1. Why couldn't this guy get a loan from his own bank?
2. Why should i give him a loan when his own bank doesn't think he is a good risk?
3. What collateral has this guy got that will give me some security?
4. What's in it for me?
Unless you can successfully answer all of those questions and sell yourself as a viable solution to the seller's still-got-a-boat-for-sale problem, i fear you are still just walking the docks and dreaming, kid.
1, Because a bank isn't going to loan money on a 30 yr old boat.
2, Because you own the boat outright and would take 50% down with 25 payments of $200 per month.
3, The boat is the collateral and it will be insured for the purchase price. A lien place on the title until the note is PIF.
4, How about 6% interest for the next two years.
Sol, don't be discouraged. Make an offer. But if you're asking for terms don't expect a seller to take a hit on the price. In my case, I gave the seller 50% down and agreed to pay the other 50% off in 12 months. NO INTEREST.
You have nothing to lose by making an offer. Contrary to what I've read on here I've had several sellers offer to carry a note with at least 50% down. Depends on the financial position of the seller. Maybe the seller is tired of paying slips fees. Maybe the seller simply doesn't have the passion, time or money for the boat. Maybe $5000 now is better than $10,000 6 months from now...
I have a complete offer sheet I can forward you as well as a boat bill of sell to protect the interest of both buyer and seller.