Good Afternoon,
I have run into a brick wall trying to fincance a 2007 MacGregor 26M. All of the institutions I go to use NADA values to base the amount that they will loan. In my case the value comes in at max of $22,205. Does anyone know of a company that specializes in boat loans and will loan what the boat is really worth? My credit rating is Excellent and I have been preapproved for a loan far in excess of what I need. The problem comes when they say the boat is worth only so much by NADA values and they will not exceed those values.
Thanks for your time. Please feel free to respond by email. XXXXXXXXXXXXXXXXXX.XXX
Have a great day,
Curt
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I joined and used BoatUS for my research. Once a member you can email them the make-model-specs of the boat and they will email back to you a value estimate. IIRC they do their valuation on title research for boats bought and sold in your area. I used them for several valuations before I purchased mine. Overall they were always under the asking price of most used boats I reviewed. However, since their valuation is based on title transfer I believe it fairly represented the actual price. The valuation did not take into account accessories inventory. I referenced the new price for any equipment included in the sales and related the total cost of the accessories to a value worth to me.
I am probably a heretic in a consumerist society to point this out, but the process for budgeting and allocating funds to make loan payments on the back end of a purchase is identical to what is required to save for it on the front end. Weird, ain't it? HAHAHA
