, 07:48 PM
Got to have money for the toys. I believe he is out of luck.

OLD HOUSEBOATER
09-15-2015, 08:13 PM
Simple - pick the right numbers in the Lottery.

GoVols
09-16-2015, 06:33 AM
Quite frustrating. He was the perfect buyer. He said he's going to save up his money and come see me again in 8 months with the proper down payment. Considering it's the end of boating season, the likelihood of that scenario is possible, but now I'm paying for the slip for another 8 months. Oh well.

OLD HOUSEBOATER
09-16-2015, 08:43 AM
Suggest you don't stop showing the boat.

Fork-lift-king
09-16-2015, 02:32 PM
You could co-sign the note.

GoVols
09-16-2015, 02:43 PM
No way am I co-signing with a complete stranger. LOL!

I got a call from someone else wanting to see the boat this weekend now. I'll keep my fingers crossed on this one!

easttnboater
09-17-2015, 06:33 AM
He ain't the perfect buyer if he does not have the money. I applaud his desire. Hopefully, he will get realistic on the cost of houseboat ownership and be able to save enough. If he was that tight on the down payment, then he is probably short on slip rental and insurance money too. Also, his $5,000 estimate for moving that boat is probably $3,000 to $5,000 short of the actual cost.

GoVols
09-17-2015, 06:42 AM
I moved the boat from Knoxville to Nashville for $4,800. He was only moving it from Nashville to Dale Hollow, so he was likely looking at $4,300 or so. Sailabration was quoting the move themselves.

easttnboater
09-18-2015, 10:18 AM
That's cool. The permits to move my boat within TN were $3,500 alone.

42gibson
09-18-2015, 12:18 PM
my brother and I have used brothers marine transport in Murfreesboro on 2 moves. a 52 footer and a 44 from ft loudon and venore tn. to Marietta ohio. both moves was 4500 but they were both full hulls and both were 14 wide.

Frantically Relaxing
09-23-2015, 10:31 PM
Tell your buyer to keep after the bank. In the past 10 years I've bought the 32' Party Cruiser, the SkipperLiner, our Chaparral 260ssi, and our 40' Allegro motorhome. I was turned down on every loan, by our bank, and our credit union. After a couple of calls and meetings with the loan officers, my bank said yes. And after my bank said yes, my credit union said yes, and with much lower interest.

In my case, the initial loan officers turned down my loans due to D/I ratio, followed by "we don't borrow money on {boats or motorhomes} that are that old. The subsequent calls and meetings I used to discuss that my D/I ratio was out of whack because part of my business debt shows on my personal. And finally, I'm assuming, the big boys who make the final decisions actually looked at my credit history.

As per Chief Dan George in 'The Outlaw Josey Wales', I endeavored to persevere. :) -Your buyer should try it...