creative financing a boat
Even though a bank or accountant may refer to a boat as an "asset," it ain''t. Don''t be afraid to construct an offer that requires seller participation, naming the seller in your insurance as a lienholder. I wouldn''t have gotten a 35 footer 10 years ago without seller financing. Banks suck. Literally. Also, don''t be afraid to lowball. What do you owe a seller, anyway? Don''t try to talk the boat down. Settle on what it''s worth to you and go lower. It may take 20 "no''s" to get a "yes" but it''ll be worth it. Consider also that the broker has to be paid out of the deal, which, in itself, is a negotiable item. As a seller, I''ve told brokers to BRING me all offers. I''ll decide. It''s easy to say NO, but each offer is situational based on where I stand at the moment I receive it. They can''t shoot you for a low offer that includes seller financing. Find out what''s owed on the boat to begin with. By taking payments instead of cash, many times the seller gets a tax advantage.