Re: private seller?
Wishing you a warm welcome to sailnet! (We are not elitists in any sense of the term, just ordinary salt of the earth types.)
You are making an interesting offer. Other critically important terms to a request for seller financing would be term in months, amortization, down payment, and colleteral.
How much are you willing to put down? 10%, 25%, 50%?
We talking fully amortized with level payment, or balloon?
Will this be secured only by an interest in the boat? How about a mortgage on your home?
How about a installment sales contract where the seller retains title, you get possession as long as you make payments, and only after you have made all the required payments will title be transferred to you? In the event of a default that is not timely cured, seller keeps boat, you are out all the payments.
Finally, the big Elephant in the room - why can't you obtain institutional financing?
Have you done a search on yachtworld for "seller financing" or "owner financing" or "take back note" or "installment sale"? You probably will not find the creme of the crop.
Last edited by jameswilson29; 01-19-2013 at 09:01 AM.