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Thread: financing housboat

  1. #1
    Senior Member GoVols's Avatar
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    financing housboat

    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?
    Formerly owned a 16X69' Sailabration

    Bet On Another Thousand

  2. #2
    Senior Member BananaTom's Avatar
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    If the survey comes in higher than the asking / selling price by 20 percent.

  3. #3
    Senior Member easttnboater's Avatar
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    Got to have money for the toys. I believe he is out of luck.

  4. #4
    Super Moderator OLD HOUSEBOATER's Avatar
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    Simple - pick the right numbers in the Lottery.
    The fries are cold so we gave you extra.

  5. #5
    Senior Member GoVols's Avatar
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    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.
    Formerly owned a 16X69' Sailabration

    Bet On Another Thousand

  6. #6
    Super Moderator OLD HOUSEBOATER's Avatar
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    Suggest you don't stop showing the boat.
    The fries are cold so we gave you extra.

  7. #7
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    You could co-sign the note.

  8. #8
    Senior Member GoVols's Avatar
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    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!
    Formerly owned a 16X69' Sailabration

    Bet On Another Thousand

  9. #9
    Senior Member easttnboater's Avatar
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    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.

  10. #10
    Senior Member GoVols's Avatar
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    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.
    Formerly owned a 16X69' Sailabration

    Bet On Another Thousand

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