What Is My Boats Value

What Is My Boats Value

Boat Loans Free Guidebook to Boat Loans

Many boat loan companies and institutions claiming to be marine lenders never take the time to help you to understand the process or of obtaining boat loans – they just sit you down and have you sign the boat loan papers while locking you into some marine financing that you may never understand. A good broker of boat loans knows the boating industry inside and out and helps you to find the best boat loans or yacht loans for your individual situation by being marine lifestyle educated, fast and reliable. By knowing how to get boat documentation and boat surveys, boat value checks and boat history reports, he lets you know all of your boat loan options that are in your interest and not just the ones that are in the banks or lending institutions best interest. There are many financing and purchasing useful tips a boat loan broker can give you that your local bank may not present to you.

As an example, if you break a leg, are you going to go to a dentist? Of course not, you are going to be looking for an orthopedic doctor. Boat loans should be obtained through credible boat loan brokers, not someone bank posing as a marine lender who may not have your best boating or yachting interests at heart.

Do not allow yourself to fall victim to the lending practice of Shotgunning or Shot Gun Lending. When your credit information is given out to many lenders at once it is considered Shot Gun Lending. This practice is used by many sub-standard loan brokers, regardless of what type of financial institution they are, and can adversely impact your fico Score on many of your Major Credit Bureaus files. Here is an example: You are applying for a boat loan and you are using a service to get the best rate and term possible. The provider takes your credit application and faxes it out to the 8 or 10 different lenders that they use. Upon receipt of your loan application the lender checks your credit file, your credit score lowers by 3 to 7 points for what’s called a “CREDIT INQUIRY”. If your credit score goes down for each inquiry by 3 to 7 points, this could result in a FICO movement of 30 to 84 points downward!

Most vehicle loan calculators depict monthly payment amounts for a vehicle. However these monthly payment amounts may not include taxes- local or states, dealer’s cost and title fee. It’s important you use a vehicle loan calculator which will depict your monthly payments including taxes and details like vehicle sales price before consumer cash rebate, sales taxes, title, registration and other costs, consumer cash rebate and cash down payment.
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How much is this boat worth?

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I don’t know where you live… but I live on my boat “full-time”. When not out on the ocean with my son, I am cruising around (somewhere) on America’s Great Loop… (see Great Loop below).

Now, the reason I mention the above, is that I see literally hundreds of these “eye sores” all around American waters. They are everywhere!!! In peoples’ yards, on river banks, lakes, streams, almost anywhere there is water…

Can’t tell you the number of people that I have met that have them sitting in their yards that told me that bought it years ago to fix up… then found out how much trouble and cost it was… and now have it in their back yards…

If you want to “work” at restoring old boats… that’s one thing. If you want to go boating or fishing in one… get one that you can go boating or fishing in – starting on the day you buy it. Otherwise, unless it is a rare old wooden “classic” – you will be better off flushing your money down the toilet. I have seen bigger and much better boats (even up to 90 footers) that marinas and boatyards are willing to give you if you will just get it out of their lot.

I know… it is a crying shame that people let their boats get in that kind of condition… and it can be very tempting (if you have never done it before) to want to “salvage” one as your own… but few old fiberglass boats can even be salvaged by the experts… and I would be the first of many to tell you that you would be better off starting from scratch…

If you want a “project” boat… get one that runs good and floats… or… start from scratch, which is even better… And, if you want to check out building your own… I have a link for that (under source). It is a lot safer, smarter, easier and cleaner to build one from scratch, then it is to restore one… believe me!

Happy & Safe Boating,
John

http://boatwrights.org

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